The Government announced on Thur 15.3.2012, that the start date for the mandatory application of the Future of Financial Advice (FoFA) reforms will be deferred to 1 July 2013. The Minister for Financial Services and Superannuation, Bill Shorten, said the FoFA reforms will still commence from 1 July 2012 (as originally announced) but the application…
The Commonwealth Ombudsman Annual Report 2010-11 was tabled in Parliament today [Tue 13.3.2012]. During 2010-11, the Ombudsman received almost 39,000 approaches and complaints, a 4% increase on the previous year. In relation to the Tax Office, the Report noted the Ombudsman received 2,589 approaches and complaints in 2010-11, an increase of 43% from the 1,810…
The WA State Revenue Office (SRO) has issued Circular 10 which provides an overview of the proposed amendments contained in Revenue Laws Amendment Bill 2011 (WA). The Bill was introduced into the WA Legislative Assembly on 1 December 2011 and proposes to amend the Duties Act 2008 (WA) and the Stamp Act 1921 (WA). Among…
The Victorian Supreme Court has broadly affirmed stamp duty assessments (with some exceptions) issued to various taxpayers (property developers) under the Duties Act 2000 (Vic). The primary issue concerned the decision of the Commission of State Revenue (Vic) to include various “additional” payments as “consideration for” the assessment of duty arising from the transfer of…
The Appeal Panel of the NSW Administrative Decisions Tribunal has dismissed a taxpayer’s appeal against an earlier decision, which had refused the taxpayer’s claim for the principal place of residence (PPR) land tax exemption for the 2005 to 2009 land tax years (inclusive). In May 1994, the taxpayer’s parent purchased 2 adjoining properties. In July…
In a decision handed down on Thur 8.3.2012, the High Court unanimously allowed the taxpayer’s appeal against the decision of the NSW Court of Appeal. The High Court held a Deed of Consent and Assignment was a novation of a contract of sale, which caused the taxpayer to become the purchaser under a new contract,…
The High Court has refused the taxpayer special leave to appeal against the NSW Court of Appeal’s decision in Chief Comr of State Revenue v Centro (CPL) Limited [2011] NSWCA 325. The NSW Court of Appeal had allowed the NSW Chief Commissioner of State Revenue’s appeal against an earlier NSW Supreme Court decision which had…
The State Revenue Legislation Amendment Bill 2012 (NSW) was introduced in the NSW Legislative Assembly on Wed 28.3.2012. It proposes 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 Bill proposes to replace the existing exemptions…
The Assistant Treasurer on Wed 14.3.2012, released the Inspector-General of Taxation’s report entitled Review into the Australian Taxation Office’s administration of Class Rulings. Mr Bradbury said the report will “enhance the operation of the class rulings systems, which will further improve the tax administration for the benefit of all taxpayers”. Overall, the Inspector-General examined information,…
Treasury has received one submission (from the Minerals Council of Australia) in response to the exposure draft on miscellaneous amendments to the mining tax laws. Note the proposed miscellaneous amendments are contained in the Tax Laws Amendment (2012 Measures No 1) Bill 2012, which is currently before the House of Reps. [LTN 58, 26/3]