The Australian Bureau of Statistics (ABS) on Tue 17.4.2012, released Taxation Revenue, Australia, 2010-11. The publication contains statistics of taxation revenue collected by all levels of government in Australia for the periods 2001-02 to 2010-11. Some of the stats for 2010-11 include: Income taxes levied on individuals in 2010-11 represented 39% of total taxation revenue.…
The Victorian State Revenue Office (SRO) has revised a number of Revenue Rulings and a Form to reflect the recent legislative amendment to the Duties Act 2000 (Vic) to reduce the period for payment of duty for dutiable transactions and relevant acquisitions from 3 months to 30 days. The change came into effect for dutiable…
The WA State Administrative Tribunal has held a transfer of shares in a company which operated rail freight services in WA should not attract stamp duty as it found the company was not a “land-holder” for the purposes of s 76AP(2) of the Stamp Act 1921 (WA). In doing so, it found certain rights of…
The Appeal Panel of the NSW Administrative Decisions Tribunal has dismissed a taxpayer’s appeal against an earlier decision which had ruled that the taxpayer was not entitled to a land tax exemption for “land used and occupied as a boarding house” under s 10Q of the Land Tax Management Act 1956 (NSW) for the 2007…
The Commissioner of State Revenue (Vic) has lodged an application seeking special leave to appeal to the High Court against the decision of the Victorian Court of Appeal in Comr of State Revenue v Challenger Listed Investments Ltd [2011] VSCA 272. The Court of Appeal had dismissed the Commissioner’s appeal against the decision at first…
The Victorian Supreme Court has set aside a stamp duty assessment issued to a taxpayer under the land rich provisions of the Duties Act 2000 (Vic). The taxpayer was the trustee of an investment trust (“the Regis Trust”) and in that capacity acquired shares in a land rich company (RPA). The taxpayer commenced purchasing shares…
As part of the 2011-12 Victorian Budget, the Victorian Government announced it would reform its land rich duty provisions by adopting a landholder duty model from 1 July 2012. The Victorian State Revenue Office (SRO) advised that after initial public consultation on policy parameters of the proposed landholder duty model, the Government made changes to…
The State Revenue Legislation Amendment Bill 2012 (NSW) has passed all stages without amendment and awaits Assent. It contains 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 amendments replace the existing exemptions for “top hatting”…
The following Bills were introduced into the ACT Legislative Assembly on 29 March 2012: Duties Amendment Bill 2012 (ACT) – amends the Duties Act 1999 (ACT) to clarify the treatment of “land rent leases”. Date of effect: The amendments are proposed to commence from the day after the Bill’s notification. Duties Amendment Bill 2012 (No…
The Financial Planning Association (FPA) has announced that it has been recognised as a tax agent association by the Tax Practitioners Board (TPB). This means membership of the FPA will fulfil requirements for registration of members if they meet the relevant fit and proper person, as well as experience requirements. Separately, the FPA also confirmed…