The Senate Economics Legislation Committee on Mon 16.6.2014, tabled its report on the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014. The Bill, which is still before the House of Reps, proposes changes to the Future of Financial Advice (FoFA) laws to, among other things: remove the need for clients to renew their…
The Victorian State Revenue Office (SRO) has advised taxpayers that the 2013-14 Annual Reconciliation is now available and is due to be lodged and paid by 21 July 2014. The SRO has produced a video about reconciliation for employers. Further information is available on the SRO website. [LTN 121, 26/6/14]
RevenueSA has reminded taxpayers that changes to the off-the plan apartment concessions will come into effect from 1 July 2014. For eligible off-the-plan purchase contracts, entered into between 1 July 2014 and 30 June 2016 for apartments with a value of $500,000 or less, stamp duty will be payable on the deemed unimproved value of the apartment plus the value of…
The Qld Office of State Revenue (OSR) has announced that the 2013-14 annual return for payroll tax is now available in OSRconnect. It says taxpayers need to lodge and pay their annual return no later than 21 July 2014. Further information is available on the OSR website. [LTN 121, 26/6/14]
The Qld Office of State Revenue (OSR) has updated Public Ruling DA000.2.5 (Self assessors, the Duties Act 2001 (Qld) and the Taxation Administration Act 2001 (Qld)). The OSR says the Ruling now provides guidance on the circumstances in which the Commissioner may, on written application, make a Commissioner assessment of a matter that is required…
A taxpayer has been unsuccessful before the NSW Civil and Administrative Tribunal in seeking the primary production land tax exemption for the 2011 to 2013 land tax years. The Commissioner had issued land tax assessments to the taxpayer for 3 parcels of property for the relevant years. The taxpayer argued it was entitled to the…
A taxpayer has been unsuccessful before the NSW Civil and Administrative Tribunal in seeking to claim the primary production land tax exemption for a property for the 2009 to 2012 land tax years. The Commissioner had issued land tax assessments for 2 properties for which the taxpayer claimed the land tax exemption. However, before the…
Two taxpayers (a couple) have been unsuccessful before the NSW Supreme Court in seeking the primary production land tax exemption in respect of a property pursuant to s 10AA(2) of the Land Tax Management Act1956 (NSW). The taxpayers purchased the land in November 1985. Since then they, or companies controlled by them, have conducted a small cattle-farming business…
The Taxation Legislation Amendment Bill 2014 (WA) was introduced into the WA Legislative Assembly on Thur 26.6.2014. It proposes to amend the Duties Act 2008 (WA), Land Tax Assessment Act 2002 (WA), Pay-roll Tax Assessment Act 2002 (WA), and Taxation Administration Act 2003 (WA), to improve the efficacy of existing WA tax exemptions for charitable…
The Revenue Laws Amendment Bill 2014 (WA) has passed the WA Legislative Assembly without amendment and moves to the Legislative Council. It proposes to amend the Duties Act 2008 (WA) and the Land Tax Act 2002 (WA) to implement 2 of the revenue measures announced in the 2014-15 WA Budget, which make changes to the…