The NSW Administrative Decisions Tribunal has affirmed the Commissioner’s decision to assess to duty a Trust Deed on the basis that the Trust Deed comprised a “declaration of trust” over a property. The Tribunal heard details of the subject Trust Deed, which, among other things, recited that the Trustee (being the taxpayer) “wished to acquire…
The Revenue Legislation Amendment Bill 2013 (NT) received Assent on 28 June 2013 as Act No 20 of 2013. It had passed all stages without amendment and implements the NT Budget 2013-14 proposals to protect the Territory’s mineral royalty regime contained in the Mineral Royal Act (NT). It also contains other minor amendments to the Payroll Tax…
The Victorian State Revenue Office (SRO) has issued Duties Act Bulletin D3/13 (Drive-Away-Deals 2013/14). The Bulletin, which is updated annually by the SRO, provides guidance on the calculation of the dutiable value of “drive-away-deals” for new and used motor vehicles and reflects the increases in registration fees and Victorian Transport Accident Commission (TAC) charges effective…
The Victorian Civil and Administrative Tribunal has affirmed land tax assessments issued to a taxpayer after concluding the taxpayer was the deemed owner of the subject land at the relevant times. The taxpayer was a land developer and was the registered owner of various parcels of land. The Commissioner had assessed the taxpayer to land…
The Duties Legislation Amendment Bill 2013 (WA) received Royal Assent on 29 June 2013 as Act No 5 of 2013. It had passed all stages without amendment and amends the Duties Act 2008 (WA) and the Duties Legislation Amendment Act 2008 (WA) to unwind the scheduled abolition of transfer duty on non-real business assets such as business…
The Treasurer says he considers there is a case for ongoing discussion, particularly with the states, about tax reform. In particular, he said there was a case for talking to the states about reducing the number of taxes in Australia which don’t raise very much money, that are a compliance burden for business and an…
The Tax Practitioners Board (TPB) has advised that recent changes to the Tax Agent Services Regulations 2009 (TASR) mean that some tax agents will not need to complete a Board approved course in commercial law. However, this change does not affect individuals who became registered as a tax agent for the first time from 1 March 2010.…
The Federal Court has upheld the decision of the AAT in AAT Case [2013] AATA 188, Re Frugtniet and Tax Practitioners Board to refuse the tax agent’s request for a stay of the decision of the Tax Practitioners Board to terminate his registration for a period of 5 years. In that case, the Tax Practitioners…
This Ruling, released on Wed 31.7.2013, sets out the Commissioner’s final views on when a “superannuation income stream” (reg 995-1.01 of the ITA Regs) commences and when it ceases, and consequently when a superannuation income stream is payable. The Ruling was previously released as Draft Ruling TR 2011/D3 and has been subtly revised in several…
The Tax Practitioners Board (TPB) says registered tax and BAS agents who fail to meet their personal tax obligations are breaching the Code of Professional Conduct (Code item 2) contained in the Tax Agent Services Act 2009 (TASA). The TPB says in the last 12 months, it has completed around 100 investigations of registered tax…
