Tas: First Home Builder Boost increased from $8k to $23k – and after adding a $7k First Home Owner Grant, there is $30k of assistance [90]

The Tasmanian State Revenue Office (SRO) has issued a factsheet on the Tasmanian Government’s announcement to increase the First Home Builder Boost from $8,000 to $23,000 (see Tasmanian Premier’s media release, 7 November 2013). Combined with the First Home Owner Grant of $7,000, first home buyer assistance in Tasmania now totals $30,000. The new Boost applies to…

SA: housing construction grant extended – Revenue Rulings issued [89]

RevenueSA has advised that the SA Treasurer has approved an ex gratia scheme to extend the housing construction grant to new homes located in residential parks and retirement villages. RevenueSA has issued Revenue Rulings FHOG003 and FHOG004 concerning the ex gratia scheme in relation to residential parks and retirement villages, respectively. Further information on the…

Qld stamp duty: transfers to local governments; beneficiary trust interest – Public Rulings released [88]

The Qld Office of State Revenue (OSR) has issued the following new Public Rulings: DA505.2.1 (Dutiable value of transfers of land to local governments) – sets out the Commissioner’s practice in relation to the evidence he may rely upon to establish the dutiable value of land transferred to local governments in particular situations. Similar matters were previously…

Qld: impact of refund on unpaid tax interest for another outstanding liability – Public Ruling [87]

The Qld Office of State Revenue (OSR) has issued Public Ruling TAA060.4.1 (Impact of refund on unpaid tax interest for another outstanding liability). It clarifies how the Qld Commissioner of State Revenue will exercise his discretion to remit unpaid tax interest under s 60 of the Taxation Administration Act 2001 (Qld) on an amount of primary…

NSW stamp duty: Baptist Union of New South Wales v Chief Comr of State Revenue – no express trust, so duty exemption denied [85]

In a decision handed down on Thur 28.11.2013, the NSW Administrative Decisions Tribunal affirmed the Commissioner’s decision denying a taxpayer’s claim for a duty exemption in relation to the purchase of 2 residential properties. The taxpayer was a body corporate incorporated under the Baptist Union Incorporation Act 1919 (NSW). It purchased 2 residential properties and…

Vic: State Taxation and Financial Legislation Amendment Bill 2013 – update [84]

The State Taxation and Financial Legislation Amendment Bill 2013 (Vic) has passed the Victorian Legislative Assembly without amendment and has moved to the Legislative Council. It amends the Duties Act 2000 (Vic) to make provision for dutiable transactions effected electronically by means of an Electronic Lodgment Network, an online facility for the electronic conveyance of…

SA: succession duties; off-the-plan apartments; housing construction grants: Bill updates [83]

The following SA Bills have passed the SA Legislative Assembly without amendment: Succession Duties Repeal Bill 2013(SA) – proposes to repeal the Succession Duties Act 1929 (SA). Stamp Duties (Off-the-plan apartments) Amendment Bill 2013 (SA) – proposes to amend the Stamp Duties Act 1923 (SA) to extend the stamp duty concession for apartments bought off-the-plan…

Qld: reduced royalties to promote mining investment in Galilee Basin [81]

The Qld Government has announced a plan to help open up the Galilee Basin to mining. To help lower upfront costs, the Qld Premier said the Government is “offering a ramp-up-to-royalty initiative whereby the Government will consider offering reduced royalties for an initial period of time”. The strategy, Galilee Basin Development StrategyNovember 2013, is available…