RevenueSA has issued Revenue Ruling SDA008 (Retrospective amendments to s 60A(1) of the Stamp Duties Act 1923 (SA)). RevenueSA has advised that the SA Government will introduce retrospective amendments to s 60A(1) to confirm and reflect RevenueSA’s “long-standing interpretation of this section”. That is, that the “date of the sale” is the date the property in question…
RevenueSA has issued Revenue Ruling SDA007 (Section 71CC ex gratia scheme for transferor/transferee trusts). Section 71CC of the Stamp Duties Act 1923 (SA) provides an exemption from stamp duty on the transfer of primary production land and associated farming goods between certain relatives (family members) and/or their trustees. RevenueSA said it has received advice that…
The Victorian Supreme Court has granted the Commissioner of State Revenue (Vic) leave to appeal an earlier decision which had set aside his determination that a vendor of land (the first taxpayer) was liable for land tax in respect of the 2009 land tax year. In allowing the appeal, the Court overturned the earlier decision…
The Qld Commissioner of State Revenue has been successful before the Qld Civil and Administrative Tribunal in arguing that a taxpayer’s application to review a stamp duty assessment should be dismissed as there was a lack of jurisdiction to hear the application. The taxpayer forwarded payment to the Commissioner on 2 November 2012 comprising the amount payable…
The Victorian Civil and Administrative Tribunal has set aside the Commissioner’s decision to group a bank (Bank of Queensland) with its franchised branches for payroll tax purposes. The Tribunal heard the Bank of Queensland conducted its banking business through 2 species of branch, this included the “corporate” branch and, as at 2008, around 24 “owner…
The Qld Supreme Court has affirmed land tax assessments issued to a taxpayer based on a taxable value worked out under s 18(1)(b) of the Land Tax Act 2010 (Qld). The taxpayer owned 3 lots of land. For the 2009 and 2010 financial years, lots 1 and 3 were valued together at $7.2m and lot 2…
The NSW Court of Appeal has dismissed the appeal of 5 taxpayers against an earlier decision which had refused 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, the…
The following SA Bills on Thur 5.12.2013, received Assent after having passed all stages without amendment: Succession Duties Repeal Bill 2013 – as Act No 85 of 2013. The Bill repeals the Succession Duties Act 1929 (SA). The Bill extinguishes any residual matters that may still arise even though succession duties were abolished as from 1 January 1980. RevenueSA…
The Tax Practitioners Board (TPB) has updated its explanatory paper TPB(EP) 03/2010 to reflect changes concerning professional indemnity (PI) insurance requirements made to the Tax Agent Services Act 2009 (TASA) which took effect on 30 June 2013 as a result of the Tax Laws Amendment (2013 Measures No 3) Act 2013. On 30 June 2013, s 20-5 of the TASA…
The Board of Taxation 2012-13 Annual Report has been released. During 2012-13, the Board reported to the Government on: (i) a post-implementation review of certain aspects of the consolidation tax cost setting process; and (ii) a review of the tax arrangements applying to permanent establishments. The Board also continued progress on its post-implementation review of…