The Victorian Civil and Administrative Tribunal has affirmed a 75% penalty imposed on a taxpayer in relation to a purchase of an investment property in respect of which the “off-the-plan” concession had been falsely claimed. The Tribunal heard the taxpayer had met an individual who had offered to sell her an apartment for $340,000 that…
The Appeal Panel of the NSW Administrative Decisions Tribunal has allowed the Commissioner’s appeal against an earlier decision, which had held that a property was “used and occupied” by a taxpayer as his principal place of residence for the 2004 to 2007 land tax years. The matter concerned a taxpayer who spent 6 weeks of…
The Pay-roll Tax Assessment Act 2002 (WA) will be amended to provide the WA Commissioner of State Revenue a discretion to exclude a member from a group from 1 July 2012, other than where employers are related to each other by virtue of s 50 of the Corporations Act 2001 (Cth). The WA Office of…
The following Bills have passed the Victorian Legislative Assembly without amendment and have moved to the Legislative Council: Duties Amendment (Landholder) Bill 2012 – proposes to amend the Duties Act 2000 (Vic) to give effect to the 2011-12 Victorian Budget proposal to adopt a landholder duty model from 1 July 2012. State Taxation Acts Amendment…
The Revenue Measures Bill 2012 (Tas) has passed the Tasmanian House of Assembly without amendment and has moved to the Legislative Council. The Bill was introduced on 19 June 2012 and proposes to implement the 2012 Tasmanian Budget proposals to: revise the conveyance duty rates and thresholds; increase duty on contracts of general insurance; increase…
The Treasury (Cost of Living) and Other Legislation Amendment Bill 2012 (Qld) has passed all stages of the Qld Parliament without amendment and now awaits Assent. The Bill amends the Payroll Tax Act 1971 (Qld) to increase the payroll tax exemption threshold from $1m to $1.1m from 1 July 2012. It also amends the Duties…
The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2012 (NSW) has passed all stages without amendment and awaits Royal Assent. The Bill, among other things, amends the Duties Act 1997 (NSW) to implement the 2012-13 NSW Budget announcements to defer the abolition of certain duties and to make various changes to home buyer…
The following Bills have passed all stages of the ACT Legislative Assembly and await notification: – passed with an amendment, the Bill Duties (Landholders) Amendment Bill 2012amends the Duties Act 1999 (ACT) to “more closely” align the Territory’s landholder provisions with NSW. Date of effect: The amendments will commence on 1 July 2012. Duties Amendment…
The Tax Practitioners Board (TPB) has issued for comment Draft Information Sheet TPB(I) D13/2012 (Code of Professional Conduct – Holding money or other property on trust). The Board discusses the obligation under item 3 of the Code of Conduct contained in the Tax Agent Services Act 2009 (TASA) on registered tax agents and BAS agents…
The Tax Practitioners Board (TPB) has launched a new continuing professional education (CPE) policy for tax and BAS agents. Board Chairman Dale Boucher said that, from 1 July 2012, all tax practitioners should begin their CPE in accordance with the Board’s policy to maintain their professional knowledge and skills. All agents should maintain a record…