Daily Archives: July 8, 2018

Tas Payroll Tax & Duty: new Act reduces payroll tax rate to 4%, imposes additional 3% point duty surcharge on foreigners, and gives a 50% duty concession to certain first home buyers and ‘downsizers’

The Taxation Related Legislation (Housing Availability and Payroll Relief) Bill 2018 received Assent on 29 June 2018 as Act No 5 of 2018. It had passed the Parliament with 2 amendments from the Legislative Council concerning the removal of the reference to “greater Hobart area” and its definition from the new section 19E of the Land Tax…

NSW Payroll Tax: Tax Free Wages Threshold increased from $750k to $1m over 4 years – relevant Bill becomes law

The State Revenue Legislation Amendment Bill 2018 received Assent on 27 June 2018 as Act No 39 of 2018. It had passed all stages without amendment. It amends the Payroll Tax Act 2007 to raise the tax-free threshold for payroll tax from the current level of $750,000 to $1 million over the next 4 financial years. The…

Rus and FCT – 16 hectare vacant land with 10% office not an ‘active asset’ for Small Business CGT Concession purposes – objection to private ruling fails and new facts not allowed

A taxpayer has unsuccessfully challenged a private ruling that land which was mostly vacant was not an “active asset” for the purpose of the CGT small business concessions. These concessions are found in Div 152 of the ITAA97 and give a (further) 50% discount, up to $500k superannuation contributions and a rollover of any remaining…