KPMG has released results from a survey of nearly 600 family businesses throughout Australia. The survey report, entitled 2013 Family Business Survey, was produced in collaboration with Family Business Australia and the University of Adelaide’s Family Business Education and Research Group (FBERG). A key finding of the survey was that the majority of family firms…
ASIC has revealed details of its surveillance program to combat illegal phoenix activities. ASIC said phoenix activity is the fraudulent act of transferring the assets of an indebted company into a new company to avoid paying creditors, tax or employee entitlements. The new company, usually operated by the same director, continues the business under a…
The Department of Human Services has advised that it has requested and collected from eBay Inc the name, address, and date of birth of sellers with significant sales. The details will be electronically matched with specific Department data holdings to identify social welfare recipients who may not have disclosed income and assets to the Department. Records of…
On 6 September 2013, the G20 Leaders Declaration was released following the G20 Summit in St. Petersburg on 5-6 September. The G20 has now endorsed the development of a new global tax standard: to automatic exchange of information. The G20 countries said they fully supported the OECD work with G20 countries aimed at presenting a new single…
OECD Secretary-General Angel Gurría yesterday [Thur 5.9.2013] presented to G20 Leaders ground-breaking proposals to tackle tax evasion and avoidance by both companies and individuals. The report is available on the OECD website. The 80-page report consists of 2 parts. Part I is the Progress Report to the G20 by the Global Forum on Transparency and…
The Victorian State Revenue Office (SRO) has reminded taxpayers that duty is to be paid within 30 days of the completion of a dutiable transaction or relevant acquisition. Penalty tax and interest will be imposed if a tax default arises ie if duty is not paid within 30 days. It adds that lodgment of transactional…
RevenueSA has issued Information Circular No 63 which notes the replacement of the Stamp Duties Regulations 2002 (SA) with the Stamp Duties Regulations 2013 (SA) with effect from 1 September 2013. Among other things, the Information Circular states the 2013 Regulations had removed a sub-regulation which had provided that where ad valorem stamp duty had been paid…
The Qld Office of State Revenue (OSR) has updated the following Public Rulings to reflect the recent replacement of Duties Regulation 2002 (Qld) with Duties Regulation 2013 (Qld): DA000.5.4 (Securities quoted on the market operated by a recognised stock exchange – stapled securities); DA105.2.2 (Guidelines for determining the existence of a business – family businesses);…
The WA State Administrative Tribunal has affirmed the decision of the WA Commissioner of State Revenue not to wholly remit the amount of penalty tax imposed. The taxpayer carried on business as an employment agency in the mining industry. During the relevant period, the Commissioner imposed penalties totalling some $342,000 for late lodgment of payroll…
In a decision handed down on Thur 12.9.2013, the NSW Administrative Decisions Tribunal refused a taxpayer’s claim for the primary production land tax exemption under 10AA(3) of the Land Tax Management Act 1956 (NSW). The taxpayer had purchased the property, described as “vacant farm land”, in June 2007. The Tribunal heard details of various proposed developments, which…