Australia officially assumed its one year Presidency of the G20 on Sun 1.12.2013. The G20 leaders will meet in Brisbane in November 2014. As well, there will be 5 Finance Ministers’ meetings in the course of the year, 2 of which will be in Australia, the first in February 2014 in Sydney and one in Cairns later in the…
At its meeting on Tue 3.12.2013, the Reserve Bank Board decided to leave the cash rate unchanged at 2.5%. Bank Governor Glenn Stevens said the Board judged that the setting of monetary policy remained appropriate. He said the Board will continue to assess the outlook and adjust policy as needed to foster sustainable growth in…
RevenueSA has issued Revenue Ruling SDA008 (Retrospective amendments to s 60A(1) of the Stamp Duties Act 1923 (SA)). RevenueSA has advised that the SA Government will introduce retrospective amendments to s 60A(1) to confirm and reflect RevenueSA’s “long-standing interpretation of this section”. That is, that the “date of the sale” is the date the property in question…
RevenueSA has issued Revenue Ruling SDA007 (Section 71CC ex gratia scheme for transferor/transferee trusts). Section 71CC of the Stamp Duties Act 1923 (SA) provides an exemption from stamp duty on the transfer of primary production land and associated farming goods between certain relatives (family members) and/or their trustees. RevenueSA said it has received advice that…
The Victorian Supreme Court has granted the Commissioner of State Revenue (Vic) leave to appeal an earlier decision which had set aside his determination that a vendor of land (the first taxpayer) was liable for land tax in respect of the 2009 land tax year. In allowing the appeal, the Court overturned the earlier decision…
The Qld Commissioner of State Revenue has been successful before the Qld Civil and Administrative Tribunal in arguing that a taxpayer’s application to review a stamp duty assessment should be dismissed as there was a lack of jurisdiction to hear the application. The taxpayer forwarded payment to the Commissioner on 2 November 2012 comprising the amount payable…
The Victorian Civil and Administrative Tribunal has set aside the Commissioner’s decision to group a bank (Bank of Queensland) with its franchised branches for payroll tax purposes. The Tribunal heard the Bank of Queensland conducted its banking business through 2 species of branch, this included the “corporate” branch and, as at 2008, around 24 “owner…
The Qld Supreme Court has affirmed land tax assessments issued to a taxpayer based on a taxable value worked out under s 18(1)(b) of the Land Tax Act 2010 (Qld). The taxpayer owned 3 lots of land. For the 2009 and 2010 financial years, lots 1 and 3 were valued together at $7.2m and lot 2…
The NSW Court of Appeal has dismissed the appeal of 5 taxpayers against an earlier decision which had refused their claim for the primary production land tax exemption for the relevant years under s 10AA of the Land Tax Management Act 1956 (NSW). The subject lands were used for cattle grazing by the first taxpayer, the…
The following SA Bills on Thur 5.12.2013, received Assent after having passed all stages without amendment: Succession Duties Repeal Bill 2013 – as Act No 85 of 2013. The Bill repeals the Succession Duties Act 1929 (SA). The Bill extinguishes any residual matters that may still arise even though succession duties were abolished as from 1 January 1980. RevenueSA…