Monthly Archives: February 2017

NSW stamp duty: Landfall Pty Ltd v Chief Comr of State Revenue – promissory note not “money”; apparent purchaser exemption denied [72]

The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to assess to duty a “custodian trust deed” and to refuse the taxpayer’s claim for the “apparent purchaser” exemption under s 55 of the Duties Act 1997 (NSW). The background facts are complex but essentially involved the acquisition by a superannuation fund (trustees and members being…

NSW payroll tax – Lombard Farms Pty Ltd v Chief Comr of State Revenue – de-grouping request refused [73]

The NSW Administrative Decisions Tribunal has refused a taxpayer’s application to be excluded from a payroll tax group under s 79 of the Payroll Tax Act 2007 (NSW). In June 2011, the Commissioner issued payroll tax assessments to the taxpayer for the 2008 to 2010 tax years following his decision to group the taxpayer with 4 other companies.…

NSW payroll tax – Nowlan Enterprises Pty Ltd v Chief Comr of State Revenue – Grouping decision affirmed [74]

The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to group a taxpayer with another company for payroll tax purposes for the 2008 and 2009 years under s 71(3) of the Payroll Tax Act 2007 (NSW). Both companies operated road freight transport businesses. The taxpayer’s directors were R and D (mother and son) with R…

NSW land tax – Maraya Holdings Pty Ltd Ors v Chief Comr of State Revenue: primary production exemption denied [75]

The NSW Supreme Court has refused 5 taxpayers their claim for the primary production land tax exemption for the relevant years under s 10AA of the Land Tax Management Act 1956 (NSW). The subject lands were used for cattle grazing by the first taxpayer and the activities of which were carried out by the second taxpayer…

Qld stamp duty – Sherratt v Comr of State Revenue – exemption to correct “clerical error” denied [76]

The Qld Civil and Administrative Tribunal has denied a taxpayer’s claim for an exemption from duty to correct a “clerical error” under s 152 of the Duties Act 2001 (Qld). The taxpayer had sought the exemption following a discovery by the taxpayer’s accountant that the subject investment property was held in the names of the taxpayer…

*Vic Duty – High Court refuses SRO leave to appeal in Comr of State Revenue v Challenger Listed Investments Ltd – concerning conversion of a land rich land holder to a public unit trust [77]

The High Court has refused the Victorian Commissioner of State Revenue’s application for special leave to appeal against the decision of the Victorian Court of Appeal in Comr of State Revenue v Challenger Listed Investments Ltd [2011] VSCA 272. The Court of Appeal had dismissed the Commissioner’s appeal against the decision at first instance, which…

Vic stamp duty Olivedale Park Pty Ltd v Comr of State Revenue – tourist park cabins were plant and equipment, not stock in trade [78]

The Victorian Civil and Administrative Tribunal has affirmed the Commissioner’s assessment of duty in respect of 2 interrelated transactions involving a tourist park. In doing so, the Tribunal held that the cabins used in the park were plant and equipment, and not goods that were stock in trade that fell within the exception under s 10(1)(d)(i)…

Committee holds hearing into the 4th (last) tranche of the ‘MySuper’ amendments [57]

On 22 January 2013, the Parliamentary Joint Committee on Corporations and Financial Services held a hearing into the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012. The Bill, still before the House of Reps, contains the 4th and final tranche of legislation implementing the government’s MySuper and governance reforms. The Committee heard from representatives from…

Tax at 78% (or even 93%) on excess super contributions: Coalition says it will fix a problem that has existed for 2.5 years [60]

Shadow Assistant Treasurer Senator Mathias Cormann says the reason a company director was hit with a 78% tax rate on inadvertent excess super contributions (the Verschuer AAT case – see above) was because the Government had not fixed a problem that has existed for the last 2 1/2 years. Senator Cormann said more than 65,000…

First MySuper Fund applications lodged with APRA [61]

The Assistant Treasurer has announced that APRA on Thur 3.1.2013, received the first MySuper applications from superannuation funds. MySuper is a new cost effective, simple superannuation product that super funds will be authorised to offer from 1 July 2013. Key MySuper features include: standardised disclosure of costs, fees, risk and returns, making comparisons easier; a ban on…