Vic land tax:  Ward v Comr of State Revenue – PPR exemption allowed for “world-traveller whose wife lives in Canada”

The Victorian Civil and Administrative Tribunal has set aside land tax assessments for the 2011 to 2015 land tax years issued to a taxpayer after finding that the principal place of residence (PPR) land tax exemption applied to his circumstances. In 2003, the taxpayer was left a property in his mother’s will. After moving into…

Vic land tax: Robbins v Comr of State Revenue – principal place of residence exemption refused in the face of unsatisfactory evidence

The Victorian Civil and Administrative Tribunal has affirmed land tax assessments after rejecting the taxpayer’s claim for the principal place of residence (PPR) exemption. The taxpayer owned 2 properties, one located in Sandringham and the other in Balnarring. Both properties were connected to water, gas and electricity services. The Commissioner issued land tax assessments for…

NSW stamp duty: Oak Brick Investment Pty Ltd & Anor v Chief Comr of State Revenue – ‘call option’ re-negotiated with grantor to entitle an new party the option to buy – not an assignment and not dutiable

Two taxpayers have been successful before the NSW Supreme Court in a matter concerning whether they were to be treated as having assigned their rights under a call option and therefore liable to duty under s107(2)(b) of the Duties Act 1997 (NSW). On 24 September 2013, the taxpayers entered into an option deed with a vendor under which they…

Re T T Lam and HT Ngo – Administrative penalty for failing to remit PAYG withheld was remitted from 100% to 75% then 50% but appeal from the 50% failed

The AAT has upheld an administrative penalty imposed on a partnership for failure to withhold PAYG amounts made under a labour hire arrangement. The husband and wife partnership business in question provided workers to farmers in the Robinvale area of Victoria, although the Tribunal noted that, from the evidence given, during the relevant period, the…

CR 2016/57 Income tax: Pacific Brands Limited – US company takeover by way of Scheme of Arrangement for and payment of Special Dividend

On Wednesday 3.8.2016, the ATO issued the following Class Ruling: CR 2015/57: Pacific Brands Ltd – Scheme of arrangement and payment of special dividend. It applies from 1 July 2016 to 30 June 2017. [LTN 148, 2/8/16] Section references: Income Tax Assessment Act 1936; Income Tax Assessment Act 1997 Extract from Class Ruling Scheme 15. Hanes is a corporation based in…

CR 2016/56 – Ctrack Pty Ltd telematics system for car log book records and for odometer records complies with relevant FBT requirements

On Wednesday 3.8.2016, the ATO issued the following Class Ruling: CR 2016/56: FBT: employers who use the Ctrack Pty Ltd telematics system for car log book records and for odometer records. It applies from 1 March 2015. [LTN 148, 2/8/16] Extract from Class Ruling Ctrack Telematics Solution 9. Ctrack Pty Ltd (Ctrack) has developed a telematics solution which allows…

Efficiency and competitiveness of Australia’s Superannuation System – Productivity Commission releases its proposed ‘framework’ for assessing this

The Productivity Commission has released its proposed framework to assess the efficiency and competitiveness of Australia’s $2 trillion superannuation system. ‘Our superannuation system is large, complex and has broad reach. This means even small system improvements can offer significant financial benefits to Australian workers, particularly in their retirement.’ ‘We have developed a framework that will…

Understanding Country-by-Country reporting requirements – ATO announcement about its ‘Local File – High Level Design’ document

To help you understand the new Country-by-Country reporting requirements, the ATO now has a publication on the high level design of the Local file (similar to that released on 7 July). The Local file is a statement multinational entities with an annual global income of A$1 billion are required to provide us for income years…

OECD discussion draft on BEPS/’thin cap’ measures for interest in the banking and insurance sectors (carved out of ‘fixed ratio’ of its tax-EBITA general recommendation)

28/07/2016 – Interested parties are invited to provide comments on a discussion draft which deals with approaches to address BEPS involving interest in the banking and insurance sectors under Action 4 (Interest deductions and other financial payments) of the BEPS Action Plan. In October 2015, the BEPS Action 4 Report Limiting Base Erosion Involving Interest Deductions and Other…