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…

ACT: Payroll Tax Amendment Bill 2013 (No 2) awaits notification – $4,000 concession for employers who hire school leavers with a disability [79]

The Payroll Tax Amendment Bill 2013 (No 2) (ACT) has passed all stages without amendment and awaits notification. It amends the Payroll Tax Act 2011 (ACT) to implement the ACT Government’s election commitment to provide a payroll tax concession, of up to $4,000, to eligible employers who hire a recent school leaver with a qualifying…

*Tax Practioners Board issues information sheets giving guidance for tax agents and BAS agents on the ‘reasonable care’ penalty requirement [78]

The Tax Practitioners Board has finalised the following information sheets: TPB(I) 17/2013 (Code of Professional Conduct – Reasonable care to ascertain a client’s state of affairs); and TPB(I) 18/2013 (Code of Professional Conduct – Reasonable care to ensure taxation laws are applied correctly). The Information Sheets provide guidance for registered agents on the application of…