Australian Capital Territory
Taxation Administration (Amounts Payable– Duty) Determination 2015 (No 1)
Disallowable instrument DI2015-106
made under the  
Taxation Administration Act 1999, s 139 (Determination of amounts payable under tax laws)
EXPLANATORY STATEMENT

1.	This Disallowable Instrument commences on 3 June 2015.

2.	As a part of the 2015-16 Budget, the Government is continuing to reform the Territory’s taxation system. Reform is continuing in relation to the rates of conveyance duty and insurance duty.  This instrument implements the next stage of the Government’s reforms to conveyance duty, by further reducing the duty payable on conveyance transactions.

3.	Under section 139 of the Taxation Administration Act 1999, the Minister has the authority to determine, in writing by disallowable instrument, amounts, rates and licence fees applicable for the Duties Act 1999 (Duties Act).

4.	This instrument determines the amounts of duty payable under various provisions of the Duties Act by specifying:

(a)	the ranges of dutiable amounts of dutiable transactions and the corresponding rates of duty payable for each range; and 
(b)	the rates of duty payable on the relevant amount of certain other specified transactions.

5.	For the purposes of section 31 of the Duties Act, column 2 of Table 1, Amounts payable – Duties Act, section 31 (in paragraph 4 of the instrument) determines the amount of duty payable on the ranges of dutiable amounts listed in column 1 of the Table.

6.	This instrument lowers the conveyance duty rates in the three thresholds preceding $500,000 and the $1,455,000 threshold. For dutiable amounts less than or equal to $200,000 the rate (per $100) has been reduced from $2.00 to $1.80. For amounts between $200,000 and $300,000 the rate (per $100) has been reduced from $3.50 to $3.00. For amounts between $300,000 and $500,000 rates (per $100) have been reduced from $4.15 to $4.00. For amounts over $1,455,000 the rate (per $100) has been reduced from $5.25 to $5.17. The duty rates in all other thresholds have been maintained at the same amount. There have been no amendments to the threshold amounts.

7.	For the purposes of various sections of the Duties Act, column 2 of Table 2, Amounts payable – Duties Act, various sections (in paragraph 6 of the instrument) determines the amounts of duty payable for the various sections of the Act as identified in column 1 of the Table.

8.	This instrument revokes Disallowable Instrument DI2014-186. However, DI2014‑186 continues to apply to transactions and insurance contracts between 1 July 2014 and 2 June 2015 inclusive.

9.	The changes in this instrument are to the relevant amounts of conveyance duty, as defined in section 4 of the instrument. References to the duty rate for unquoted marketable securities and short-term commercial leases have been removed from the instrument. These transactions have not attracted duty for a number of years (since 1 July 2010 for marketable securities and 1 July 2009 for short-term leases), and therefore are no longer required in this instrument. 

Authorised by the Treasurer
Andrew Barr MLA