This SMSF Ruling, released on Wed 23.5.2012, explains the Commissioner’s views on the limited recourse borrowing arrangement (LRBA) provisions in ss 67A and 67B of the SIS Act. Broadly, an SMSF is permitted to borrow money provided that the borrowing is made pursuant to an LRBA. An LRBA entered into from 7 July 2010 can…
M o r g a n’ s T a x M o n t h – May 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in May 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The Assistant Treasurer Mon 30.4.2012, announced that financial advisers will be granted a 1-year extension to their current exemption from the taxation agent services regime until 30 June 2013. This decision is intended to allow for a smooth transition to the new regulatory regime, which will bring taxation advice provided in the context of financial…
The ATO on Mon 30.4.2012, released Taxation Statistics 2009-10<http://info-anz.thomson.com/t/11608540/105811750/92915/0/> which features data compiled from tax returns from the 2009-10 income year and other financial information provided in activity statements and other FBT, GST, and excise forms for the 2010-11 financial year. Highlights from the statistics for the 2009-10 year included: Personal tax: 12.4m individuals lodged…
The Australian Bureau of Statistics (ABS) on Tue 17.4.2012, released Taxation Revenue, Australia, 2010-11. The publication contains statistics of taxation revenue collected by all levels of government in Australia for the periods 2001-02 to 2010-11. Some of the stats for 2010-11 include: Income taxes levied on individuals in 2010-11 represented 39% of total taxation revenue.…
The Victorian State Revenue Office (SRO) has revised a number of Revenue Rulings and a Form to reflect the recent legislative amendment to the Duties Act 2000 (Vic) to reduce the period for payment of duty for dutiable transactions and relevant acquisitions from 3 months to 30 days. The change came into effect for dutiable…
The WA State Administrative Tribunal has held a transfer of shares in a company which operated rail freight services in WA should not attract stamp duty as it found the company was not a “land-holder” for the purposes of s 76AP(2) of the Stamp Act 1921 (WA). In doing so, it found certain rights of…
The Appeal Panel of the NSW Administrative Decisions Tribunal has dismissed a taxpayer’s appeal against an earlier decision which had ruled that the taxpayer was not entitled to a land tax exemption for “land used and occupied as a boarding house” under s 10Q of the Land Tax Management Act 1956 (NSW) for the 2007…
The Commissioner of State Revenue (Vic) has lodged an application seeking special leave to appeal to the High Court 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…
The Victorian Supreme Court has set aside a stamp duty assessment issued to a taxpayer under the land rich provisions of the Duties Act 2000 (Vic). The taxpayer was the trustee of an investment trust (“the Regis Trust”) and in that capacity acquired shares in a land rich company (RPA). The taxpayer commenced purchasing shares…