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Published on 02 May 13
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
The introduction in 2008 of provisions in the Land Tax Act giving the Commissioner power to disregard minority interests in land, and the more recent introduction of general anti-avoidance rules in the Taxation Administration Act, has left many clients exposed to land tax assessments on a multiple holding basis and has given rise to a feeling of uncertainty as to what structures can still be used to effectively maintain separate ownerships.
This paper covers:
a brief overview of the relevant provisions in the Land Tax Act including the definition of “owner” and the operation of sections 13 and 13A
a brief overview of the new general anti-avoidance provisions including the meaning of “tax avoidance scheme” and “blatant, artificial or contrived”
examples of the types of ownership structures that are being investigated by Revenue SA
examples of situations in which Revenue SA has disregarded minority interests
examples of structures that remain effective to achieve a separate ownershipunder the Land Tax Act
a discussion of whether the general anti-avoidance rules could apply to deny the effectiveness of these structures.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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