The NSW Government has urged businesses and individuals to check if they are entitled to any of the “forgotten” millions held by the NSW Office of State Revenue (OSR). The Government said the OSR is holding more than 289,000 items of unclaimed money worth around id=”mce_marker”38m. Unclaimed money could be from deceased estates, dividends, bonds,…
The ACT Revenue Office has issued Revenue Circular DAA013 (General insurance duty adjustments). As part of the ACT’s taxation reform measures, the amount of duty charged on general insurance is being abolished progressively over 5 years. Duty will be reduced by 20% each year until 1 July 2016, when the duty rate for insurance premiums will reduce…
The WA State Administrative Tribunal has held that a property owned by a taxpayer was used principally for a rural business and therefore exempt from land tax for the 2008-09 to 2011-12 financial years. The taxpayer was the owner of a plant nursery business. The Commissioner had until June 2011 exempted one of the taxpayer’s places of…
The NSW Court of Appeal has unanimously allowed a taxpayer’s appeal against an earlier decision, which had ordered that the Commissioner reassess the taxpayer for payroll tax in accordance with its reasons. The taxpayer sold snack foods and drinks through vending machines and engaged independent contractors to store, transport and restock the vending machines. The…
The ACT Civil and Administrative Tribunal has found that a taxpayer (an individual) was not liable to pay duty on the acquisition of an interest in a landholding entity in the ACT. On 14 December 2007, the taxpayer entered into a Purchase Option Agreement with her brother-in-law for the right to purchase the shares in his company…
The Commissioner for ACT Revenue has been unsuccessful before the ACT Court of Appeal in appealing a matter concerning the dutiable value of what he argued to be “house and land packages” or “off the plan” purchase arrangements under the Duties Act 1999 (ACT). The matter concerned the Commissioner’s assessment of stamp duty on so-called…
The Tax Practitioners Board (TPB) on Fri 24.1.2014, released Information Sheet TPB(I) 19/2014 in relation to managing conflicts of interest. A conflict of interest is where a registered agent has a personal interest or has a duty to another person which is in conflict with the duty owed to the client. The information sheet provides…
The AAT has ordered that a decision of the Tax Practitioners Board refusing to renew a tax agent’s registration be stayed pending the hearing of the tax agent’s application for a review of that decision. The applicant had operated as a registered tax agent for 26 years and in September 2013, the Board refused to renew his…
The Tax Practitioners Board (TPB) has reminded newly registered tax and BAS agents that they must advise the Board of how they meet the Board’s PI insurance requirements within 14 days of receiving notification of their registration. The Board’s view of PI insurance requirements are set out in explanatory paper TPB(EP) 03/2010. The Board also…
The Tax Practitioners Board (TPB) has updated its lists of courses that are Board approved courses in Australian taxation law, commercial law and basic accountancy principles. The qualifications lists also include individual units which have been approved by the Board as meeting part of the requirements of a Board approved course under the mix and match…