Published on 21 Apr 05
by THE TAX INSTITUTE
In this submission to the Minister for Revenue and Assistant Treasurer's Office, the Tax Institute raises some concerns regarding the Tax Laws Amendment (2005 Measures No. 2) Bill 2005. The concerns relate to:
- transitional issues associated with the requirement for a 'written agreement' before the margin scheme can be applied
- the treatment of supplies made under the margin scheme where land was acquired either as a GST-free going concern or under the farmland concession
- the exclusion of stamp duty from the 'consideration for the acquisition' of the land upon which the 'margin' is calculated
- some technical defects in the drafting of the new provisions.
TAXATION INSTITUTE OF AUSTRALIA