*Australian superannuation funds seek relief from US FATCA rules which require the funds to collect data on members, identify US Taxpayers, and withhold 30% tax from Members who don’t comply [Su8]

The Financial Services Council (FSC) has expressed concerned that the Australian financial services industry will be unable to comply with the proposed US Foreign Account Tax Compliance Act (FATCA) regulations when they come into effect on 1 January 2013. Mr John Brodgen said that the FSC has briefed US Treasury and will give evidence to…

APRA released authorization and other documents for transition to ‘MySuper’ funds or products next year [Su7]

APRA on Thur 3.4.2012, released the following information on its proposed arrangements for the authorisation of MySuper products: ;Discussion Paper – MySuper authorisation and transition standard Application Form – authority to offer a MySuper product; Instruction Guide – application form – Authority to offer a MySuper product; Draft Prudential Standard SPS 410 – MySuper transition.…

ATO Taxation Statistics 2009-10 [O2]

The ATO on Mon 30.4.2012, released Taxation Statistics 2009-10<http://info-anz.thomson.com/t/11608540/105811750/92915/0/> which features data compiled from tax returns from the 2009-10 income year and other financial information provided in activity statements and other FBT, GST, and excise forms for the 2010-11 financial year. Highlights from the statistics for the 2009-10 year included: Personal tax: 12.4m individuals lodged…

*Vic stamp duty: Rulings and form updated for post-1 April 2012 reduction of period for payment of duty from 3 months to 30 days [St8]

The Victorian State Revenue Office (SRO) has revised a number of Revenue Rulings and a Form to reflect the recent legislative amendment to the Duties Act 2000 (Vic) to reduce the period for payment of duty for dutiable transactions and relevant acquisitions from 3 months to 30 days. The change came into effect for dutiable…

*WestNet Rail Holdings No 1 Pty Ltd & Anor v Comr of State Revenue – WA stamp duty: railway infrastructure rights not “land”, so rail freight company not a landholder and assessment of share transfer set aside [St7]

The WA State Administrative Tribunal has held a transfer of shares in a company which operated rail freight services in WA should not attract stamp duty as it found the company was not a “land-holder” for the purposes of s 76AP(2) of the Stamp Act 1921 (WA). In doing so, it found certain rights of…