Water Pipeline Subject To Duty As “Goods” For The Purpose Of The New South Wales Landholder Duty Provisions in Conexa Syndey Holdings
On 24 May 2024 the New South Wales Supreme Court held that landholder duty applied to value of a water carrying pipeline in Conexa Sydney Holdings Pty Ltd v Chief Commissioner of State Revenue (2024] NSWSC 628.
Distribution Resolutions And Trust Income
New South Wales State Budget 2024-25 – Increase to foreign surcharges and payroll tax relief for GP contractors
Godolphin case: High Court decision considers the “dominant use” test under the NSW land tax primary production exemption
The High Court has dismissed an appeal by Godolphin Australia Pty Ltd (Godolphin) and confirmed that it cannot claim the primary production land tax exemption, as it was unable to show that the “dominant use” of its properties was for primary production where it also had substantial horseracing activities. The decision illustrates the issues that can arise when primary production land is used as part of business models that include other interrelated activities.
GP Tax – Payroll tax changes flagged in Victoria
Restructuring – To Roll Or Not To Roll?
In the current economic landscape, business owners may be considering a restructure, merger, or demerger to adapt, survive, or enable growth. A change in the structure of a business typically involves either the transfer of ownership interests in the entire business or of specific assets of the business.
Trust Vesting: The Tax Implications
1. The High Court has described the trust as a “…creature of equity…” subject to the jurisdiction of a court of equity. The essential feature of every trust is that one person is an owner of property, but is bound to use their position as owner for the benefit of another or for the advancement of a purpose.
Selling to a trust: is it only a matter of time?
Bill Implementing New Commercial and Industrial Property Tax Replacing Stamp Duty From 1 July 2024 Passed Without Amendments - Future Changes Flagged
The new Commercial and Industrial Property Tax reform that progressively abolishes stamp duty on commercial and industrial property from 1 July 2024 is one of the most significant Victorian property tax reforms in the past 30 years. Anyone looking to buy or sell commercial or industrial property will be impacted.
State Taxation Amendment Bill 2024 – Welcome expansion of holiday home exemption for vacant residential land tax to properties in trusts
On 14 May 2024, the State Taxation Amendment Bill 2024 (Vic) (the Bill) was released after having its second reading speech in the Victorian Legislative Assembly.
Dwayne Taylor – Primary production land exemption ‘dominant purpose’ test win for taxpayer
The recent case of Dwayne Taylor FT Pty Limited as trustee for Dwayne Taylor Family Trust and DA and P Taylor v Chief Commissioner of State Revenue [2024] NSWCATAD 80 is a win for taxpayers, but does illustrates the issues that can arise when primary production land is used as part of business models that include other interrelated activities.
Division 7A, Section 100A And Other Inter Entity Loan Issues Impacting The Estate Plan
Part 1: tax consolidation for SMEs series: pros and cons of forming a consolidated group?
Minerva – Part IVA - Full Federal Court gives the taxpayer back its “Liberty”
In 2022, the decision of the Federal Court in Minerva Financial Group Pty Ltd v Commissioner of Taxation [2022] FCA 1092 raised the question that tax benefits emanating from trustee decisions could be subject Part IVA. At that time, we said we think ‘no’ (see here).
Victoria’s new commercial and industrial property tax – a tale of two regimes
As we’ve noted previously, commercial and industrial properties sold or transferred on or from 1July 2024, will enter the new commercial and industrial property regime. Broadly, the regime will operate such that future transfers will not trigger land transfer (stamp) duty but rather the property will be subject to a (further) set of land tax, known as commercial and industrial property tax (CIPT).
Quy v FCT: less than 2 months in Australia … I still call Australia home
The Administrative Appeals Tribunal (Tribunal) has held in Quy v FCT [2024] AATA 245 that a taxpayer, who was physically in Australia for less than 2 months each year, was a resident of Australian tax purposes.
