ALH Group Property Holdings Pty Ltd v Chief Comr of State Revenue – NSW stamp duty: deed effected novation of contract – taxpayer wins High Court appeal [St3]

In a decision handed down on Thur 8.3.2012, the High Court unanimously allowed the taxpayer’s appeal against the decision of the NSW Court of Appeal. The High Court held a Deed of Consent and Assignment was a novation of a contract of sale, which caused the taxpayer to become the purchaser under a new contract,…

*Chief Comr of State Revenue v Centro (CPL) Limited – Taxpayer denied leave to appeal to High Court – 300 year lease can be disregarded for dutiable value of reversion [St2]

The High Court has refused the taxpayer special leave to appeal against the NSW Court of Appeal’s decision in Chief Comr of State Revenue v Centro (CPL) Limited [2011] NSWCA 325. The NSW Court of Appeal had allowed the NSW Chief Commissioner of State Revenue’s appeal against an earlier NSW Supreme Court decision which had…

State Revenue Legislation Amendment Bill 2012 – introduced in the NSW Legislative Assembly [St1]

The State Revenue Legislation Amendment Bill 2012 (NSW) was introduced in the NSW Legislative Assembly on Wed 28.3.2012. It proposes a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include: establishing a new exemption for corporate reconstruction and corporate consolidation transactions. The Bill proposes to replace the existing exemptions…

*IGoT’s report into ATO’s administration of Class Rulings released – ATO agrees with 6 of the 8 recommendations

The Assistant Treasurer on Wed 14.3.2012, released the Inspector-General of Taxation’s report entitled Review into the Australian Taxation Office’s administration of Class Rulings. Mr Bradbury said the report will “enhance the operation of the class rulings systems, which will further improve the tax administration for the benefit of all taxpayers”. Overall, the Inspector-General examined information,…

Mining tax and related Bills: Senate Committee recommends Bills be passed – but Coalition Senators publish a dissenting report [M1]

The Senate Economics Legislation Committee has completed its inquiry into the Minerals Resource Rent Tax Bill 2011 and 10 related bills. The report was tabled in the Senate on Wed 14.3.2012. The Bills seek to introduce the Minerals Resource Rent Tax (MRRT) and extend the coverage of the existing Petroleum Resource Rent Tax (PRRT). The…

*MySuper Bills: Parliamentary Committee report released [Su11]

The Parliamentary Joint Committee on Corporations and Financial Services on Mon 19.3.2012, tabled in the House of Reps its report into the Superannuation Legislation Amendment (MySuper Core Provisions) Bill 2011 and Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Bill 2012. The majority of the Committee recommended that the Bills be passed but called for…

*Re Chantrell and FCT – Super excess contributions tax – “late” electronic funds transfer not a “special circumstance” [Su9]

The AAT has affirmed the Commissioner’s decision to impose an excess contributions tax assessment and deny a taxpayer’s request for excess contributions amounts to be reallocated to a previous financial year pursuant to s 292-465 of the ITAA 1997. On 30 June 2007, the taxpayer attempted to transfer $60,000 from a family discretionary trust into…