On Wednesday 11 October, the Queensland Government introduced the Revenue and Other Legislation Amendment Bill 2006 (Bill). Among other proposals, the Bill provides for the amendment of the Duties Act 2001 (Qld).

The recent South Australian Budget for 2006–07 has announced a number of significant changes to land-rich duty. The changes will apply to transactions entered into on or after 22 September 2006.

In FCT v CityLink Melbourne Ltd the High Court held that annual concession fees payable by CityLink to the state government are deductible as they accrue.

Two recent Western Australian decisions have created uncertainty as to the stamp duty payable on the transfer of marketable securities quoted on the Australian Stock Exchange.   

On 6 April 2006, the Tax Laws Amendment (2006 Measures No 1) 2006 Act became operative. This article focuses on the conduct resulting in an entity being a ‘promoter’ of a ‘tax exploitation scheme’.

This note summarises the recent round of Budget announcements for the 2006–07 financial year and new legislation introduced to implement Budget announcements in all the states and territories.

On 6 June 2006, the Duties Amendment (Abolition of State Taxes) Bill 2006 was introduced into the New South Wales Parliament. This Bill provides for the repeal or reduction of a number of state taxes and also makes significant changes to the mortgage duty provisions.     

The Victorian Duties and Land Tax Acts (Amendment) Act 2005 (Act) received royal assent on 29 November 2005. Relevantly, the Act amends the land-rich duty provisions of the Victorian Duties Act 2000 and these amendments commenced operation on 30 November 2005.

Vendor duty will be abolished from 2 August 2005.

The mortgage duty refinancing concession under the Duties Act 1997 (NSW) has been amended with effect from 1 August 2005 to limit the amount of advances for which the concession is available to $1 million.

The State Revenue Legislation Amendment Act 2005 amended the Duties Act 1997 (NSW) with effect from 27 June 2005. The amendments introduced duty on a transfer of a call option over dutiable property in circumstances where there is also a put option over the same property.

The West Australian Government recently introduced Revenue Laws Amendment Bill 2005 (WA) into Parliament amending several parts of the Stamp Act, including the parts dealing with unit trusts and land-rich companies and the corporate reconstruction concession. A brief summary of the proposed amendments follows.

The State Revenue Legislation Amendment Bill 2005 (Bill) was tabled in parliament on 10 June 2005. Importantly, the Bill proposes to introduce duty on a transfer of a call option over dutiable property in circumstances where there is also a put option over the same property.

The High Court judgment in Commissioner of Taxation v Stone clarifies the approach in considering whether a taxpayer conducted a ‘business’ for the purposes of income tax law, and whether business receipts are ‘income’.

New legislation has been introduced in New South Wales to impose land rich vendor duty. If passed in its current form, particular vendors disposing of an interest in a land rich landholder will incur a liability to duty at 2.25 per cent.

The Federal Court's decision in Macquarie Finance Limited v Commissioner of Taxation [2004] FCA 1170 was handed down on 14 September 2004.

On 27 May 2004, the High Court delivered judgment in the much anticipated Commissioner of Taxation v Hart & Anor case. The High Court unanimously held in favour of the Commissioner of Taxation.

Earlier today the High Court handed down its much anticipated decision in Commissioner of Taxation v Hart & Anor [2004] HCA 26 which has become known as the 'split loan case'.

On 13 May 2004 the Victorian Government released the State Taxation Acts (Tax Reform) Bill 2004 (Bill). Among other changes, the Bill enacts provisions to replace the current land rich provisions in the Duties Act 2000 (Vic). The new land rich provisions are based on the New South Wales model, with some specific differences. Once the Act has been passed and received the royal assent, the new land rich provisions are to have retrospective effect and operate from 13 May 2004.

When the Australian Tax Office seeks access to taxpayer related records one of the most vexed issues is whether accountant's documents have to be produced. The recent Full Federal Court decision in Pratt Holdings Pty Ltd v Commissioner of Taxation [2004] FCAFC 122 brings some much needed clarity to this area. It also makes the Australian common law of legal professional privilege more coherent and logically based.