Revenue and Other Legislation Amendment Bill 2016
Plain English Summary
Overview
This bill makes a range of technical changes to Queensland's tax, superannuation, and government planning laws. It tightens a stamp duty home concession rule, backdates several tax exemptions that have been run administratively, lets State and Local Government employees choose their own super fund, opens QSuper and LGIAsuper to everyone, and cuts duplicated Queensland Plan reporting.
Who it affects
State Government and Local Government employees, home buyers, overseas students, land developers, and members of QSuper and LGIAsuper. The general public can also now join these super funds.
Stamp duty, land tax and tax admin changes
The Duties Act, Land Tax Act and Taxation Administration Act are amended to protect state revenue, confirm taxpayer-friendly arrangements that have been operating informally, and modernise electronic lodgement rules. Several changes are backdated to when the informal arrangement began.
- Buying a home subject to a pre-existing lease counts as a disposal - the tenant must leave within six months of settlement or you lose the home concession
- Insurance duty exemption formally extended to overseas student and temporary visa holder private health cover (backdated to 14 October 2014)
- Corporate reconstruction duty exemption extended to statutory vestings (backdated to 30 November 2015)
- Land tax subdivider discount no longer requires parcels to come from the one larger parcel (backdated to 4 October 2014)
- Clearer rules on when electronic tax payments and documents are treated as received by the Commissioner of State Revenue
Choice of super fund for public sector workers
Core State Government employees and Local Government employees get the right to choose their own superannuation fund, matching the choice already available to private sector workers. QSuper and LGIAsuper remain the default for those who do not choose.
- State core government employees can direct their super contributions to a fund other than QSuper
- Local Government employees (including Brisbane City Council) can direct contributions to a fund other than LGIAsuper
- Defined benefit category members are excluded from choice of fund
- Employer contribution rates are preserved regardless of which fund the employee picks
QSuper and LGIAsuper open to the public
Both funds can now accept members from the general public, not just public sector workers. The QSuper Board is renamed, gains flexibility over auditors and promotion, and is exempted from the Right to Information Act for its board functions. The Local Government Superannuation Scheme and its board are renamed to LGIAsuper and LGIAsuper Trustee.
- Anyone can join QSuper or LGIAsuper
- QSuper Board can appoint an auditor other than the Queensland Audit Office
- QSuper Board functions exempt from Right to Information Act to protect commercial information
- Treasurer can adjust a defined benefit member's multiple where a salary rise is not matched by a real increase in total pay (accrued benefits preserved)
- Existing member entitlements are explicitly preserved
Queensland Plan reporting streamlined
The requirement for the Government to prepare a separate Government Response to the Queensland Plan is removed, along with the duty on public authorities and local governments to include Queensland Plan statements in their annual reports. Instead, the Premier must consider the Queensland Plan when preparing the community objectives statement under the Financial Accountability Act.
- Government Response to the Queensland Plan abolished
- Public authorities and local governments no longer report Queensland Plan alignment in annual reports
- Premier must consider the Queensland Plan when preparing the community objectives statement
- Premier still provides an annual implementation report as an accountability measure
Bill Journey
Committee report tabled
Referenced Entities
Legislation
Organisations
Programs & Schemes
Sectors Affected
Classified using AGIFT/ANZSIC Australian government standards