The House of Reps on Tue 14.2.2012, passed the Tax Laws Amendment (2011 Measures No 9) Bill 2011 without amendment and it now moves to the Senate. The Bill contains amendments concerning: CGT rollovers and business restructures; GST (financial supply provisions; new residential premises); consolidating super; DGRs; and miscellaneous amendments (eg deceased estates and CGT…
The mining tax and related Bills were introduced in the Senate on Tues 7.2.2012, and debate on them adjourned. The Bills are: Minerals Resource Rent Tax Bill 2011; Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011; Minerals Resource Rent Tax (Imposition – General) Bill 2011; Minerals Resource Rent Tax (Imposition – Customs)…
M o r g a n’ s T a x M o n t h – February 2012 Developments – This is a collection of developments in Australian tax law and practice that occurred in February 2012 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…
The new Personal Property Securities Register (PPSR) opened for business on Mon 30.1.2012. The PPSR replaces the current maze of Commonwealth, State and Territory registers that regulate personal property used as security. The PPSR enables secured parties (eg financiers and other lenders) to register their security interests in personal property (ie any form of property…
During 2012 Victoria is celebrating 150 years of the Torrens title system. Following its successful implementation in 1858 in South Australia, in 1862 Victoria adopted the system, which was considered in its day to be the modern practice of registering a person’s interest in land. One-hundred-and-fifty years on, this ‘modern’ system continues to serve us…
On 13 January 2012, the Qld Treasurer Andrew Fraser delivered the Qld 2011-12 Mid-Year Fiscal and Economic Review (MYEFR). Proposals announced in the MYEFR include: deferral of the abolition of duty on the transfer of core business assets until the Qld Budget “can accommodate the abolition”; changes from 13 January 2012 to the duty treatment…
The NSW Administrative Decisions Tribunal has varied the “unencumbered value” of a property for land rich duty purposes, but confirmed a 90% penalty tax. In October 2007, the taxpayers purchased the only share in a company. At the time of purchase, the company owned a commercial/residential development site (which had development approval for 6 commercial…
The Board of Taxation has announced that it is inviting written submissions to assist in the establishment of a Tax Studies Institute, announced by the Treasurer on 5 October 2011 at the conclusion of the Tax Forum. The Board said it was preferable that submissions to it be directed to issues such as how to…
Treasury has released documents under a Freedom of Information request relating to constitutional legality of the minerals resource rent tax (MRRT) and the petroleum resource rent tax (PRRT). Among other things, the advice looks at the MRRT as a tax on State property, and MRRT royalties and discrimination between States. [LTN 14, 23/1]
The Federal Parliamentary Library has released: Bill Digest No 86, 2011-12 on the Petroleum Resource Rent Tax Assessment Amendment Bill 2011; and Bill Digest No 85, 2011-12 on the Petroleum Resource Rent Tax (Imposition-General) Bill 2011, Petroleum Resource Rent Tax (Imposition-Customs) Bill 2011 and Petroleum Resource Rent Tax (Imposition-Excise) Bill 2011. The digests examine the…