Code of ethics for professional accountants: APESB proposes revisions [97]

The Accounting Professional and Ethical Standards Board (APESB) has proposed amendments to APES 110 Code of Ethics for Professional Accountants (APES 110) in response revisions made by the International Ethics Standards Board for Accountants (IESBA) to its Code of Ethics for Professional Accountants. The provisions concerning breaches of a Code requirement of the IESBA standard…

WA stamp duty: nominal duty re deceased estates – Commissioner’s Practice issued [95]

The WA Office of State Revenue (OSR) has issued Commissioner’s Practice DA 29.1 (Duties – Nominal duty for certain dutiable transactions relating to deceased estates). The Commissioner’s Practice details how duty will be charged on transactions involving dutiable property comprised in a deceased estate. It took effect on 23 August 2013.

[LTN 165, 27/8/13]

Vic stamp duty – Lend Lease Development Pty Ltd & Ors v Comr of State Revenue – consideration for transfer does not include payments made under Development Agreements [91]

In an unanimous decision handed down today [Thur 15.8.2013], the Victorian Court of Appeal has allowed the appeal of 3 taxpayers (property developers) against an earlier decision which had affirmed stamp duty assessments issued under the Duties Act 2000 (Vic). The Court said the contest on the appeals lay in the question of whether certain…

SA land rich provisions – Growthpoint Properties Ltd v Comr of State Taxation – land rich provisions catch an acquisition same time as entity became land rich [90]

In a decision handed down on Thur 15.8.2013, the SA Supreme Court dismissed a taxpayer’s appeal against a decision of the SA Treasurer disallowing an objection against a duty assessment. The liability was raised under the land rich provisions contained in the Stamp Duties Act 1923 (SA). The matter concerned a transaction in which the…

NSW stamp duty – CCM Holdings Trust Pty Ltd & Anor v Chief Comr of State Revenue – Sydney cross city tunnel “ transfers exempt [89]

Two taxpayers have been successful before the NSW Supreme Court in revoking assessments issued under the Duties Act 1997 (NSW). The matter concerned complex transactions relating to the Cross City Tunnel (Sydney). The Court heard details of the transactions which involved $692m being paid for units in a property trust and $3.4m being paid for…

WA: Budget Bill introduced [87]

The Revenue Laws Amendment Bill 2013 (WA) was introduced into the WA Legislative Assembly on 14 August 2013. It proposes to amend the Duties Act 2008 (WA) and the Taxation Administration Act 2003 (WA) to introduce interim assessment and related provisions. These will allow the WA Commissioner of State Revenue to assess and collect duty on large,…