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Australia – June 2014 Stamp Duty Developments.

21 July, 2014

 

Legal News & Analysis – Asia Pacific – Australia – Tax

 

NSW: State Revenue And Other Legislation Amendment (Budget Measures) Act 2014 (NSW)


The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2014 (NSW) received Royal Assent on 24 June 2014. The new Act implements the measures outlined in the NSW Budget 2014-15, which includes amendments to the Duties Act 1997 (NSW) to abolish mortgage duty, and transfer duty on unlisted marketable securities and on non-real business assets, from 1 July 2016.


VIC: Building A Better Victoria (State Tax and Other Legislation Amendment) Act 2014 (Vic)


The Building a Better Victoria (State Tax and Other Legislation Amendment) Act 2014 (Vic) received Royal Assent on 17 June 2014. The Act amends the Duties Act 2000 (Vic) (among others) to implement proposals announced in the Victorian Budget 2014/15. 


Administration VIC: Duties Act Bulletin D1/14 (Treatment Of Life Insurance Policy Riders)


The Victorian State Revenue Office has released Duties Act Bulletin D1/14 (Treatment of Life Insurance Policy Riders) regarding the treatment of riders attached to life insurance policies following the abolition of duty on life insurance from July 1 2014, as announced in Victoria’s 2014/2015 Budget.


The Bulletin indicates that the Commissioner will treat existing life insurance policies, which include life insurance policy riders that did not offer an additional financial benefit over and above the life insurance, as duly stamped, where the policy has previously had duty paid on it. 


Regarding group life insurance policies, the Bulletin provides that where a new member joins a group life fund and that policy includes life insurance policy riders, insurance duty is payable at 10% of the amount of the premium that relates to the life insurance policy riders.


VIC: General Information Bulletin GEN 2/14 (Changes to State Taxes – June 2014)


The Victorian State Revenue Office has released General Information Bulletin GEN 2/14 (Changes to State Taxes – June 2014) to explain the amendments made to various Acts, including the Duties Act 2000 (Vic), by the Building a Better Victoria (State Tax and Other Legislation Amendment) Act 2014 (Vic), which implements the measures announced in Victoria’s 2014/2015 Budget


QLD: Public Ruling DA000.2.5 (Self Assessors, The Duties Act 2001 (Qld) And The Taxation Administration Act 2001 (Qld))


The Queensland Office of State Revenue has updated Public Ruling DA000.2.5 (Self assessors, the Duties Act 2001 (Qld) and the Taxation Administration Act 2001 (Qld)) to provide guidance on when the Commissioner may make an assessment of a matter that is required or permitted to be self-assessed.


WA: Taxation Legislation Amendment Bill 2014 (WA)


The Taxation Legislation Amendment Bill 2014 (WA) has been introduced into the Legislative Assembly. The Bill proposes to amend the Duties Act 2008 (WA) and the Taxation Administration Act 2003 (WA) (among other Acts) to improve the efficacy of existing WA tax exemptions for charitable institutions. The amendments seek to narrow the scope of existing transfer duty and other exemptions as they apply to “fourth limb” charities (ie organisations that promote other purposes considered beneficial to the community).
The Bill is a response to a decision of the WA State Administrative Tribunal, which held that the WA Chamber of Commerce and Industry was a charitable organisation and therefore eligible to WA taxation exemptions (see Chamber of Commerce and Industry of Western Australia (Inc) v Commissioner of State Revenue [2013] WASAT 107).


SA: Information Circular 68 Stamp Duty On Off-The-Plan Apartments


The South Australian Commissioner of Taxation has released Information Circular 68, detailing the six stages of construction relevant to a stamp duty concession for eligible off-the-plan apartments.

 

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