The Victorian Civil and Administrative Tribunal has affirmed a decision of the Commissioner of State Revenue (Vic) to assess duty on 2 transfers of land based on an aggregated dutiable value pursuant to s24 of the Duties Act 2000 (Vic). The taxpayers (mother and son) purchased on the same day a property referred to as…
The NT Budget 2015-16 was handed down on Tuesday 28.4.2015. Key revenue measures included: Payroll tax exemption for charities to be tightened – To ensure the exemption for charitable entities is being provided for its intended purpose, the Payroll Tax Act will be amended from 1 July 2015 in 2 key respects: (1) the exemption will be…
The AAT has granted a stay in the Tax Practitioners Board decision to cancel the registration of a company, ATP Group Pty Ltd, as a tax agent. The Tribunal said a decision to cancel the registration of a tax agent will ordinarily be stayed by the AAT unless the public interest requires otherwise. The Tribunal…
The Tax Practitioners Board (TPB), on Fri 17.4.2015, released a finalised Information Sheet, TPB(I) 25/2015, on Applying for registration during the transitional period: Sufficient experience to be able to provide tax (financial) advice services to a competent standard. Between 1 January 2016 and 30 June 2017 (transitional period), entities seeking registration as a tax (financial) adviser under the “transitional…
From 1 May 2015, the Inspector-General of Taxation (IGT) will be able to consider and assist taxpayers with their complaints about the Australian Taxation Office (ATO) and Tax Practitioners Board (TPB). The transfer of this function from the Commonwealth Ombudsman to the IGT was announced in last year’s Federal Budget and the relevant legislation was…
The Assistant Treasurer, on Thur 2.4.2015, released the Board of Taxation’s review into aspects of the tax integrity rules that distinguish debt finance from equity. Specifically, the report recommends reforms to the related scheme provisions and the equity override provision in the tax rules for debt and equity. Mr Frydenberg said the Board of Taxation…
The ATO has issued a Decision Impact Statement on the decision in Re Ward and FCT [2015] AATA 138. In that case, the AAT ruled that it had jurisdiction to review a decision by the Commissioner not to make a determination to disregard or reallocate excess superannuation contributions after finding that s 292-465(9)(a) of the ITAA…
In a case involving the calculation of losses carried forward under Subdiv 36-A of ITAA 1997, the AAT has confirmed that a net exempt loss of a year of income cannot be carried forward to a future year but rather is lost. Under s 36-10 of ITAA 1997, a tax loss arises in any income…
Treasury has released draft legislation to give effect to the government’s announcement to remove the obligation for employers to offer a choice of superannuation fund to temporary residents, or when superannuation funds merge, from 1 July 2015. In particular, employers will not be required to give employees a standard choice form if they hold a…
In a February 2014 decision in Australia Pacific Pty Ltd & Ors v Building and Construction Industry Authority [2014] QMC 004, the Magistrates Court of Qld held that GST on domestic and imported goods used in a coal seam gas project in Qld is a component of the cost of building and construction work. This meant the…