The Shadow Treasurer Joe Hockey has announced that, if elected, the Coalition will introduce a “Tax Receipt” for taxpayers. Mr Hockey said “taxpayers deserve a Government that is fully accountable as to where their taxes go”. He said that under the proposal, every PAYE taxpayer will receive a taxation receipt that provides details on how their…
M o r g a n’ s T a x M o n t h – September 2013 Developments – This is a collection of developments in Australian tax law and practice that occurred in September 2013 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Accounting Professional and Ethical Standards Board (APESB) has proposed amendments to APES 110 Code of Ethics for Professional Accountants (APES 110) in response revisions made by the International Ethics Standards Board for Accountants (IESBA) to its Code of Ethics for Professional Accountants. The provisions concerning breaches of a Code requirement of the IESBA standard…
The WA Office of State Revenue (OSR) has issued Commissioner’s Practice DA 29.1 (Duties – Nominal duty for certain dutiable transactions relating to deceased estates). The Commissioner’s Practice details how duty will be charged on transactions involving dutiable property comprised in a deceased estate. It took effect on 23 August 2013. [LTN 165, 27/8/13]
The Victorian State Revenue Office (SRO) has launched an updated Land Tax Trust Form Catalogue. The SRO says the new catalogue of forms is significantly reduced from the previous catalogue and incorporates 2 new forms specifically designed to assist taxpayers to fulfil their administrative obligations in relation to deceased estates (see LTX Trust Form 13…
RevenueSA has issued Revenue Ruling FHOG002 (Payment of the Housing Construction Grant). RevenueSA says it is aware of certain circumstances where both the builder of a new home and the purchaser of the new home will be eligible to apply for the Grant in respect of that property. RevenueSA says in circumstances where both parties…
The Qld Office of State Revenue (OSR) has announced that it will be examining payroll tax compliance in the mining sector. The OSR said its compliance program will focus on workers who should be included in an employer’s payroll tax liability, because they are either employees or relevant contractors. It will also investigate employment agents…
In an unanimous decision handed down today [Thur 15.8.2013], the Victorian Court of Appeal has allowed the appeal of 3 taxpayers (property developers) against an earlier decision which had affirmed stamp duty assessments issued under the Duties Act 2000 (Vic). The Court said the contest on the appeals lay in the question of whether certain…
In a decision handed down on Thur 15.8.2013, the SA Supreme Court dismissed a taxpayer’s appeal against a decision of the SA Treasurer disallowing an objection against a duty assessment. The liability was raised under the land rich provisions contained in the Stamp Duties Act 1923 (SA). The matter concerned a transaction in which the…
Two taxpayers have been successful before the NSW Supreme Court in revoking assessments issued under the Duties Act 1997 (NSW). The matter concerned complex transactions relating to the Cross City Tunnel (Sydney). The Court heard details of the transactions which involved $692m being paid for units in a property trust and $3.4m being paid for…