State Taxation Series: Issue #4 – Section 36A Duties Act 2000 (Vic) – Property passing to beneficiaries of discretionary trusts

Issue 4 of our State Taxation Series looks at section 36A of the Duties Act 2000 (Vic) (“the Act”). The transfer of property from trustee to beneficiary is exempt from duty, with various exemptions from duty available under Chapter 2 of the Act. Section 36A governs the exemption from duty when [...]

2019-10-29T11:18:35+11:00October 29th, 2019|Categories: Taxation|Tags: , , , |

State Taxation Series: Issue #3 – Exemption of Primary Production Land (PPL) outside Greater Melbourne

Issue 3 of our State Taxation Series considers primary production land (PPL) and the exemption available under section 65 of the Act. More particularly, this issue looks at the definition of “primary production” under section 64 of the Act and the exemption contained in section 65 of the Act for land [...]

2019-10-09T11:39:41+11:00October 9th, 2019|Categories: Taxation|Tags: , , , |

State Taxation Series: Issue #2 – Land Tax Trust Surcharge – Nomination of beneficiary and notice of beneficial interests

The first issue of our State Taxation Series looked at section 46F of the Land Tax Act 2005 (Vic) (“the Act”), and the three circumstances where a nomination can still be lodged for a discretionary trust that owns any pre-2006 land. This issue looks at statutory requirements for the nomination of [...]

2019-08-27T16:23:00+10:00August 27th, 2019|Categories: Taxation|Tags: , , , |

State Taxation Series: Issue #1 – Section 46F (Nomination of beneficiary of pre-2006 discretionary trust for land tax purposes) – Are you completely out of time to nominate?

The Land Tax Act 2005 (Vic) (“the Act”) imposes land tax on all taxable land in Victoria, with the owner of the particular land liable to pay land tax on 31 December of each calendar year. The rate of land tax is stipulated in Schedule 1 of the Act, with a [...]

2019-08-26T11:23:20+10:00August 9th, 2019|Categories: Taxation|Tags: , , , |

Residential Construction and Land Tax: What happens if there is a delay in construction?

Whilst homes in Victoria that are occupied as a principal place of residence are exempt from Land Tax, building works or disputes that result in homes being unoccupied for extended periods of time can have the unexpected result of a Land Tax liability. These assessments can be particularly frustrating if [...]

2019-06-05T12:45:41+10:00June 5th, 2019|Categories: Property, Taxation|Tags: , , |

Blind Siding Amendment – Significant Property Developer Stamp Duty Amendment in Victoria

Almost all Victorian development agreements could soon create a stamp duty liability. Any sharing of profit by a landowner with a property developer who does not own the land in proportion to the profit entitlement could be assessable to stamp duty. In what may be described as a blind siding amendment [...]

2019-05-31T10:14:19+10:00May 31st, 2019|Categories: Property, Taxation|Tags: , , |

Proposed changes to the monster that is Division 7A

Submissions to TreasurySubmissions have now closed to Treasury concerning their Consultation Paper “Targeted Amendments to Div. 7A Integrity Rules” (October 2018– Consultation Paper).Whilst it is hoped that the submissions to Treasury may finally provide some worthwhile improvements to Div. 7A, the fact that this whole process started in May 2012, and [...]

2018-12-06T17:45:52+11:00December 6th, 2018|Categories: Taxation|Tags: , , |

The Family Farm – When is the transfer of a farm to a relative duty free?

A farm is a significant asset and the value of the associated business is dependent upon how that business is operated by you now, and later, by your children and their children after them. The farm may constitute the majority of your family wealth and you may have difficulty passing on  [...]

2018-11-23T15:23:31+11:00November 23rd, 2018|Categories: Taxation|Tags: , , |

ATO response to High Court decision in Bywater

In a previous article we discussed the High Court of Australia decision in Bywater & Ors v FC of T: see https://pointonpartners.com.au/australian-tax-residence-for-companies-revisited-by-high-court-after-43-years/ Subsequent to the High Court decision, the ATO withdrew its previous ruling TR 2004/15, and issued a new draft ruling TR 2018/D3, and an exposure draft Practical Compliance [...]

2018-08-31T16:15:50+10:00August 24th, 2018|Categories: Taxation|Tags: , |