The Victorian State Revenue Office (SRO) is conducting a review of various duties forms and is seeking comments to improve the following forms: Duties Form 1 (Goods statement for residential land); Duties Form 2 (Goods statutory declaration); Duties Form 3 (Real property value statutory declaration); Duties Form 4A (Off the plan sales statutory declaration); Duties…
The OSR has also advised that the Qld Government has confirmed the announcement made in the 2011-12 Mid-Year Fiscal and Economic Review, released on 13 January 2012, that duty will apply to the transfer of a prospecting permit, exploration permit or authority to prospect issued under resources legislation. Landholder duty may also apply. The OSR…
The NSW Office of State Revenue (OSR) has advised that the market rate of interest imposed on any tax default committed under various taxation and revenue laws administered by the OSR will change from 4.37% to 3.66%, with effect from 1 July 2012. [LTN 123, 28/6] [LTN 124, 29/6]
The 2012-13 NSW Budget was handed down on Tue 12.6.2012. Revenue measures announced include: – The proposed abolition of the following taxes has been deferred for 1 year Deferred abolition of various taxesto 1 July 2013: mortgage duty on business transactions, unquoted marketable securities duty, and duty on transfers of non-land business assets such as…
The 2012-13 ACT Budget was handed down on Tue 5.6.2012. The ACT Treasurer Andrew Barr revealed a 20-year plan to reform the Territory’s taxation system. The Budget contains the plan for the first 5 years. Mr Barr said many taxes will be reduced, some will rise, and several will be abolished. Tax measures announced included:…
The WA Office of State Revenue (OSR) has revised Commissioner’s Practice TAA 8.7 (Valuation of land for duties and stamp duty purposes). The OSR says the Commissioner’s Practice has been amended to increase the value cap from $400,000 to $2m for valuations that may be relied on in the assessment of a transaction between related…
In a decision handed down on Fri 29.6.2012, the Victorian Court of Appeal has allowed the Commissioner’s appeal against an earlier Victorian Supreme Court decision concerning the “land rich” provisions in Pt 2 of Ch 3 of the Duties Act 2000 (Vic). The Victorian Supreme Court had upheld a taxpayer’s appeal against the imposition of…
The NSW Court of Appeal has partly allowed the Commissioner’s appeal against an earlier NSW Supreme Court decision which had held that an administration services company and a transport company should not be grouped with a chicken supplier partnership for payroll tax purposes. The matter was first heard in the NSW Supreme Court which held…
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…