The ACT Civil and Administrative Tribunal has refused a taxpayer’s application seeking an extension of time to apply for review of the decision of Commissioner for ACT Revenue affirming the imposition of 50% penalty tax on unpaid land tax. In October 2003, the taxpayer (a real estate agent) purchased an investment property and informed the ACT Revenue…
The OECD’s Global Forum on Transfer Pricing has released a Draft Handbook on Transfer Pricing Risk Assessment. The OECD says the Draft Handbook is a detailed, practical resource that countries can follow in developing their own risk assessment approaches. The handbook supplements useful materials already available with respect to transfer pricing risk assessment. Individual country…
The WA Court of Appeal has held that stamp duty was not payable on a transfer of shares between 2 companies involved in the privatisation of the WA rail freight system. The Court dismissed an appeal by the WA Commissioner of State Revenue against an earlier decision, which had held that the WA landholder provisions…
The ACT Revenue Office has advised that the Commissioner of ACT Revenue will appeal against the ACT Supreme Court’s decision in Comr for ACT Revenue v Araghi and Dorsett [2013] ACTSC 43. The matter concerned the Commissioner’s assessment of stamp duty on so-called “interdependent land and building contracts” based on the land sale contract (Crown…
A former tax agent has been unsuccessful in seeking a review of the Tax Practitioners Board’s decision to terminate his registration for 2 years. The tax agent had pleaded guilty and was convicted under s 134.2(1) of the Criminal Code Act 1995 for obtaining “a financial advantage by deception” from obtaining refunds of GST input tax…
The Charities Bill 2013and the Charities (Consequential Amendments and Transitional Provisions) Bill 2013 were introduced in the House of Reps on Wed 29.5.2013. The main Bill proposes to introduce a statutory definition of charity that would apply to all Commonwealth legislation. The definition of charity and charitable purposes has been generally based on existing common…
The Revenue Legislation (Tax Reform) Amendment Bill 2013 (ACT) has passed all stages of the ACT Legislative Assembly without amendment and awaits notification. The Bill amends the Land Tax Act 2004 (ACT) and the Rates Act 2004 (ACT) to implement parts of the first tranche of the Territory’s 20-year tax reform plan announced in the…
The State Tax Laws Amendment (Budget and Other Measures) Bill 2013 (Vic) was introduced into the Victorian Legislative Assembly on 7 May 2013. It contains amendments to the Congestion Levy Act 2005 (Vic) to expand the levy to short-stay car spaces and to increase the levy rate as announced in the Victorian Budget 2013-14. It also contains…
ASIC on Mon 20.5.2013, issued Consultation Paper 207 Charitable investment fundraisers (CP 207) which proposes reforms for charities that raise investment funds. The proposals do not affect fundraising by charities in the form of donations. ASIC said it has been increasing its focus on organisations which behave like banks and conduct bank-like activities, but which…
The Tax Practitioners Board (TPB) has advised tax and BAS agents to notify it as soon as possible if they are changing their practice structure. The Board says a change in practice structure could include changing from an individual to a partnership or a company, changes to a partnership, or changes to company directors. It…