Qld stamp duty – Sherratt v Comr of State Revenue – exemption to correct “clerical error” denied [76]

The Qld Civil and Administrative Tribunal has denied a taxpayer’s claim for an exemption from duty to correct a “clerical error” under s 152 of the Duties Act 2001 (Qld). The taxpayer had sought the exemption following a discovery by the taxpayer’s accountant that the subject investment property was held in the names of the taxpayer…

*Vic Duty – High Court refuses SRO leave to appeal in Comr of State Revenue v Challenger Listed Investments Ltd – concerning conversion of a land rich land holder to a public unit trust [77]

The High Court has refused the Victorian Commissioner of State Revenue’s application for special leave to appeal against the decision of the Victorian Court of Appeal in Comr of State Revenue v Challenger Listed Investments Ltd [2011] VSCA 272. The Court of Appeal had dismissed the Commissioner’s appeal against the decision at first instance, which…

Vic stamp duty Olivedale Park Pty Ltd v Comr of State Revenue – tourist park cabins were plant and equipment, not stock in trade [78]

The Victorian Civil and Administrative Tribunal has affirmed the Commissioner’s assessment of duty in respect of 2 interrelated transactions involving a tourist park. In doing so, the Tribunal held that the cabins used in the park were plant and equipment, and not goods that were stock in trade that fell within the exception under s 10(1)(d)(i)…

Committee holds hearing into the 4th (last) tranche of the ‘MySuper’ amendments [57]

On 22 January 2013, the Parliamentary Joint Committee on Corporations and Financial Services held a hearing into the Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Bill 2012. The Bill, still before the House of Reps, contains the 4th and final tranche of legislation implementing the government’s MySuper and governance reforms. The Committee heard from representatives from…

Tax at 78% (or even 93%) on excess super contributions: Coalition says it will fix a problem that has existed for 2.5 years [60]

Shadow Assistant Treasurer Senator Mathias Cormann says the reason a company director was hit with a 78% tax rate on inadvertent excess super contributions (the Verschuer AAT case – see above) was because the Government had not fixed a problem that has existed for the last 2 1/2 years. Senator Cormann said more than 65,000…

APRA moves on lending policies of Banks to SMSFs – more risky [63]

APRA has written to all locally incorporated Authorised Deposit-taking Institutions (ADIs) (ie banks, building societies, etc) to clarify the appropriate capital treatment of ADIs’ loans to self-managed super funds (SMSFs) that are secured by residential mortgages (SMSF loans) under Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk (APS 112) and Prudential Standard…

SMSF pensions will be treated as continuing despite not meeting minimum SIS standards under Tax Office concession announced [64]

The Tax Office has released an SMSF News Alert outlining the circumstances in which the Commissioner will exercise his powers of general administration to allow a superannuation income stream to continue, even though it has not met the minimum pension standards in the SIS Regulations. To this end, the Tax Office has published, Self-managed super…