TD 2018/D2 – s40-80(1) instant write-off for the cost of mining rights etc. first ‘used’ for exploration – by doing something permitted by the relevant ‘right’

Tax Month - June 2018

On Wed 13.6.2018, the ATO issued Draft Taxation Determination TD 2018/D2 on what constitutes a “use” (and potentially first use) of a mining, quarrying or prospecting right. An outright deduction is available for the cost of such a right if the requirements in s40-80(1) ITAA97 are satisfied. A key requirement is that the first use…

Qld Budget – 50% payroll tax rebate extended to 30 June 2019, reduction in first home owner’s grant, land tax increase over $10m, increase in Foreign Acquirer Duty by 3% to 7%

Tax Month - June 2018

On 12 June 2018, the Queensland Treasurer, Jackie Trad, delivered the 2018-19 Queensland State Budget. The Queensland Government has described this Budget as a budget for creating jobs and delivering infrastructure for the fastest growing population in Australia. Further, in the spirit of the jobs economy, the Queensland Government has committed to extending: the 50 percent…

State Taxation Acts Amendment Bill 2018 (Vic) – changes to the Duties Act to reverse the ‘Danvest’ partnership interest decision, widen the foreign purchaser definition and other changes – Act No 22 of 2018

Tax Month - May 2018

On 1 May 2018, the Victorian Treasurer introduced the State Taxation Acts Amendment Bill 2018  into Parliament. Amongst other proposed amendments, there are some noteworthy changes to the Duties Act 2000 (Vic). The Bill passed all stages on 5 June 2018 and received Royal Assent 8 days later on 13 June 2018. The Royal Assent…