KPMG’s Family business survey – businesses vital but unprepared for succession [70]

KPMG has released results from a survey of nearly 600 family businesses throughout Australia. The survey report, entitled 2013 Family Business Survey, was produced in collaboration with Family Business Australia and the University of Adelaide’s Family Business Education and Research Group (FBERG). A key finding of the survey was that the majority of family firms…

eBay power sellers and businesses registered on the ABR: social security and tax data-matching program [68]

The Department of Human Services has advised that it has requested and collected from eBay Inc the name, address, and date of birth of sellers with significant sales. The details will be electronically matched with specific Department data holdings to identify social welfare recipients who may not have disclosed income and assets to the Department. Records of…

SA stamp duty: no administrative fee on refunds – Information Circular [64]

RevenueSA has issued Information Circular No 63 which notes the replacement of the Stamp Duties Regulations 2002 (SA) with the Stamp Duties Regulations 2013 (SA) with effect from 1 September 2013. Among other things, the Information Circular states the 2013 Regulations had removed a sub-regulation which had provided that where ad valorem stamp duty had been paid…

Qld stamp duty: securities; family businesses; adjudication fees – public rulings updated [63]

The Qld Office of State Revenue (OSR) has updated the following Public Rulings to reflect the recent replacement of Duties Regulation 2002 (Qld) with Duties Regulation 2013 (Qld): DA000.5.4 (Securities quoted on the market operated by a recognised stock exchange – stapled securities); DA105.2.2 (Guidelines for determining the existence of a business – family businesses);…

WA payroll tax: Wyn Recruitment Pty Ltd and Comr of State Revenue – penalty tax for late lodgment affirmed, no further remission [62]

The WA State Administrative Tribunal has affirmed the decision of the WA Commissioner of State Revenue not to wholly remit the amount of penalty tax imposed. The taxpayer carried on business as an employment agency in the mining industry. During the relevant period, the Commissioner imposed penalties totalling some $342,000 for late lodgment of payroll…

NSW land tax: Jamsapi Pty Ltd v Chief Comr of State Revenue – primary production land tax exemption refused [61]

In a decision handed down on Thur 12.9.2013, the NSW Administrative Decisions Tribunal refused a taxpayer’s claim for the primary production land tax exemption under 10AA(3) of the Land Tax Management Act 1956 (NSW). The taxpayer had purchased the property, described as “vacant farm land”, in June 2007. The Tribunal heard details of various proposed developments, which…