6/2/08
Acting Treasurer John Kobelke today announced that the Stamp Act 1921 would be amended as a result of a recent State Administrative Tribunal decision.
Mr Kobelke said the decision in Origin Energy Power Limited and Commissioner of State Revenue (2007) WASAT 302 concerned the purchase of a co-generation plant and whether it was subject to the payment of duty under the difficult indirect land-rich duty provisions.
“As a general principle, fixtures have always been considered to be part of the stamp duty base and if left unaddressed, this decision could potentially excise this type of property from the indirect duty base,” he said.
“These amendments will clarify the treatment of fixtures for the purposes of the Stamp Act land-rich provisions. Amendments will also be required to the Duties Bill currently before the Parliament.”
The Acting Treasurer also pointed out that the Stamp Act amendment, when enacted, would be effective from today.
“While legislation will take some time to progress through Parliament, it is necessary to act immediately to protect the State from the potentially significant revenue loss that could otherwise arise if the effect of the decision was not addressed,” Mr Kobelke said.
Treasurer's office: 9222 8788
