Our most recent Taxation articles are listed below:
21 August 2008
An assessment known to be excessive found to be not in bad faith
On 31 July 2008, the High Court of Australia (High Court) handed down its decision in Commissioner of Taxation v Futuris Corporation Limited [2008] HCA 32. The High Court found for the Commissioner, despite the Commissioner knowing the amended assessment to be excessive, it was not issued in bad faith.
05 June 2008
Restructuring stapled trusts
The New South Wales Budget, released this week, included a stamp duty exemption for ‘top-hatting’. This removes another barrier to stapled groups restructuring under a single entity.
25 July 2007
Commissioner's speech to the Australian Institute of Company Directors, 18 July 2007
The commissioner has outlined the Australian Tax Office’s (ATO) compliance program for 2007–2008.
29 May 2007
Taxation Review announces more changes to affect land holders in WA
The Western Australian State Taxation Review has announced further details of significant changes affecting companies, trusts and partnerships that hold land in Western Australia.
16 May 2007
Application of the income tax anti-avoidance rule
Part IVA is the general anti-avoidance rule in the Income Tax Assessment Act 1936 (Cth). It gives the commissioner power to cancel certain defined ‘tax benefits’ obtained by a taxpayer in connection with a ‘scheme’ where it is concluded, objectively, that one of the persons who entered into or carried out the scheme, or any part of it, did so for the dominant purpose of enabling a taxpayer to obtain a ‘tax benefit’.
31 October 2006
New Queensland Revenue Bill
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).
10 October 2006
Land-rich changes in South Australian 2006–07 Budget
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.
05 October 2006
High Court confirms deductibility of concession fees: FCT v CityLink Melbourne Limited (Transurban)
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.
20 September 2006
Listed shares / stapled securities at risk of stamp duty
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.
23 June 2006
Penalties for conduct resulting in promotion of tax exploitation schemes
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’.
20 June 2006
State and territory budget announcements 2006–07
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.
08 June 2006
Duties Act (NSW) changes
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.
08 December 2005
Duties Act (Vic) amended
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.
23 June 2005
Revenue Laws Amendment Bill 2005 (WA)
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.
27 May 2004
Commissioner of Taxation v Hart & Anor decision handed down
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'.
21 May 2004
Victorian land rich changes
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.
13 May 2004
New South Wales vendor duty
Vendors who enter into agreements to sell or transfer New South Wales property on or after 1 June 2004 will incur stamp duty on the disposal of that property. The State Revenue Legislation Amendment Bill 2004 (Bill), introduced on 7 May 2004, includes provisions for the imposition of vendor duty as announced in the recent New South Wales mini-budget. As Parliament have not passed the Bill, it is subject to review and amendment.
20 April 2004
Nailing the Part IVA Panel
Speaking to the 6th International Conference on Tax Administration 'Challenges of Globalising Tax Systems' on 15 April 2004, Tax Commissioner Michael Carmody announced that taxpayers will now, as a matter of course, be able to appear before the Part IVA Panel. This initiative is to be welcomed but the exact role and procedures of the Panel will have to be nailed down if maximum benefit is going to be derived.
13 April 2004
State tax changes in New South Wales mini-budget
The New South Wales Treasurer has announced important new changes to stamp duty and land tax in his mini-budget speech delivered on 6 April 2004.
05 April 2004
Litigating tax appeals in the Federal Court: Requirements on the Commissioner to state his case
While pleadings are not strictly required to be filed by the taxpayer or the Commissioner in taxation appeals in the Federal Court, the recent judgment of the Federal Court in Rio Tinto Ltd v Commissioner of Taxation [2004] FCA 335 has raised the standards required to be met by the Commissioner in preparing the equivalent of pleadings in tax appeals, the Statement of Facts, Issues and Contentions.
