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    Federal Budget 2012/13 - Property & Funds Management

    After a number of positive years, tax reform for Australian property investors appears to have stalled, and may even have gone into reverse. There is little good news for the property industry, and non-resident investors.

    Victorian Landholder Duty Draft Legislation

    Victoria loses out to other States: Landholder Duty draft legislation is released.
    The Victorian State Revenue Office has released an exposure draft legislation detailing the landholder duty model, which is due to come into effect from 1 July 2012.

    Local Government and GST – a simple issue?

    There has been much discussion amongst local government bodies (such as municipal and shire councils) and the profession over the past 12 months regarding GST liability on the sale of their real property interests.  This has culminated in a marked change in the Australian Taxation Office (‘ATO’) position issued publicly on 28 March 2012, in an amendment to GSTR 2006/5, confirming that a local government body “may…be the State for purposes of Section 114 of the Constitution and may similarly be the State or Territory for the purposes of the GST Act”1.

    Centro decision highlights the stamp duty risk of long term lease arrangements

    Last Friday, 9 March 2012, the High Court refused Centro (CPL) Ltd special leave to appeal against a NSW Court of Appeal decision concerning stamp duty and long-term lease arrangements. Consequently the landmark Court of Appeal decision1 stands.

    The Centro decision highlights that long-term lease arrangements are a key stamp duty risk area for taxpayers. The case is also likely to impact on taxpayers outside NSW as similar anti-avoidance provisions exist in most jurisdictions (such as Victoria). Consequently taxpayers contemplating arrangements involving acquisitions of freehold interests with long term lease arrangements in place should ensure they seek advice on the potential duty implications.

    ATO releases new draft ruling on GST treatment of residential and commercial residential premises

    Draft Ruling GSTR 2012/D1

    The Australian Taxation Office ('ATO') has tried to provide certainty in the ever increasing complexity that surrounds the GST treatment of residential and commercial residential premises through the release of a new draft ruling GSTR 2012/D1 on 22 February 2012.  The ruling when finalised will replace GSTR 2000/20.  It does not appear as though there has been a significant shift in the ATO’s view from its previous ruling but rather the draft ruling provides further clarification and is reflective of the more recent court decisions.  Whilst these rulings have an impact on various entities, this article focuses on the impact on retirement village owners.

    It is important to note that GSTR 2000/20 remains in force until such time as the new ruling is finalised, however it provides a clear indication of the ATO’s views.


    Asset Ownership Time Bomb!!!!! Personal Property Security Rules to Start 31 January 2012.

    From 31 January 2012 if you do not register your interest, your security may be useless and title and ownership of goods you supply, or equipment you rent, may be lost.

    The Personal Property Security Legislation is intended to create a simple online registration system for all security interests. It applies to goods but does not apply to land interests.


    GST financial supply changes to impact on the managed funds industry

    On 13 January 2012 Treasury released an exposure draft of regulations which will impact on the manner in which managed funds calculate their GST liabilities. The managed funds industry will be particularly concerned with changes which specifically target situations where a trustee/responsible entity charges a single, “bundled” fee to a managed fund. If adopted, the regulations would limit the reduced input tax credit (RITC) the fund can claim for GST paid on this fee to 55% of GST paid. This compares to the current situation where a managed fund can generally claim an RITC equal to 75% of the GST paid.

    Proposed Victorian Landholder Duty Model would make Victoria an unfavourable investment destination

    The Victorian State Revenue Office has released a consultation paper on 8 September 2011 detailing the proposed changes to the Victorian land rich duty provisions.

    2011 PFA Research and Compliance Roadshows hosted by Moore Stephens

    Details on Roadshows hosted by Moore Stephens

    Download Slides here

    Developer Issues - Stamp Duty, Income Tax and Land Tax

    Developer Issues - Stamp Duty, Income Tax and Land Tax

    Often a decision is taken to purchase properties from the joint venture that has developed the property.
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