Factors affecting Australian tax receipts: Treasury Economic Roundup [82]

The latest edition of Economic Roundup (Issue 2, 2013) released by the Treasury features an article which analyses the structural and cyclical factors affecting past and expected future Australian Government tax receipts. According to the article, entitled Tax-to-GDP: Past and prospective developments, as a share of the economy, taxes are “expected to remain well below…

*UK to impose CGT on non-residents disposing of UK residential property from 1 April 2015 [81]

In his Autumn Statement delivered on Thur 5.12.2013, the UK Chancellor of the Exchequer, George Osborne, announced that, from 1 April 2015, CGT will be chargeable on future gains made by non-UK residents that dispose of UK residential property. A consultation on the process will be published in early 2014. The statement provides an update on the…

*ASIC: advice on complex products needs to improve – tax-driven advice did not highlight risks [80]

ASIC said its assessment of advice provided by financial services firms to investors about capital protected products, covered in its Report 377 Review of advice on retail structured products (REP 377) released on Wed 4.12.2013, found many advisers did not make adequate enquiries into their clients’ personal circumstances. Among other things, ASIC found that advisers…

SA stamp duty: proposed amendment to clarify “date of the sale” – Revenue Ruling [76]

RevenueSA has issued Revenue Ruling SDA008 (Retrospective amendments to s 60A(1) of the Stamp Duties Act 1923 (SA)). RevenueSA has advised that the SA Government will introduce retrospective amendments to s 60A(1) to confirm and reflect RevenueSA’s “long-standing interpretation of this section”. That is, that the “date of the sale” is the date the property in question…

SA stamp duty: primary production land – ‘ex-gratia’ regime announced for trusts involving more than one beneficiary to allow existing policy to continue [75]

RevenueSA has issued Revenue Ruling SDA007 (Section 71CC ex gratia scheme for transferor/transferee trusts). Section 71CC of the Stamp Duties Act 1923 (SA) provides an exemption from stamp duty on the transfer of primary production land and associated farming goods between certain relatives (family members) and/or their trustees. RevenueSA said it has received advice that…

Vic land tax: Comr of State Revenue v Oakbee Pty Ltd & Ors – Commissioner wins appeal and vendor of land liable for land tax – purchaser took possession before 31.12.08 but hadn’t paid 15% deposit [74]

The Victorian Supreme Court has granted the Commissioner of State Revenue (Vic) leave to appeal an earlier decision which had set aside his determination that a vendor of land (the first taxpayer) was liable for land tax in respect of the 2009 land tax year. In allowing the appeal, the Court overturned the earlier decision…

Qld stamp duty: Market Square (Queensland) Pty Ltd v Comr of State Revenue – shortfall in payment of disputed tax and thus no jurisdiction to review assessment [72]

The Qld Commissioner of State Revenue has been successful before the Qld Civil and Administrative Tribunal in arguing that a taxpayer’s application to review a stamp duty assessment should be dismissed as there was a lack of jurisdiction to hear the application. The taxpayer forwarded payment to the Commissioner on 2 November 2012 comprising the amount payable…