During 2012 Victoria is celebrating 150 years of the Torrens title system. Following its successful implementation in 1858 in South Australia, in 1862 Victoria adopted the system, which was considered in its day to be the modern practice of registering a person’s interest in land. One-hundred-and-fifty years on, this ‘modern’ system continues to serve us…
On 13 January 2012, the Qld Treasurer Andrew Fraser delivered the Qld 2011-12 Mid-Year Fiscal and Economic Review (MYEFR). Proposals announced in the MYEFR include: deferral of the abolition of duty on the transfer of core business assets until the Qld Budget “can accommodate the abolition”; changes from 13 January 2012 to the duty treatment…
The NSW Administrative Decisions Tribunal has varied the “unencumbered value” of a property for land rich duty purposes, but confirmed a 90% penalty tax. In October 2007, the taxpayers purchased the only share in a company. At the time of purchase, the company owned a commercial/residential development site (which had development approval for 6 commercial…
The Board of Taxation has announced that it is inviting written submissions to assist in the establishment of a Tax Studies Institute, announced by the Treasurer on 5 October 2011 at the conclusion of the Tax Forum. The Board said it was preferable that submissions to it be directed to issues such as how to…
Treasury has released documents under a Freedom of Information request relating to constitutional legality of the minerals resource rent tax (MRRT) and the petroleum resource rent tax (PRRT). Among other things, the advice looks at the MRRT as a tax on State property, and MRRT royalties and discrimination between States. [LTN 14, 23/1]
The Federal Parliamentary Library has released: Bill Digest No 86, 2011-12 on the Petroleum Resource Rent Tax Assessment Amendment Bill 2011; and Bill Digest No 85, 2011-12 on the Petroleum Resource Rent Tax (Imposition-General) Bill 2011, Petroleum Resource Rent Tax (Imposition-Customs) Bill 2011 and Petroleum Resource Rent Tax (Imposition-Excise) Bill 2011. The digests examine the…
The AAT has upheld a non-compliance notice issued to a self-managed superannuation fund (SMSF) for regulatory breaches in respect of loans made to a related company. During 2005 to 2008, the SMSF accepted contributions and roll-overs in respect of a tax agent, his wife and 2 daughters. This money was then lent to a company…
The AAT has affirmed that a SMSF was a non-complying fund for the year ended 30 June 2005 and that a deduction was not available for the misappropriation of funds by a trustee. Further, it affirmed that the base penalty of 75% of the shortfall was appropriate given the circumstances of the breach. The taxpayer…
In the 2011-12 Federal Budget, the Government announced that it would amend the ITAA 1997 to remove access to the trading stock exception to the CGT primary code rule for certain assets (primarily shares, units in a trust and land) owned by a complying superannuation entity. The Government today [Fri 13.1.2012] released draft legislation and…
The Treasury has released draft legislation and explanatory material on the Government’s proposal to refund certain excess concessional superannuation contributions announced in the 2011-12 Budget. The draft is available on the Treasury website. Under the proposal, eligible individuals would be given a once-only option to have excess concessional contributions up to $10,000 (not indexed) refunded…