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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.

Get a 20% discount when you buy all the items from this event.

Individual sessions

The New Victorian Land Rich Provisions

Author(s):  Zoe CHUNG This paper covers the following topics:
- changes to land rich test provisions:
-- land proportion test for companies and trusts
-- acquisition test for a private company and a wholesale unit trust
-- acquisition test for private unit trust
-- indirect ownership of property test through subsidiaries
- what still qualifies for a land rich duty exemption
- joint & several liability for land rich duty
- the new anti-avoidance provision
- new provisions regarding the capacity to 'control' over a land-rich landholder entity
- registration provisions.

Materials from this session:

Duty implications of sale of business with land or fixtures

Author(s):  Derek WHITE This paper covers the following:
- interdependent sale of land and business goods
- recent decisions including Uniqema and Palace Hotel
- operation of s 22B
- goods and land sold to un-associated people under separate contracts of sale
- tenant's fixtures - effect of Vopak v Commr of SR and s 22A
- current position in relation to sale of going concern.

Materials from this session:

Stamp Duty: some recent developments

Author(s):  Michael BEARMAN This paper covers the following:
- substitution of nominee purchasers - current SRO interpretation and review of recent decisions including Politis
- new general anti-avoidance rule
- misleading information - responsibilities of the adviser, responsibilities of your clients and responsibilities of third parties involved.

Materials from this session:

Administration of the State Taxation Acts (Tax Reform) Act

Author(s):  David OGILVIE Topics covered by this paper include:
- Section 31 (sub-sales)
- the State Revenue Office's current approach to determing the value of land upon which a business is conducted
- recent cases.

Materials from this session: