1998-99

 

The Parliament of the

Commonwealth of Australia

 

HOUSE OF REPRESENTATIVES

 

 

 

 

Presented and read a first time

 

 

 

 

 

 

 

 

 

A New Tax System (Luxury Car Tax) Bill 1999

 

No.      , 1999

 

(Treasury)

 

 

 

A Bill for an Act about a luxury car tax to implement A New Tax System, and for related purposes

   

   

   

Contents

Part 1—Preliminary                                                                                                              1

Division 1—Preliminary                                                                                              1

1-1......... Short title............................................................................................. 1

1-2......... Commencement................................................................................... 2

1-3......... States and Territories are bound by the luxury car tax law.................. 2

Division 2—Overview of the luxury car tax legislation                              3

2-1......... What this Act is about......................................................................... 3

2-5......... Luxury car tax (Part 2)........................................................................ 3

2-10....... Paying the luxury car tax (Part 3)........................................................ 3

2-15....... Miscellaneous (Part 4)........................................................................ 4

2-20....... Interpretative provisions (Part 5)......................................................... 4

2-25....... Administration, collection and recovery provisions (Part VI of the Taxation Administration Act 1953 )  4

Division 3—Identifying defined terms                                                                  5

3-1......... When defined terms are identified....................................................... 5

3-5......... When terms are not identified.............................................................. 5

3-10....... Identifying the defined term in a definition.......................................... 5

Division 4—Non-operative material                                                                     6

4-1......... Non-operative material........................................................................ 6

4-5......... Explanatory sections........................................................................... 6

4-10....... Other material...................................................................................... 6

Part 2—Luxury car tax                                                                                                       7

Division 5—Taxable supplies of luxury cars                                                     7

5-1......... What this Division is about................................................................. 7

5-5......... Liability for luxury car tax................................................................... 7

5-10....... Taxable supplies of luxury cars........................................................... 7

5-15....... The amount of luxury car tax payable................................................. 8

5-20....... The luxury car tax value of a car......................................................... 8

Division 7—Taxable importations of luxury cars                                        10

7-1......... What this Division is about............................................................... 10

7-5......... Liability for luxury car tax on taxable importations........................... 10

7-10....... Taxable importations of luxury cars.................................................. 10

7-15....... The amount of luxury car tax............................................................ 11

Division 9—Quoting                                                                                                     12

9-1......... What this Division is about............................................................... 12

9-5......... Quoting............................................................................................. 12

9-10....... Periodic quoting................................................................................ 12

9-15....... Manner in which quote must be made............................................... 13

9-20....... Incorrect quote nevertheless effective for certain purposes............... 13

9-25....... Quote not effective for certain purposes if there are grounds for believing it was improperly made        13

9-30....... Improper quoting is an offence......................................................... 14

Part 3—Paying the luxury car tax                                                                              15

Division 13—Paying the luxury car tax                                                            15

13-1....... What this Division is about............................................................... 15

Subdivision 13-A—Net amounts and adjustments                                             15

13-5....... Luxury car tax added to net amount.................................................. 15

13-10..... Adjustments...................................................................................... 15

13-15..... Attribution rules for taxable supplies of luxury cars and luxury car tax adjustments                16

Subdivision 13-B—Paying luxury car tax on taxable importations of luxury cars       16

13-20..... Paying luxury car tax on taxable importations of luxury cars............ 16

13-25..... Security or undertaking given under section 162 or 162A of the Customs Act        17

13-30..... Application of Division 165 of the GST Act.................................... 17

Division 15—Adjustments                                                                                         18

15-1....... What this Division is about............................................................... 18

Subdivision 15-A—General adjustments                                                             18

15-5....... Luxury car tax adjustment event........................................................ 18

15-10..... Where adjustments for luxury car tax arise....................................... 19

15-15..... Previously attributed luxury car tax amounts.................................... 19

15-20..... Increasing adjustments for supplies.................................................. 19

15-25..... Decreasing adjustments for supplies................................................. 20

Subdivision 15-B—Change of use adjustments                                                  20

15-30..... Changes of use—supplies of luxury cars.......................................... 20

15-35..... Changes of use—importing luxury cars............................................ 21

Subdivision 15-C—Bad debts adjustments                                                          22

15-40..... Writing off bad debts........................................................................ 22

15-45..... Recovering amounts previously written off...................................... 22

Division 17—Credits                                                                                                    24

17-1....... What this Division is about............................................................... 24

17-5....... Credits for tax borne......................................................................... 24

17-10..... Claiming credits................................................................................ 25

Part 4—Miscellaneous                                                                                                        26

Division 21—Miscellaneous                                                                                      26

21-1....... Commonwealth etc. not liable to pay luxury car tax.......................... 26

21-5....... Cancellation of exemptions from luxury car tax................................ 26

21-10..... Agreement with Commissioner regarding calculation of luxury car tax values        27

21-15..... Application of the Criminal Code ..................................................... 27

21-20..... Regulations....................................................................................... 27

Part 5—Rules for interpreting this Act                                                                   28

Division 23—What forms part of this Act                                                       28

23-1....... What forms part of this Act............................................................... 28

23-5....... What does not form part of this Act.................................................. 28

23-10..... Explanatory sections, and their role in interpreting this Act.............. 28

Division 25—Meaning of some important concepts                                   30

25-1....... Meaning of luxury car ...................................................................... 30

25-5....... Meaning of approved form ............................................................... 30

Division 27—The Dictionary                                                                                   31

27-1....... Dictionary......................................................................................... 31

 

A Bill for an Act about a luxury car tax to implement A New Tax System, and for related purposes

The Parliament of Australia enacts: