Duties Act 2001

This Act may be cited as the Duties Act 2001.

This Act, other than sections 306(2), 342(2) and 497, commences on a day to be fixed by proclamation.

Sections 306(2), 342(2) and 497 commence on the later of the following—

a day to be fixed by proclamation;

when an arrangement is made under the Commonwealth Places (Mirror Taxes) Act 1998 (Cwlth), section 9, for Queensland.

The dictionary in schedule 6 defines particular words used in this Act.

The definition spouse in schedule 6 applies despite the Acts Interpretation Act 1954, section 32DA(6).

This Act does not contain all the provisions about duties.

The Administration Act contains provisions dealing with, among other things, the following—

assessments of duty;

collection and refunds of duty;

imposition of interest and penalty tax;

objections and appeals against, or reviews of, assessments of duty;

record keeping obligations of taxpayers;

investigative powers, offences, legal proceedings and evidentiary matters;

service of documents;

registration of charitable institutions.

Note—Under the Administration Act, section 3, that Act and this Act must be read together as if they together formed a single Act.

This Act binds all persons, including the State and, as far as the legislative power of the Parliament permits, the Commonwealth and the other States.

Note—However, under section 426, the State is exempt from duty unless this Act expressly provides otherwise.

Nothing in this Act makes the State liable to be prosecuted for an offence.

This Act applies to impose duty on instruments and transactions regardless of whether they are entered into or made in or outside Queensland.

Note—This is because instruments and transactions on which duty is imposed have a nexus to Queensland.

An interest of a person in a registered managed investment scheme is declared to be an excluded matter for the Corporations Act, section 5F, in relation to section 1070A(1)(a), (3) and (4) of that Act.

This chapter imposes duty (transfer duty) on dutiable transactions.

Notes—

1 Concessions and exemptions for transfer duty are dealt with in parts 8A to 13. Also, other exemptions are dealt with in chapter 10.

2 Additional foreign acquirer duty is imposed on particular dutiable transactions under chapter 4.

Transfer duty is imposed on the dutiable value of a dutiable transaction.

Each of the following is a dutiable transaction—

a transfer of dutiable property;

an agreement for the transfer of dutiable property, whether conditional or not;

a surrender of dutiable property that is land in Queensland or a transferable site area;

a vesting of dutiable property—

by, or expressly authorised by, statute law of this or another jurisdiction, whether inside or outside Australia; or

by a court order, of this or another jurisdiction, whether inside or outside Australia;

a foreclosure of a mortgage over dutiable property;

an acquisition of a new right on its creation, grant or issue;

a partnership acquisition;Note—See chapter 2, part 7 (Dutiable transactions relating to partnerships).

the creation or termination of a trust of dutiable property;Note—See chapter 2, part 8 (Dutiable transactions relating to trusts), division 3 (Creation and termination of trusts).

a trust acquisition or trust surrender.

Note—See chapter 2, part 8 (Dutiable transactions relating to trusts), division 4 (Some basic concepts about trust acquisitions and trust surrenders).

It does not matter whether a dutiable transaction—

is effected by an instrument or another way; or

involves 1 or more parties.

Subsection (1) has effect subject to sections 21, 29 and 37.

Note—Under section 21, the commissioner must decide the applicable dutiable transaction for imposition of duty if a transaction constitutes more than 1 type of dutiable transaction mentioned in subsection (1).Also, for when transactions for particular dutiable property are not dutiable transactions, see sections 29 and 37.

Without limiting subsection (1)(d), property is vested under statute law if the law vests property in an entity that the law states is the successor in law of, continuation of or same entity as, the entity in which the property was previously vested.

However, property is not vested under statute law, on the registration of a company under the Corporations Act, chapter 5B, part 5B.1.

Each of the following is dutiable property—

land in Queensland;

a transferable site area;

an existing right;

a Queensland business asset;

a chattel in Queensland.

Note—Section 498 includes provision about references to dutiable property.

A reference to property in subsection (1) includes a reference to an interest in the property, other than the following—

a security interest;

a partner’s interest in the partnership;

a trust interest;

the interest of a discretionary object of a trust that holds property mentioned in the subsection.

Note—See the Acts Interpretation Act 1954, schedule 1, definition interest.

The dutiable value of a statutory dutiable transaction is the amount payable for the transaction.

The dutiable value of a dutiable transaction that is a partition is determined under section 31.

The dutiable value of a dutiable transaction that is the surrender of a lease of land in Queensland is the total of any premium, fine or other consideration payable for the surrender.

The dutiable value of a dutiable transaction that is the acquisition of a new right that is a lease of land in Queensland is the total of any of the following amounts payable for the lease—

premiums, fines or other consideration payable for the grant of the lease;

consideration paid for, or the value of, any moveable chattels taken over by the lessee from the lessor or outgoing lessee;

if, on the leased premises, a business is to be carried on and an amount in excess of what would be the rent if a business was not carried on is charged for the lease—the excess amount.

The dutiable value of a dutiable transaction that is a partnership acquisition is determined under part 7, division 3.

The dutiable value of a dutiable transaction that is a trust acquisition or trust surrender is determined under part 8, division 5.

The dutiable value of a dutiable transaction that is an agreement for the transfer of dutiable property that is a farm-in agreement is determined under part 8A.

Subject to section 48, the dutiable value of another dutiable transaction is—

the consideration for the dutiable transaction; or

the unencumbered value of the dutiable property or new right the subject of the transaction if—

there is no consideration for the transaction; or

the consideration can not be ascertained when the liability for transfer duty arises; or

the unencumbered value is greater than the consideration for the transaction.

However, the dutiable value of particular dutiable transactions is subject to apportionment under part 4.

To remove any doubt, it is declared that a reference to consideration is not limited to monetary consideration.