Queensland Numbered Acts Queensland Numbered ActsAfter section 570--
insert--
(1) The relevant provisions, as in force on 1 January 2007, apply to dutiable transactions only if liability for transfer duty arises on or after 1 January 2007.
(2) The relevant provisions, as in force immediately before 1 January 2007, apply to a dutiable transaction that is the transfer, or agreement for the transfer, of residential land or vacant land made on or after 1 January 2007 if--
(a) the transfer or agreement replaces a transfer, or an agreement for the transfer, that included the land and was made before 1 January 2007; or
(b) the transferee had an option to purchase the land, or the transferor had an option to require the transferee to purchase the land, granted before 1 January 2007 and exercised on or after 1 January 2007; or
(c) another arrangement was made before 1 January 2007 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 January 2007 or later so the concession for transfer duty under the relevant provisions, as in force on or after 1 January 2007, would apply in relation to the dutiable transaction.
(3) In this section--
relevant provisions means the following provisions--
'A transaction is a pre-repeal marketable security transaction if--
(a) a liability for transfer duty imposed on the transaction arose, or would, apart from an exemption or concession, have arisen, before 1 January 2007; and
(b) the transaction concerned a Queensland marketable security or a Queensland marketable security was otherwise relevant to the imposition of the duty.
'This Act, as in force immediately before 1 January 2007, continues to apply for powers, rights, privileges and liabilities that would have been exercisable, acquired, accrued or incurred on or after 1 January 2007 in relation to a pre-repeal marketable security transaction if the amendments in the amending Act had not commenced.
Example of how this Act continues to apply under this section--
A person or other entity may be required to lodge an instrument or transfer duty statement, and pay transfer duty, on or after 1 January 2007 in relation to a pre-repeal marketable security transaction.
'Section 227, as in force immediately before 1 January 2007, continues to apply in relation to transfer duty that was paid or payable, before 1 January 2007, for a transfer, or agreement for the transfer, of shares of a corporate trustee or relevant corporation for a corporate trustee.
'(1) This section applies to an assessment for transfer duty made in relation to a pre-repeal marketable security transaction.
'(2) If the assessment was made on the basis of an exemption under chapter 10, part 2, division 1,6 then previous sections 417 and 419 continue to apply in relation to the transaction.
'(3) For subsection (2), a reassessment made as required under previous section 419(3) imposing duty on the transaction must be made as if the amending Act had not commenced.
'(4) If duty was imposed on the transaction because the use requirements under chapter 10, part 2, division 2 would not be complied with, previous section 418 continues to apply for the transaction.
'(5) In this section--
previous, for a provision of this Act, means the provision as in force immediately before 1 January 2007.
'(1) This section applies to a person who, immediately before 1 January 2007, was registered as a self assessor under chapter 12, part 2 or 3.7
'(2) On 1 January 2007, the person's registration is cancelled to the extent it applied for transfer duty on transactions relating to Queensland marketable securities.
'(3) Subsection (2) does not affect--
(a) the registration of the person under this Act for any other purpose; or
(b) a requirement that applies to the person under this Act or the Administration Act in relation to a pre-repeal marketable security transaction.
'Section 484, as in force immediately before 1 January 2007, continues to apply to an instrument that effects or evidences a dutiable transaction for a share or right relating to a share entered into before 1 January 2007.
'In this division--
pre-repeal hire means a hire of goods, mentioned in previous section 325(1)(a) or (b), made or effected before 1 January 2007.
pre-repeal hiring charge means--
(a) for a pre-repeal hire that is a credit purchase agreement or an agreement under previous section 345--the total hiring charges paid or payable under the hire; or
(b) for another pre-repeal hire--the hiring charges paid or payable for a period before 1 January 2007.
previous, in relation to a provision of this Act, means the provision as in force immediately before 1 January 2007.
'(1) The hire duty provisions continue to apply for powers, rights, privileges and liabilities that would have been exercisable, acquired, accrued or incurred on or after 1 January 2007 in relation to a pre-repeal hiring charge if the hire duty provisions had not been repealed.
Examples of how the hire duty provisions continue to apply under this section--
1 A commercial hirer may be required to lodge a return or statement, and pay hire duty, on or after 1 January 2007 in relation to a pre-repeal hiring charge.
2 A person other than a commercial hirer may be required to lodge the instrument by which a pre-repeal hire is effected, and pay hire duty, on or after 1 January 2007 in relation to a pre-repeal hiring charge.
3 The commissioner may make an assessment or reassessment under previous section 339 of the hire duty payable in relation to a pre-repeal hiring charge.
4 A pre-repeal hire was made in the circumstances mentioned in previous section 345. The hire was for an indefinite period but ended, or ends, within 6 months after it was entered into. An application may be made, and must be dealt with, under previous section 347.
'(2) In this section--
hire duty provisions means previous chapter 7 and the omitted definitions.
'(1) To remove any doubt, it is declared that a person is not entitled, under a relevant Act or otherwise, to a refund of hire duty paid on a pre-repeal hire only because the period for which the pre-repeal hire was made or effected ends on or after 1 January 2007.
'(2) In this section--
relevant Act means this Act, the Administration Act or the repealed Act.
'(1) This section applies to a person who, immediately before 1 January 2007, was a registered commercial hirer.
'(2) The following are cancelled on 1 January 2007--
(a) the person's registration under chapter 12, part 1, to carry on business in Queensland as a commercial hirer;
(b) the person's registration under chapter 12, part 1, as a self assessor for duty on instruments or transactions to which the person is or becomes a party for carrying on the business.
'(3) Subsection (2) does not affect--
(a) the registration of the person under this Act for any other purpose; or
(b) a requirement that applies to the person under this Act or the Administration Act in relation to a pre-repeal hire.
'(1) This section applies to an assessment for hire duty made in relation to a pre-repeal hire.
'(2) If the assessment is or was made on the basis of an exemption under chapter 10, part 2, division 1,8 then previous sections 417 and 419 continue to apply in relation to the hire.
'(3) For subsection (2), a reassessment made as required under previous section 419(3) imposing duty in relation to the pre-repeal hiring charges must be made as if chapter 7 had not been repealed.
'(4) If duty is or was imposed on the hire because the use requirements under chapter 10, part 2, division 2 would not be complied with, previous section 418 continues to apply for the hire, even if the duration period ends on or after 1 January 2007.
'Chapter 5, part 6 as in force on 1 January 2007 applies to mortgages only if liability for mortgage duty arises on or after 1 January 2007.'.