Tag Archives: stamp duty

Victorian State FY20 Budget

Tim Pallas MP, Treasurer for Victoria, delivered the FY20 state budget (Budget) in Parliament yesterday afternoon and the State Taxation Acts Amendment Bill 2019 (Bill) was introduced to Parliament to implement proposed tax changes.

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Residential Property Law – first home buyers, developers and foreign residents

Over the past 12 months, there have been various policy changes affecting first home buyers, developers and foreign residents. This client alert draws on the key points and provides an overview of the changes.

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Talking Tax – Issue 95

Cases

A win for the farmers!

In Brown Cavallo Pty Ltd v Chief Commissioner of State Revenue [2017] NSWCATAD 18 , Brown Cavallo Pty Ltd as trustee for the Cavallo Family Trust (Taxpayer) applied to the Civil and Administrative Tribunal of New South Wales (Tribunal) for a review of the Commissioner of State Revenue’s (Commissioner) assessment of land tax on its land at Woolgoolga (Woolgoolga) for the 2012 to 2015 land tax years (Relevant Years).

The Tribunal determined that the Taxpayer was entitled to a primary production land tax exemption relating to the Woolgoolga, in respect of the assessments of land tax for the Relevant Years and the assessments were set aside.

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Talking Tax – Issue 68

Legislation

Treasury Laws Amendment (2017 Measures No. 1) Bill

The Treasury Laws Amendment (2017 Measures No. 1) Bill (Bill) has been introduced to allow investors who used an interposed trust to invest in early stage investment companies (ESIC) and early stage venture capital limited partnerships (ESVCLP) to access the concessional capital gains tax (CGT) treatment available to other investors. The amendments give effect to the original intent of the legislation as part of the National Innovation and Science Agenda.

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ILN Today Post

End to an unjust fine?

Under current practice the Tax and Customs Administration (NAV) fines taxpayers that are caught with a VAT shortfall even if the budget has sustained no losses. An opinion recently published by the Advocate General of the European Court of Justice could spell the end for this extremely unfair and much criticised procedure.

The VAT treatment of certain transactions can often be problematic, and it is by no means uncommon for the parties in the transaction to end up misinterpreting – together and in good faith – the relevant provisions of the VAT Act. The parties may, by mistake, treat a transaction that is subject to a reverse charge as a regular transaction, or vice versa.

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ILN Today Post

STAMP DUTY AND ITS EFFECT ON TRANSACTIONS

Stamp Duty is a tax that is levied on certain documents and transactions inclusive of, inter alia, conveyances, mortgages, cheques, marriage licences, memorandum and articles of association and on the sale of shares/change in beneficial ownership in a company/business.

The rates of stamp duty vary as to the nature of the instrument or transaction. In The Bahamas, stamp taxes are administered by the Public Treasury, a department in the Ministry of Finance, in accordance with a series of Stamp Duty Acts. Certain exemptions are however afforded by the relevant legislation. More…

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Stamp Duty Changes (21.2.2011)

By Audrey Healy, Partner, Property Department

Two rates of Stamp Duty now apply to Instruments/Deeds of Transfer/Conveyances/Assignments of Residential Property executed on or after the 8th of December 2010. The previous exempt threshold of €127,000 has been abolished. A new lower rate of 1% now applies where the purchase price does not exceed €1 million. A higher rate of 2% will apply to the excess of the price over €1 million.
In the case of a mixed property (residential and commercial) the consideration must be apportioned on a just and reasonable basis between the residential and the non residential elements of the property. Significant penalties/surcharges can apply if the apportionment is not just and reasonable.
Various reliefs and exemptions have been abolished with effect from the 8th of December 2010. They comprise the following:
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