The NSW Office of State Revenue (OSR) has issued Revenue Ruling No PTA013v2 (Fees paid to golf professionals by golf clubs). The OSR says the Ruling has been updated jointly by all jurisdictions to clarify the wording in the first paragraph under the heading “Grouping of the business of the golf professional and the golf…
The NSW Court of Appeal has restored a decision at first instance, which had concluded that the taxpayer as trustee of a property trust, was liable for land tax with respect to the 2011 land tax year, as a fixed trust, and therefore was entitled to the benefit of the tax threshold. The matter concerned…
The ACT Civil and Administrative Tribunal has revised the penalty tax payable by 2 taxpayers in relation to a land tax default concerning a rental property for the period 1 July 2002 to 30 June 2012. In 2001, the taxpayers (a couple) purchased the property and leased it to the Defence Housing Authority. The lease was registered with the…
At its meeting on Tue 7.5.2013, the Reserve Bank Board decided to lower the official cash rate by 25 basis points from 3% to 2.75%. Reserve Bank Governor Glenn Stevens said the Board judged that a further decline in cash rate was appropriate to encourage sustainable growth in the economy, consistent with achieving the inflation…
The WA State Administrative Tribunal has found that the Commissioner of State Revenue (WA) was correct to remit penalty tax to 2.5% of the primary tax liability imposed on a taxpayer for lodging an instrument 1 month and 2 days late. In 2010, the taxpayer entered into a contract to purchase a lease of Crown…
In a decision handed down on Mon 6.5.2013, the NSW Administrative Decisions Tribunal affirmed a decision of the Chief Commissioner of State Revenue (NSW) refusing a taxpayer’s claim for the primary production land tax exemption for a rural property for the 2009 and 2011 land tax years. The taxpayer purchased the property in August 2008 and claimed…
The ACT Civil and Administrative Tribunal has refused a taxpayer’s application seeking an extension of time to apply for review of the decision of Commissioner for ACT Revenue affirming the imposition of 50% penalty tax on unpaid land tax. In October 2003, the taxpayer (a real estate agent) purchased an investment property and informed the ACT Revenue…
The OECD’s Global Forum on Transfer Pricing has released a Draft Handbook on Transfer Pricing Risk Assessment. The OECD says the Draft Handbook is a detailed, practical resource that countries can follow in developing their own risk assessment approaches. The handbook supplements useful materials already available with respect to transfer pricing risk assessment. Individual country…
The WA Court of Appeal has held that stamp duty was not payable on a transfer of shares between 2 companies involved in the privatisation of the WA rail freight system. The Court dismissed an appeal by the WA Commissioner of State Revenue against an earlier decision, which had held that the WA landholder provisions…
The ACT Revenue Office has advised that the Commissioner of ACT Revenue will appeal against the ACT Supreme Court’s decision in Comr for ACT Revenue v Araghi and Dorsett [2013] ACTSC 43. The matter concerned the Commissioner’s assessment of stamp duty on so-called “interdependent land and building contracts” based on the land sale contract (Crown…