Financial Relations Agreement (Consequential Provisions) Act 2000

Section 4 of the Principal Act is amended –

(a) by inserting after the definition of "company" in subsection (1) the following:

" 'consideration', in relation to a conveyance, means the consideration for the conveyance without any deduction or discount for the amount of GST (if any) payable in relation to the supply of the property conveyed;";

(b) by inserting after the definition of "goods" in subsection (1) the following:

" 'GST' has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth;";

(c) by omitting from subsection (1) the definition of "premium" and substituting the following:

" 'premium', in relation to insurance, means the gross amount charged or payable in respect of the insurance (which amount does not include any stamp duty paid or payable under this Act) –

(a) without deduction for an amount paid or payable or allowed or allowable by way of discount or commission to an agent or other person for securing or arranging that insurance for or on behalf of the insurer; and

(b) without any deduction or discount for the amount of GST (if any) payable in relation to the supply of the insurance,

and includes an instalment of a premium;";

(d) by omitting from the definition of "rent" in subsection (1) "penal rent" and substituting "penal rent but does include the amount of GST (if any) payable in relation to the supply of the property in respect of which the rent is paid or payable";

(e) by inserting after the definition of "stamp duty" in subsection (1) the following:

" 'supply' has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth;"; and

(f) by omitting the definition of "unencumbered value" in subsection (1) and substituting the following:

" 'unencumbered value', in relation to property (including an estate or interest in property), means full value –

(ii) where the property is subject to a trust, not being a public unit trust, any debts or liability of the trustee,

whether certain or contingent; and

(b) including the amount of GST (if any) payable in relation to the supply of the property;".