NSW stamp duty: Kamareddin v Comr of State Revenue – transfer exemption for break down of marriage available after divorce despite no Family Law Agreement and remarrying

Tax Month 2016-02, Uncategorized

A taxpayer has been successful before the NSW Civil and Administrative Tribunal in obtaining a marriage break-up transfer exemption from stamp duty under s 68 of the Duties Act 1997 (NSW). The taxpayer married Mr H in 2003. The couple occupied premises in Greenacre owned by Mr H. On 3 November 2011, the taxpayer and Mr H made an oral…

ATO’s ‘effective taxes borne’ tool completes trial and will help analyse tax performance of MNEs

Tax Month 2016-02

The ATO says it has completed a pilot trial with participating businesses to test and refine a methodology to determine Effective Taxes Borne (ETB) and its use in analysing the Australian and global tax performance of multinationals. According to the ATO, its pilot findings show ETB as an effective risk and compliance tool to help it identify…

ATO’s “interpretation NOW!” series on Courts’ approach to interpretation – previously internal but made public in response to public interest

Tax Month 2016-02

The ATO has,  on Tuesday 9.2.2016, released on its Legal Database a series of what till now have been internal ATO documents entitled “interpretation NOW!” (iNOW!). The documents (or “Episodes” as they are called) are an ATO Tax Counsel Network (TCN) initiative and aim to raise awareness about what courts are saying about statutory interpretation.…

ATO – ‘interpretation NOW!’ – episode 8 – latest in series on Courts approach to interpretation (now made public)

Tax Articles

interpretation NOW! goes public in January 2016 – in response to growing external interest. Find it under ‘miscellaneous papers’ in the ATO Legal Database.  iNOW! is a Tax Counsel Network initiative to improve awareness about what courts are saying in this increasingly important field. iNOW! is not legal advice or a public ruling, nor is it a substitute for legal…

NSW Land Tax – Codlea Pty Ltd v Chief Comr of State Revenue – bee-keeping did not pass the test for ‘primary production’ exemption

Tax Month 2016-02

In a decision handed down on Mon 8.2.2016, the Appeal Panel of the NSW Civil and Administrative Tribunal refused a taxpayer leave to appeal an earlier decision which had refused the primary production land tax exemption for bee-keeping. The Tribunal had affirmed land tax assessments after finding that the taxpayer’s use of the relevant land for…

Taxation Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015 – update on passage to law

Tax Month 2016-02

The Tax Laws Amendment (Implementation of the Common Reporting Standard) Bill 2015 was passed, on Mon 8.2.2016, by the House of Representatives, without amendment. The Bill proposes to amend Sch 1 to the Taxation Administration Act 1953 to insert a new Subdiv 396-C (as part of Div 396 – Third Party Reporting, along with the FATCA provisions). It will require certain financial…

Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2016 – CGT treatment of ‘earn-out rights’ and a 10% non-final withholding for CGT on certain sales by non-residents

Tax Month 2016-02

The Tax and Superannuation Laws Amendment (2015 Measures No 6) Bill 2015 was passed by the House of Reps on Thursday 4.2.2016 without amendment and now moves to the Senate. The Bill proposes the following amendments: Will amend the ITAA 1997 to change the CGT treatment of the sale and purchase of businesses involving certain earn-out rights –…

Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 and Explanatory Memorandum (4 Feb 2016)

Tax Articles

The Bill and Explanatory Memorandum for the Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 (in the House of Reps on Thur 4.2.2016) are attached. Bill (4.2.16) EM (4.2.16) The Bill effectively seeks to allow small businesses to change the legal structure of their business and have the CGT liability disregarded and deferred until eventual disposal. It will allow…

Tax Laws Amendment (Small Business Restructure Rollover) Bill 2016 – any entity type to any entity type, any active asset and income tax neutral

Tax Month 2016-02

The Tax Laws Amendment (Small Business Restructure Roll-over) Bill 2016 was introduced in the House of Reps on Thur 4.2.2016. It was passed in the House of Representatives on 22 February 2016 and finally passed both houses on 29 February 2016. The Bill will amend the ITAA 1997 to provide greater flexibility for small businesses to change their legal…