Category Archives: Tax Month – November 2012

Floridia Enterprises Pty Ltd v Comr of State Revenue (Taxation) – Vic stamp duty: signed “reverse transfers” dutiable per private ruling request and VCAT [103]

The Victorian Civil and Administrative Tribunal has affirmed the Commissioner’s stamp duty assessments in relation to transfers of real property (referred to as the “reverse transfers”) from 3 family members to a taxpayer (a trustee company of a family trust). The background facts are complicated, but essentially involved a series of events, which occurred following…

Unexplained wealth amendments to the Proceeds of Crime Act 2002 introduced [113]

The Crimes Legislation Amendment (Organised Crime and Other Measures) Bill 2012 was introduced in the House of Reps on Wed 28.11.2012. Among other things, the Bill amends the Proceeds of Crime Act 2002 (the ‘POC Act’) to improve the investigation and litigation of unexplained wealth matters and to improve the Commonwealth’s ability to confiscate unexplained…

Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was passed by the Senate with 40 Government amendments [112]

The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 was passed by the Senate on Tue 27.11.2012, with 40 Government amendments and now goes back to the House of Reps for consideration of those amendments. The Bill seeks to amend the Privacy Act 1988 to implement the Government’s first stage response to the Australian Law Reform…

Draft Regulations for a new limited Australian Financial Services Licence (AFSL) to replace the ‘Accountants’ Exemption’ [111]

The Minister for Financial Services on Wed 28.11.2012, released draft regulations that would replace the accountant’s exemption with a new form of limited licence. Mr Shorten said the proposed new licence would mean that licensed practitioners would “advise on a wider range of alternatives, rather that limiting their advice to the establishment of a self-managed…

Ease of paying taxes – global survey of tax regimes – Australia ranks 48th [110]

PricewaterhouseCoopers, the World Bank and the IFC, recently released a study which compares tax regimes across 185 economies using a case study company and ranks them according to the relative ease of paying taxes. Overall, the study ranked Australia at 48th place (the United Arab Emirates ranked 1st). In relation to Australia, the study reported…

Re Gillespie and ASIC – After ASIC permanently banned a financial adviser, he appealed and obtained a stay from it publishing its reasons which the AAT declined to extend [109]

The AAT has refused to extend the stay of an ASIC decision to permanently ban a financial services adviser from providing financial services. The AAT said the adviser is employed by an accounting firm, and on 30 October 2012, ASIC made a banning order permanently prohibiting the adviser from providing financial services. That decision was…

Vic: stamp duty concessions threshold for “young farmers” to be doubled [108]

The Victorian Government on Wed 21.11.2012, announced that it will double the threshold of stamp duty concessions for “young farmers” to $600,000, with a phase-out at $750,000, following a review of the concessions. Victorian Treasurer Kim Wells said the changes, to be legislated next year, would bring the scheme into line with stamp duty concessions…

SA stamp duty: calculation of life estates – Revenue Ruling released [107]

RevenueSA has released Revenue Ruling SDA005 (Calculation of life estates) which outlines the life tenant factors to be used in situations where a life estate or remainder estate is to be determined for stamp duty purposes. The Ruling replaces Circular 224 and is effective from 20 November 2012. [LTN 226, 21/11]

Qld Payroll Tax: Public Ruling on the 90 day Contractors Exemption [106]

The Qld Office of State Revenue (OSR) has issued Public Ruling PTA035.1 (Contractors – 90-day exemption). The OSR says the harmonised payroll tax ruling explains the payroll tax exemption for payments made under a relevant contract where the person provides services to the principal for no more than 90 days. It also sets out the…

PG Dukes Pty Ltd ATF Patricia Dukes Foundation v Chief Comr of State Revenue – NSW land tax: foundation a “charitable institution” and entitled to exemption [105]

In a decision handed down Thur 15.11.2012, the NSW Administrative Decisions Tribunal has found a taxpayer (a corporate trustee) was entitled to a land tax exemption under s 10(1)(d) of the Land Tax Management Act 1956 (NSW) in respect of various properties for the 2012 land tax year. Broadly, following the death of the late…