Legal news
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.
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.
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.
In the decision of S&H Investments Pty Ltd and Commissioner of Taxation [2024] AATA 893, the Administrative Appeals Tribunal (AAT), the Tribunal affirmed the decision of the Commissioner of Taxation to assess the taxpayer for the superannuation guarantee charge for failing to pay superannuation for their employee/contractor referred to as “TW”.
On 7 May 2024, the Victorian State Government presented the Victorian State Budget for 2024/25.
No substantial tax measures were announced. There were only new State Tax measures in the Victorian State Budget 2024-25 which are listed within this article.
As noted previously, the recent Administrative Appeals Tribunal (AAT) decision of BPFN and Commissioner of Taxation (Taxation) [2023] AATA 2330 (28 July 2023) (BPFN) had struck a blow to the ATO’s strict approach to non-arm’s length income (NALI) and taken a more general commercial approach to NALI.
This paper has been built on a previous paper on the superannuation guarantee (SG) regime, titled Super Guarantee – no longer the toothless tiger. That paper was designed to take a holistic examination of the SG regime. In this paper, we have built on that approach and added a number of developments, including:
In the decision of Mackie v Commissioner of Taxation (Taxation) [2024] AATA 619 (3 April 2024), the Administrative Appeals Tribunal (Tribunal) affirmed the decision of the Commissioner to decline to exercise the discretion in section 291-465(1) of the Income Tax Assessment Act 1997 (Cth) (ITAA 97) to disregard or allocate to another year the taxpayer’s concessional superannuation contributions.
The Victorian State Government has introduced a highly anticipated bill to implement the new Commercial and Industrial Property Tax with only three months to go until the 1 July 2024 start date. Those looking to acquire commercial or industrial properties or plan restructures within existing corporate/family groups should consider the interaction of the new regime with existing taxes.
In the decision of Kirk as trustee of the Property of Smith (a Bankrupt) v Smith [2024] FCA 240 (15 March 2024) the Federal Court held, among other things, that a transfer of superannuation from the husband to his wife’s superannuation was no longer protected as an interest of the bankrupt in a regulated super fund under section 116(2)(d)(iii)(A) of the Bankruptcy Act 1966 (Cth) (Bankruptcy Act).
In the decision of Tratter v Aware Super [2024] FCAFC 36 the Full Federal Court dismissed the appeal by the deceased super fund member’s mother against the super fund trustee’s apportionment of 30% to the mother and 70% to the deceased’s de facto spouse.
