The Institute of Chartered Accountants (the Institute) says that while discussions on a replacement for the accountants’ exemption have been underway for well over 2 years, it seems the Government may be getting closer to delivering a policy change which falls into line with the Institute’s long-held views. The Institute says that, on the back…
The Government has released its first package of FoFA exposure draft regulations to set out details in relation to the ban on conflicted remuneration proposed by the FoFA Bills. The draft regulations propose to amend the Corporations Regulation 2001 to: exclude “product fees” from the proposed definition of an “ongoing fee arrangement”; introduce a delayed…
The Victorian State Revenue Office (SRO) is conducting a review of various duties forms and is seeking comments to improve the following forms: Duties Form 1 (Goods statement for residential land); Duties Form 2 (Goods statutory declaration); Duties Form 3 (Real property value statutory declaration); Duties Form 4A (Off the plan sales statutory declaration); Duties…
The OSR has also advised that the Qld Government has confirmed the announcement made in the 2011-12 Mid-Year Fiscal and Economic Review, released on 13 January 2012, that duty will apply to the transfer of a prospecting permit, exploration permit or authority to prospect issued under resources legislation. Landholder duty may also apply. The OSR…
The NSW Office of State Revenue (OSR) has advised that the market rate of interest imposed on any tax default committed under various taxation and revenue laws administered by the OSR will change from 4.37% to 3.66%, with effect from 1 July 2012. [LTN 123, 28/6] [LTN 124, 29/6]
The 2012-13 NSW Budget was handed down on Tue 12.6.2012. Revenue measures announced include: – The proposed abolition of the following taxes has been deferred for 1 year Deferred abolition of various taxesto 1 July 2013: mortgage duty on business transactions, unquoted marketable securities duty, and duty on transfers of non-land business assets such as…
The 2012-13 ACT Budget was handed down on Tue 5.6.2012. The ACT Treasurer Andrew Barr revealed a 20-year plan to reform the Territory’s taxation system. The Budget contains the plan for the first 5 years. Mr Barr said many taxes will be reduced, some will rise, and several will be abolished. Tax measures announced included:…
The WA Office of State Revenue (OSR) has revised Commissioner’s Practice TAA 8.7 (Valuation of land for duties and stamp duty purposes). The OSR says the Commissioner’s Practice has been amended to increase the value cap from $400,000 to $2m for valuations that may be relied on in the assessment of a transaction between related…
In a decision handed down on Fri 29.6.2012, the Victorian Court of Appeal has allowed the Commissioner’s appeal against an earlier Victorian Supreme Court decision concerning the “land rich” provisions in Pt 2 of Ch 3 of the Duties Act 2000 (Vic). The Victorian Supreme Court had upheld a taxpayer’s appeal against the imposition of…
The NSW Court of Appeal has partly allowed the Commissioner’s appeal against an earlier NSW Supreme Court decision which had held that an administration services company and a transport company should not be grouped with a chicken supplier partnership for payroll tax purposes. The matter was first heard in the NSW Supreme Court which held…