In giving the recent 8th Annual Tax Lecture at the University of Melbourne, the Hon Justice Gordon of the Federal Court spoke on “The Commonwealth’s taxing powers and its limits – Are we there yet?“. Among other things, she discussed the concept of retrospective tax legislation. Some of the points made by Gordon J included:…
Ernst & Young has released its 2012 global transfer pricing tax authority survey: perspectives, interpretations and regulatory change. The survey reviews transfer pricing practices and attitudes in 48 jurisdictions with respect to a variety of topics, including penalties, transactions and industries of focus, dispute resolution options, and approaches to comparables benchmarking. Ernst & Young says…
The Corporations and Markets Advisory Committee (CAMAC) today [Tue 7.8.2012] released its report on Managed Investment Schemes. The report was in response to a request from the Government for advice on various matters concerning the regulation of managed investment schemes under Chapter 5C of the Corporations Act, following the failure in recent years of a…
The Qld Office of State Revenue (OSR) has issued Public Ruling DA085.2.1 (Transfer duty – relief for certain vacant land concession beneficiaries). The OSR says ex gratia relief from transfer duty will be considered, on a case-by-case basis, to extend the benefit of the first home concession and vacant land concession to transactions where the…
The OSR has advised that from Fri 24.8.2012 taxpayers will no longer be able to lodge documents or make payments in person at its counters in Brisbane, Maroochydore, Rockhampton, Townsville and Cairns. Documents can be lodged by post and all payments can be made electronically or via post. Further information can be obtained by calling…
The NSW Supreme Court has ordered that payroll tax assessments for the 2005 to 2009 years issued to a taxpayer be remitted to the Commissioner for redetermination in accordance with its findings. The taxpayer sells various snack foods and drinks through vending machines and engages independent contractors to, among various things, store, transport and restock…
In a decision handed down on Tue 7.8.2012, the Victorian Supreme Court has denied the Commissioner of State Revenue (Vic) leave to appeal, under s 148 of the Victorian Civil and Administrative Tribunal Act 1998 (Vic), from the orders of the Victorian Civil and Administrative Tribunal in a payroll tax grouping matter. The Tribunal confirmed…
In a decision handed down on Thur 2.8.2012, the NSW Administrative Decisions Tribunal affirmed the Commissioner’s decision to group various car dealership companies (the taxpayers) for the relevant years for payroll tax purposes. In August 2009, the Commissioner issued assessments grouping I Co and B Co for the period 1 July 2004 to 30 June…
The Pay-roll Tax Rebate Bill 2012 (WA) and the Pay-roll Tax (Indigenous Wages) Rebate Bill 2012 (WA) have passed all stages without amendment and await Assent. The Bills generally implement the 2012-13 WA Budget announcement to provide for a one-off pay-roll tax rebate for eligible small businesses and a rebate for wages paid in relation…
The Fire Services Property Levy Bill 2012 (Vic) was introduced into the Victorian Legislative Assembly on 28 August 2012. 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 1 July 2013 [see…