The Qld Budget 2012-13 was handed down on Tues 11.9.2012. Revenue proposals announced included: Transfer duty threshold and rate increases – From passage of the amending legislation, the threshold for the highest marginal rate of transfer duty will increase from $980,000 to $1m. At the same time, the rate applicable to the new higher threshold…
The NSW Office of State Revenue (OSR) has advised that the market rate of interest imposed on any tax default committed under various taxation and revenue laws administered by OSR will fall on 1 October 2012 from 3.66% to 3.62%. [LTN 181, 18/9]
The WA State Administrative Tribunal has found that a company was not a land-holder within the meaning of that term in s 76ATI of the then Stamp Act 1921 (WA) (as it stood at the relevant time). On 30 March 2007, a subsidiary company of the first taxpayer acquired a controlling interest in A Co…
The SA Supreme Court has held that the withdrawal of an offer by the SA Treasurer of ex gratia relief cannot be reviewed on an appeal against the Commissioner’s assessment. In 2006, the Chubb Group of Companies underwent an organisational restructure in which a group company transferred parts of its business to the taxpayer and…
The Revenue Laws Amendment Bill 2012 (WA) has passed through all stages of the WA Parliament without amendment and awaits Assent. The Bill implements a 2012-13 WA Budget announcement to provide a pay-roll tax exemption for wages paid to new employees with a disability. The Bill also makes a number of minor amendments to various…
The Fire Services Property Levy Bill 2012 (Vic) has passed the Victorian Legislative Assembly without amendment and has moved to the Legislative Council. It proposes to implement the Victorian Government’s announcement to impose a fire services property levy on all land in Victoria unless specifically exempted. The new property-based levy is proposed to commence on…
The Statutes Amendment and Repeal (Budget 2012) Bill 2012 (SA) has been laid aside by the SA Legislative Council. The Bill had proposed to implement a number of the 2012-13 SA Budget announcements ie stamp duty concession for off-the-plan apartments, $8,000 First Home Bonus Grant for 2012-13, and payroll tax changes for apprentices and trainees.…
The Fiscal Repair Amendment Bill 2012 (Qld) was introduced into the Qld Legislative Assembly on 11 September 2012. The Bill proposes to amend the following Qld Acts to implement most of the 2012-13 Budget proposals: the Duties Act 2001; the First Home Owner Grant Act 2000; the Mineral Resources Act 1989; the Petroleum and Gas…
The State Revenue Legislation Further Amendment Bill 2012 (NSW) was introduced into the NSW Legislative Assembly on Thur 20.9.2012. It proposes various amendments to the Duties Act 1997 (NSW) to: clarify the liability to duty on a transfer of a partnership interest that occurs as a result of the retirement of a partner or the…
The Tax Practitioners Board (TPB) has warned tax agents about being used by others to lodge fraudulent tax returns. Board Chairman Dale Boucher said the Board has terminated a number of tax agent registrations for failing to take reasonable care and for not being fit and proper persons. These agents were involved in lodging fraudulent…