Published on 01 Apr 12
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
In South Australia, the former “land rich” provisions of the stamp duty law have been replaced with a broader “landholder” model. The two-limb test of the land rich model is removed and replaced with a single criterion which is that the unencumbered value of the underlying local land assets of the relevant entity is not less than $1m.
This article examines and compares the former land rich rules and the new landholder rules. The key difference between the two models is that the landholder model imposes a duty where the value of the entity’s landholdings in the state exceeds a certain value, regardless of whether that land constitutes a substantial portion of the entity’s total assets, as required under the land rich model. As a result, the number of entities subject to the duty will inevitably increase, and there will be both a broadening of the duty base and an increase in actual duty payable.
Lucy works for Kain C+C Lawyers.
- Current at
01 December 2014
Marc Romaldi, CTA, has over 14 years tax law experience from practising in accounting and legal spheres in both domestic and international environments. Capital gains tax, general income tax, international tax, stamp duty, GST, superannuation and fringe benefits tax all form part of Marc's tax law skill set. This expertise is used to advise ASX-listed companies, private enterprises and high net worth individuals on the commercial and tax implications of structuring, restructuring, acquisitions and sales.
- Current at
22 January 2018