Tax Month - January 2021 Archives

Vic Duty – ANO Property Pty Ltd v Comr of State Revenue – Transfer of farm for benefit of SMSF denied exemption from land transfer duty under the Family Farm Exemption – no ‘relatives’ as beneficiaries

Tax Month - January 2021By John Morgan February 2, 2022

On 20 January 2022, VCAT held that a farm transferred, from an individual, to a wholly owned company, on trust for the trustee of the farmer’s self-managed superannuation fund (SMSF), was subject to land transfer duty and was not eligible for the duty exemption in s56 of the Duties Act 2000 (Vic). The situation, was…

OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations – guidance on the application of the “arm’s length principle”

Tax Month - January 2021By John Morgan January 26, 2022

20/01/2022 – The OECD released the 2022 edition of the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations. The OECD Transfer Pricing Guidelines provide guidance on the application of the “arm’s length principle”, which represents the international consensus on the valuation, for income tax purposes, of cross-border transactions between associated enterprises. In today’s economy…

Decleah Investments Pty Ltd & Anor v CofT – GST: taxpayer’s margin scheme valuation confirmed – despite discounting from actual sales and expenses

Tax Month - January 2021By John Morgan January 11, 2022

The AAT has confirmed that the value assigned by a taxpayer for the purposes of the pre-1 July 2000 margin scheme provisions was $22m as the taxpayer contended (not the $8.1m contended by the ATO) because it was the product of an “approved valuation” (which discounted from actual sales and costs figures, rather than projected…