The SA Supreme Court has set aside land tax assessments for the 2008-09 and 2009-10 financial years issued to a taxpayer (Kalomel) in relation to a property (a home). It also affirmed the principal place of residence (PPR) land tax exemption previously granted for those years, could not be subsequently revoked by the Commissioner. Kalomel…
The WA State Administrative Tribunal has affirmed the decision of the WA Commissioner of State Revenue to deny a taxpayer’s claim to the primary residence exemption as it found not all the criteria for the claimed exemption had been met. The taxpayer and his wife made a decision to sell their home and to purchase…
The NSW Administrative Decisions Tribunal has held that the stamp duty exemption following a “break-up of marriage” under s 68 of the Duties Act 1997 (NSW) applied in relation to an ex-husband’s transfer of his interest in a family home to the taxpayer, but not the exemption for “transfers to married couples” under s 67…
The Victorian Civil and Administrative Tribunal has affirmed a stamp duty assessment of a taxpayer in relation to an acquisition of shares in 2 “land rich companies”. The background facts are complex. Broadly, the matter concerned the taxpayer’s acquisition on 25 June 2004 of the shares in the land rich companies. Before the Tribunal, the…
The Victorian Civil and Administrative Tribunal has affirmed the Commissioner’s assessments made pursuant to the Land Tax Act 1958 (Vic), the Land Tax Act 2005 (Vic) and the Duties Act 2000 (Vic) in relation to 11 taxpayers who claimed to be trustee companies representing 67 trusts. Broadly, the taxpayers objected to grouped land tax assessments…
In a decision handed down on Wed 1.2.2012, the NSW Administrative Decisions Tribunal affirmed the Commissioner’s decision to impose 25% penalty tax and interest at market rate on 2 taxpayers with respect to a payroll tax default for the period 1 July 2006 to 30 November 2010 inclusive. The relevant decisions of the Commissioner resulted…
The Chairman of the Tax Practitioners Board (TPB) Dale Boucher has released his latest message reminding tax agents and BAS agents who became registered by notifying the Board to renew their registration before it expires on 1 March 2012. Mr Boucher is referring to tax agent and BAS agent “notifiers” who notified the Board that…
The Australian Accounting Standards Board (AASB) has issued agenda decisions concerning the following agenda items at its meeting held on 15-16 February 2012: Scope of AASB 112 Income Taxes – The AASB considered the issue of whether the proposed Minerals Resource Rent Tax (MRRT), which has passed the House of Reps, would be an income…
The Productivity Commission on Wed 29.2.2012, released an Issues Paper to facilitate public consultation into its inquiry into default superannuation funds in modern awards. The Government had announced the inquiry in January 2012 and had released the terms of reference. The purpose of the inquiry is to design transparent and objective criteria for the selection…
An ATO Assistant Commissioner, Stuart Forsyth, recently provided an update on SMSF compliance and audit issues. Speaking at the SPAA 2012 SMSF National Conference on 17 February 2012, Mr Forsyth highlighted what the ATO considered to be “systemic” issues: auditor independence – During 2011, Mr Forsyth said a number of cases were identified where the…