Taxation revenue falls in March quarter: ABS [118]

The ABS today [Tue 4.6.2013] released the Government Finance Statistics, March Quarter 2013. In the March quarter 2013, the stats show: Taxation revenue decreased 2.9% to id=”mce_marker”02.5bn, General government sector expenditure exceeded revenue resulting in a GFS net operating balance of -$4,676m and The GFS net lending(+)/borrowing(-) position for the general government sector was -$7,967m. [FJM Note:    I’m not…

NSW land tax: Yang v Chief Comr of State Revenue – concession for unoccupied land intended to be owner’s PPR – failed on onus [108]

The NSW Administrative Decisions Tribunal has refused a taxpayer’s claim for the principal place of residence (PPR) land tax exemption in respect of a property for the 2011 land tax year. There was confusion concerning the background facts; however, essentially, the matter centered on the taxpayer’s position as at 31 December 2010 (the taxing date). In short,…

*Accountants to get a limited licence to give financial advice from 1.7.13 and their exemption ends after 3 year transition – regulations registered [117]

The Corporations Amendment Regulation 2013 (No 3) was registered on the Federal Register of Legislative Instruments Tue 4.6.2013. It amends the Corporations Regulations 2001 to create a new limited licensing regime from 1 July 2013 which allows accountants (and others) to provide a broader range of financial product advice than currently allowed for under the existing accountants’…

NSW land tax: Cornish Investments Pty Limited v Chief Comr of State Revenue (RD) – primary production exemption denied – taxpayer loses appeal [107]

The NSW Court of Appeal has dismissed a taxpayer’s appeal against an earlier decision which had denied the taxpayer’s claim for the primary production land tax exemption in respect of a property for the 2008 to 2011 land tax years. The subject land adjoined other land owned by Mr S and others. There was no…

*‘Tax Justice Network’ recommends rewarding tax evasion whistleblowers and that Multi-national Enterprises report worldwide to the ATO with ‘unitary tax’ details [120]

The Tax Justice Network Australia (TJN) has recommended that the Government introduce legislation, modelled on US legislation, to protect and reward private sector whistleblowers that expose tax evasion, tax avoidance and fraud against all levels of government in Australia. The reward, it said, should be a proportion of any funds recovered as a result of the…

ACT stamp duty: ISPT Pty Ltd & Comr for ACT Revenue – taxpayer loses appeal – lease dutiable under transitional provisions [106]

The ACT Civil & Administrative Tribunal has dismissed a taxpayer’s appeal against an earlier decision and affirmed that a “new lease” executed on 9 May 2010, after the date mentioned in s 150A of the Duties Act 1999 (ACT) of 30 June 2009, was chargeable with duty under the transitional provisions of s 421 of the Duties Act. In September 2004, the taxpayer…