ACT – 1st Tranche of 20 Year plan to reform Territory’s taxes announced in 2012/13 budget – including abolishing commercial land tax [58]

The Revenue Legislation (Tax Reform) Amendment Bill 2013 (ACT) was introduced into the ACT Legislative Assembly on 11 April 2013. The Bill proposes to amend the Land Tax Act 2004 (ACT) and the Rates Act 2004 (ACT) to implement parts of the first tranche of the Territory’s 20-year tax reform plan announced in the 2012-13 ACT Budget.…

National Mutual Life Association & Ors v Comr of State Taxation – High Court refuses taxpayers leave to appeal in case about the meaning of ‘life insurance’ [61]

The High Court on Fri 12.4.2013, refused applications for special leave by 4 taxpayers to appeal from the decision of the Full Court of the SA Supreme Court in National Mutual Life Association & Ors v Comr of State Taxation [2011] SASCFC 106. The Full Supreme Court had dismissed the appeals of 3 taxpayers (ING…

Victorian FHOG to be lifted from $7k to $10k on new premises from 1 July but ends for old premises then – all first home buyers get 40% reduction in duty [60]

The Victorian Government has announced that it will increase the First Home Owner Grant from $7,000 to id=”mce_marker”0,000 for newly constructed houses and apartments, including those built under a home building contract, built by an owner-builder, purchased off-the-plan or sold for the first time as a residential premise. The id=”mce_marker”0,000 FHOG will apply from 1 July 2013…

NSW taxes – abolition deferred yet again by NSW Government to help fund acceptance of the Gonski education package [59]

The NSW Premier has announced that NSW will implement the Gonski national education reforms, securing $5bn in additional funding for NSW schools. Mr O’Farrell said the NSW Government had identified the id=”mce_marker”.7bn in savings needed to fund the State Government’s share of the reforms [the Commonwealth would provide $3.3bn]. He said Cabinet had agreed to…

*Major super reforms announced: tax-free pension earnings capped; contributions cap increased for over 60s; and more [44]

The Government on Fri 5.4.2013, announced the following major superannuation reforms to end mounting speculation ahead of the 2013 Budget. Tax-free pension earnings capped – the Government will amend the law to cap the tax exemption for earnings on superannuation assets supporting income streams to the first id=”mce_marker”00,000 of future earnings for each individual. From…

Global Forum on tax transparency continues to evaluate the effectiveness of various country’s tax systems in exchanging information [65]

The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes has released reports evaluating the tax systems in Belize, Finland, Iceland, Nauru, Poland, Portugal, Sweden and Turkey. In a further 4 reports, the Global Forum identifies the deficiencies in the tax systems of Belgium, the Cayman Islands, Guernsey and Singapore and makes…

CPI: March quarter 2013 indexation factor about 0.4% and 2.5% for year to date (including ‘carbon tax’ effect) [66]

The CPI indexation factor, which is used for FBT purposes concerning remote area benefits (under ss 60 and 60AA of the FBTAA), for the March quarter 2013 increased 0.4 from the December 2012 quarter to 102.4. Inflation for the year to 31 March 2013 was running at 2.5%. The most significant price rises for the quarter were for new dwelling purchases…

NSW land tax: Payne v Chief Comer of State Revenue – primary place of residence exemption allowed to taxpayer who lived in garage on land [63]

The NSW Administrative Decisions Tribunal has held that a taxpayer was entitled to the principal place of residence (PPR) land tax exemption in respect of a property for the 2006 to 2009 land tax years. At all relevant times, the taxpayer lived on the property in a purpose-built garage. Whilst living there, taxpayer oversaw the…

NSW land tax: De Marco & Anor v Chief Comr of State Revenue – lawful use not required for PPR exemption, but matter remitted to ADT re ‘residential land’ [62]

The NSW Court of Appeal has by majority allowed the appeal of 2 taxpayers in relation to whether they were entitled to the principal place of residence (PPR) land tax exemption for the 2004 to 2008 land tax years. The taxpayers owned the subject land. Before December 2002, and for a continuous period of at least 6…