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…
The Appeal Panel of the NSW Administrative Decisions Tribunal has allowed a taxpayer’s appeal against an earlier decision which had refused the taxpayer’s application to be excluded from a payroll tax group under s 79 of the Payroll Tax Act 2007 (NSW). In June 2011, the Commissioner issued payroll tax assessments to the taxpayer for the 2008 to…
The Duties Amendment Regulations (No 2) 2013 (WA) was gazetted on 20 September 2013. They replace reg 4 of the Duties Regulations 2008 (WA) to amend the list of prescribed transactions that are not dutiable transactions under the Duties Act 2008 (WA). Date of effect: The changes vary depending on the prescribed item. Source: WA Government Gazette…
The Revenue Laws Amendment Bill 2013 (WA) has passed all stages without amendment and awaits Assent. It amends 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, high complexity…