The NSW Administrative Decisions Tribunal has held the “no double duty” concession under s 18 of the Duties Act 1997 (NSW) did not apply to a transfer of a property to 3 taxpayers. On 17 December 2009, 2 of the taxpayers, a married couple (BZ and JY) entered into a contract to buy a property. They subsequently wanted BZ’s…
The ACT Civil and Administrative Tribunal has affirmed the decision of the Commissioner of ACT Revenue to impose on a taxpayer 50% penalty tax and interest on unpaid land tax for the relevant period. The taxpayer owned the subject rental property but submitted that she was not aware of her land tax liability. Among other…
The Accounting Professional & Ethical Standards Board (APESB) has issued an amending standard in respect of the existing APES 110 Code of Ethics for Professional Accountants (the Code). The amendments to the Code are: a new AUST paragraph to address circumstances where auditors may be receiving multiple referrals from a single source. The Board said the revision…
The NSW Office of State Revenue (OSR) has issued Revenue Ruling No PTA013v2 (Fees paid to golf professionals by golf clubs). The OSR says the Ruling has been updated jointly by all jurisdictions to clarify the wording in the first paragraph under the heading “Grouping of the business of the golf professional and the golf…
The NSW Court of Appeal has restored a decision at first instance, which had concluded that the taxpayer as trustee of a property trust, was liable for land tax with respect to the 2011 land tax year, as a fixed trust, and therefore was entitled to the benefit of the tax threshold. The matter concerned…
The ACT Civil and Administrative Tribunal has revised the penalty tax payable by 2 taxpayers in relation to a land tax default concerning a rental property for the period 1 July 2002 to 30 June 2012. In 2001, the taxpayers (a couple) purchased the property and leased it to the Defence Housing Authority. The lease was registered with the…
At its meeting on Tue 7.5.2013, the Reserve Bank Board decided to lower the official cash rate by 25 basis points from 3% to 2.75%. Reserve Bank Governor Glenn Stevens said the Board judged that a further decline in cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation…
The WA State Administrative Tribunal has found that the Commissioner of State Revenue (WA) was correct to remit penalty tax to 2.5% of the primary tax liability imposed on a taxpayer for lodging an instrument 1 month and 2 days late. In 2010, the taxpayer entered into a contract to purchase a lease of Crown…
In a decision handed down on Mon 6.5.2013, the NSW Administrative Decisions Tribunal affirmed a decision of the Chief Commissioner of State Revenue (NSW) refusing a taxpayer’s claim for the primary production land tax exemption for a rural property for the 2009 and 2011 land tax years. The taxpayer purchased the property in August 2008 and claimed…
The ACT Civil and Administrative Tribunal has refused a taxpayer’s application seeking an extension of time to apply for review of the decision of Commissioner for ACT Revenue affirming the imposition of 50% penalty tax on unpaid land tax. In October 2003, the taxpayer (a real estate agent) purchased an investment property and informed the ACT Revenue…