The Appeal Panel of the NSW Administrative Decisions Tribunal has dismissed a taxpayer’s appeal and affirmed an earlier decision refusing the taxpayer’s claim for the primary production land tax exemption for the 2007 to 2010 land tax years. In 2006, the taxpayer purchased a block of land from a farmer. The evident purpose of the…
In a decision handed down on Fri 13.7.2012, the Victorian Court of Appeal, by majority, affirmed a decision made by the Victorian Supreme Court in favour of a taxpayer regarding the application of the “land rich provisions” under Ch 3 of the Duties Act 2000 (Vic) in relation to a stapling transaction in October 2005…
The Tasmanian Supreme Court has affirmed that a transfer of plant and equipment of a school to a taxpayer was not a “gift” and therefore denied the exemption under s 53(n)(i) of the Duties Act 2000 (Tas). The property was transferred by an incorporated association of the school to the taxpayer by way of a…
The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to reassess a taxpayer for land tax for the 2007 to 2011 land tax years on the basis that the subject land was held by a special trust and that the taxpayer was not entitled to the tax-free threshold which had previously been allowed. The…
The Tax Office has released the following guides on GST and indirect taxes: GST and acupuncture, naturopathy and herbal medicine services GST and financial supplies – completing your activity statement GST and floating a company GST and LCT on cars – for primary producers and tourism operators GST and LCT on cars you buy –…
Registered agents have an obligation to have PI insurance cover. The Tax Practitioners Board has reminded them that they must tell the Board the details of their cover from year to year. Many PI insurance policies may be expiring at the end of the financial year. All registered tax and BAS agents who have not…
The Government on Tue 31.7.2012, released the Inspector-General of Taxation’s report examining the effectiveness of the ATO’s dispute resolution practices including early dispute resolution and alternative dispute resolution (ADR). The Inspector-General observed that, at a high level, the ATO was committed to engaging with taxpayers to resolve disputes earlier. However, he also identified some areas…
The Assistant Treasurer has announced the reappointments of Mr Keith James as a part-time member and Deputy Chair of the Board of Taxation for a 2-year period from 1 July 2012 up to and including 30 June 2014 and Mr Anthony (Curt) Rendall and Ms Elizabeth Jameson as part-time members of the Board each for…
The Tax Office has released the following guides on the MRRT and PRRT: Notification of change to minerals resource rent tax (MRRT) registration Consolidation for MRRT purposes Notification of choice made to consolidate for MRRT Administrative decisions – nil rate determinations re instalments for MRRT ATO’s administrative approach to PRRT Who PRRT affects Introduction to…
Federal Opposition Leader Tony Abbott has announced that, as soon as an election is called, the Coalition would take immediate steps to repeal the Carbon Tax. Mr Abbott said that on the day the election is called, he would write to the Secretary of the Department of Prime Minister and Cabinet to make it clear…