Recent developments in stamp duty - your duty to comply
Published on 19 Aug 2004
| Took place at Leonda by the Yarra, Hawthorn, VIC
On 16 June 2004 the new State Taxation Acts (Tax Reform) Act came into effect, introducing a number of stamp duty changes, some of which were made retrospective to 13 May 2004. The Act is far reaching, covering rules and new provisions that:
- clarify the circumstances where duty is payable for the sale of land and business goods used in connection with a business
- introduce new anti-avoidance provisions to deter artificial and contrived schemes
- introduce revised tests for land-rich transactions
- increase the powers of the Commissioner to obtain valuations from taxpayers relating to dutiable property.
The changes also place greater onus on advisers and could make you liable for a penalty if incorrect information is provided to the SRO, even if that information is provided by third parties for whom you are not acting.
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