Monthly Archives: March 2017

*Regis Investments Pty Ltd v Comr of State Revenue – Vic land rich provisions didn’t acquire to acquisition of shares by trustee (as per Landrow and Challenger decisions) [St4]

The Victorian Supreme Court has set aside a stamp duty assessment issued to a taxpayer under the land rich provisions of the Duties Act 2000 (Vic). The taxpayer was the trustee of an investment trust (“the Regis Trust”) and in that capacity acquired shares in a land rich company (RPA). The taxpayer commenced purchasing shares…

*Vic: landholder duty model draft Bill released [St3]

As part of the 2011-12 Victorian Budget, the Victorian Government announced it would reform its land rich duty provisions by adopting a landholder duty model from 1 July 2012. The Victorian State Revenue Office (SRO) advised that after initial public consultation on policy parameters of the proposed landholder duty model, the Government made changes to…

*NSW: State Revenue Legislation Amendment Bill now law [St2]

The State Revenue Legislation Amendment Bill 2012 (NSW) has passed all stages without amendment and awaits Assent. It contains a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include: establishing a new exemption for corporate reconstruction and corporate consolidation transactions. The amendments replace the existing exemptions for “top hatting”…

ACT Duties Act amendments for ‘land rent leases’ and transfers of short-term commercial subleases; Rates and Land Tax on common areas in community titles [St1]

The following Bills were introduced into the ACT Legislative Assembly on 29 March 2012: Duties Amendment Bill 2012 (ACT) – amends the Duties Act 1999 (ACT) to clarify the treatment of “land rent leases”. Date of effect: The amendments are proposed to commence from the day after the Bill’s notification. Duties Amendment Bill 2012 (No…

*Financial Planning Association recognised by Tax Practitioners Board

The Financial Planning Association (FPA) has announced that it has been recognised as a tax agent association by the Tax Practitioners Board (TPB). This means membership of the FPA will fulfil requirements for registration of members if they meet the relevant fit and proper person, as well as experience requirements. Separately, the FPA also confirmed…

ATO compliance activities re SMEs: Tax Inspector-General’s report released

The Assistant Treasurer Tue 24.4.2012 released the Inspector-General of Taxation’s Review into the ATO’s compliance approaches to SMEs with annual turnovers between $100m and $250m, and high wealth individuals. The Inspector-General conducted this review in response to concerns raised by taxpayers, tax practitioners and their representative bodies following the ATO’s increased compliance focus on SMEs…

*ATO administration of MRRT and PRRT: early guidance

The ATO on Thur 26.4.2012, released early guidance to provide taxpayers with practical information regarding how it expects aspects of the MRRT instalment system will be administered for the transitional period. It says the transitional period commences on 1 July 2012 and ends when the Commissioner gives the taxpayer an instalment rate following the lodgment…

*Mining tax to be challenged on constitutional grounds by Fortescue Metals Group Ltd

It is understood that Fortescue Metals Group Ltd will seek leave to appeal to the High Court against the constitutional validity of the Minerals Resource Rent Tax (the mining tax). Fortescue Chief Executive Officer Nev Power said the company expects to launch the challenge within the next few weeks. The company believes the tax is…

*Carbon tax unconstitutional – according to a legal opinion by Bryan Pape given to the Institute of Public Affairs

According to a legal opinion by Bryan Pape, commissioned by the Institute of Public Affairs, the carbon tax is unconstitutional and could be challenged on a number of grounds, including: The Commonwealth cannot tax state property (legally carbon dioxide emissions are state property). The Commonwealth cannot impose a carbon tax and other related penalties within…

*APRA releases 11 draft prudential standards for superannuation [Su4]

APRA has released 11 draft prudential standards together with a Response Paperon submissions received in respect of the implementation of its proposed powers to issue prudential standards for superannuation. APRA’s Response Paper sets out the main issues raised in the 41 submissions received in relation to its September 2011 discussion paper, which outlined APRA’s approach…