Tax Month – February 2022

Tax Month - February 2022

T a x  T e c h n i c a l  –  M o n t h l y  N e w s – February 2022 Edition – ‘Tax Developments’ for tax practitioners by a tax practitioner.   Compiled by F John Morgan A member of the Victorian Bar (www.FJMtax.com) Table of Contents ______________________________________________________________________________  …

Vic Duty – ANO Property Pty Ltd v Comr of State Revenue – Transfer of farm for benefit of SMSF denied exemption from land transfer duty under the Family Farm Exemption – no ‘relatives’ as beneficiaries

Tax Month - January 2021

On 20 January 2022, VCAT held that a farm transferred, from an individual, to a wholly owned company, on trust for the trustee of the farmer’s self-managed superannuation fund (SMSF), was subject to land transfer duty and was not eligible for the duty exemption in s56 of the Duties Act 2000 (Vic). The situation, was…