Victorian Budget 2014: payroll tax rate to be reduced; life insurance stamp duty to be abolished [76]

The Victorian Budget 2014-15 was handed down on Tue 6.5.2014. The Victorian Treasurer Michael O’Brien announced the State Budget “will deliver an operating surplus of id=”mce_marker”.3bn in 2014-15 growing to $3.3bn by 2017-18.” Revenue measures announced included: from 1 July 2014, payroll tax rate will be reduced from 4.9% to 4.85%; from 1 July 2014, the duty payable on…

NT Budget 2014-15: First Home Owners Grant increased to $26k (from $25k), the $600k value cap removed, but only for new houses from 1.1.15 [74]

The 2014-15 Northern Territory Budget was handed down on Tues 13.5.2014. The NT Treasurer announced that from 13 May 2014, the First Home Owner Grant will be increased to $26,000 (from $25,000) for first homebuyers purchasing or building a new home. The $600,000 value cap will also be removed. From 1 January 2015, the Grant will be directed to…

NSW payroll tax: Rebate under Fresh Start Jobs Action Plan – Bill passes Legislative Assembly [71]

The Payroll Tax Rebate Scheme (Jobs Action Plan) Amendment (Fresh Start Support) Bill 2014 (NSW) has passed the NSW Legislative Assembly without amendment and has moved to the Legislative Council. The Bill proposes to amend the Payroll Tax Rebate Scheme (Jobs Action Plan) Act 2011 (NSW) to implement the NSW Government’s proposed support scheme to…

*Tax Practitioners Board v Dedic – Court makes penalty orders against unregistered tax agent [70]

The Federal Court has made a decision concerning the issue of appropriate penalty to be imposed on an individual for contraventions of s 50-5(1) of the Tax Agent Services Act 2009 [providing tax agent services if unregistered]. In an earlier judgment, the Court held the individual had contravened s 50-5(1) on 86 separate occasions between July 2010 and October 2012 by…

*Re Li and Tax Practitioners Board – Termination of tax agent’s registration confirmed for unwitting involvement in fraud [69]

The AAT has confirmed that a tax agent was not a fit and proper person to continue to be registered as a tax agent and that his registration should be terminated in view of his apparent unwitting involvement in fraud by third parties that had sought his services. This apparently involved fraudulent intermediaries holding themselves…

*Tax Practitioners Board v Kim (No 1) – Tax agent fails to have Board’s proceedings dismissed [66]

In a decision handed down on Fri 2.5.2014, the Federal Court has dismissed a tax agent’s appeal from AAT proceedings to dismiss earlier proceedings brought against him by the Tax Practitioners Board for making false or misleading statements in connection with the affairs of taxpayers, and for imposing civil penalties against him. In particular, the…