*UK Budget 2012-13 [O4]

The UK Chancellor of the Exchequer presented his Budget to the UK Parliament on Wed 21.3.2012. Key tax measures announced included: Reducing the top rate of income tax from 50% to 45% in April 2013. Reducing the main rate of corporation tax by an additional 1%, so that the rate will reduce from 26% to…

*Unexplained wealth and tax laws: Law Enforcement Committee report [O3]

The Federal Parliamentary Joint Committee on Law Enforcement has completed its inquiry into Commonwealth unexplained wealth legislation and arrangements. Its report was tabled in Parliament yesterday [Mon 19.3.2012]. The report is available on the Committee website. According to the Committee, “unexplained wealth laws can be used to target serious and organised crime bosses who arrange…

*Commonwealth Ombudsman Annual Report 2010-11 tabled – 43% increase in complaints about the ATO – due largely to botched change program [O1]

The Commonwealth Ombudsman Annual Report 2010-11 was tabled in Parliament today [Tue 13.3.2012]. During 2010-11, the Ombudsman received almost 39,000 approaches and complaints, a 4% increase on the previous year. In relation to the Tax Office, the Report noted the Ombudsman received 2,589 approaches and complaints in 2010-11, an increase of 43% from the 1,810…

Conder Tower Pty Ltd & Lend Lease Development Pty Ltd cases – Vic stamp duty: additional amounts “consideration for” dutiable transaction [St5]

The Victorian Supreme Court has broadly affirmed stamp duty assessments (with some exceptions) issued to various taxpayers (property developers) under the Duties Act 2000 (Vic). The primary issue concerned the decision of the Commission of State Revenue (Vic) to include various “additional” payments as “consideration for” the assessment of duty arising from the transfer of…

Lo v Chief Comr of State Revenue (RD) – NSW land tax: principal place of residence land tax exemption – taxpayer loses appeal [St4]

The Appeal Panel of the NSW Administrative Decisions Tribunal has dismissed a taxpayer’s appeal against an earlier decision, which had refused the taxpayer’s claim for the principal place of residence (PPR) land tax exemption for the 2005 to 2009 land tax years (inclusive). In May 1994, the taxpayer’s parent purchased 2 adjoining properties. In July…