RevenueSA has released Revenue Ruling SDA005 (Calculation of life estates) which outlines the life tenant factors to be used in situations where a life estate or remainder estate is to be determined for stamp duty purposes. The Ruling replaces Circular 224 and is effective from 20 November 2012. [LTN 226, 21/11]
The Qld Office of State Revenue (OSR) has issued Public Ruling PTA035.1 (Contractors – 90-day exemption). The OSR says the harmonised payroll tax ruling explains the payroll tax exemption for payments made under a relevant contract where the person provides services to the principal for no more than 90 days. It also sets out the…
In a decision handed down Thur 15.11.2012, the NSW Administrative Decisions Tribunal has found a taxpayer (a corporate trustee) was entitled to a land tax exemption under s 10(1)(d) of the Land Tax Management Act 1956 (NSW) in respect of various properties for the 2012 land tax year. Broadly, following the death of the late…
The WA Commissioner of State Revenue has been unsuccessful before the WA Supreme Court in appealing against an earlier decision which had allowed a retired couple’s claim for the principal place of residence (PPR) exemption despite their home being leased out for a short-term period. In 2011, the retired couple went on an extended holiday…
The Victorian Supreme Court has granted 11 taxpayers leave to appeal (and thereby treated the application as an appeal) on a limited basis from the orders of the Victorian Civil and Administrative Tribunal. The Tribunal had affirmed the decisions of the Commissioner to disallow the taxpayers’ objections to assessments of land tax and duty. The…
The Victorian Civil and Administrative Tribunal has affirmed a stamp duty assessment issued to husband and wife taxpayers (parents) in relation to the family home transferred to them by their children. On 25 September 1995, the children (2 young adults) signed a contract to purchase the property for $505,000. The family all lived in the…
The Qld Civil and Administrative Tribunal has dismissed a taxpayer’s application for review of the Commissioner’s decision to refuse a home transfer concession as it was lodged out of time. The Commissioner had issued a reassessment of duty against which the taxpayer objected. The taxpayer received notice of Commissioner’s objection decision on 1 February 2012.…
The High Court on Fri 16.11.2012, refused the taxpayer’s application for special leave to appeal against the NSW Court of Appeal decision in Chief Comr of State Revenue v Tasty Chicks Pty Ltd [2012] NSWCA 181. The NSW Court of Appeal had partly allowed the Commissioner’s appeal against an earlier NSW Supreme Court decision which…
The ACT Civil & Administrative Tribunal has affirmed that a “new lease” executed on 9 May 2010, after the date mentioned in s 150A of the Duties Act 1999 (ACT) of 30 June 2009, was chargeable with duty under the transitional provisions of s 421 of the Duties Act. In September 2004, the taxpayer entered into an agreement to lease a property to…
The State Taxation and Other Acts Amendment Bill 2012 (Vic) has passed the Victorian Legislative Assembly without amendment and has moved to the Legislative Council. It proposes to amend the Land Tax Act 2005 (Vic) to ensure that the principal place of residence exemption operates as intended and to restrict the amount of unpaid land…