| |
|
|
|
Land Tax, Vendor Duty And Other Duties |
The State Revenue Legislation Amendment Act 2005 received assent on 27 June 2005 and included a number of changes to Stamp Duties, Payroll Tax and Land Tax. Some of the key changes in each of these areas are as follows: |
Payroll Tax |
- Employers will have an option of paying Payroll Tax at the time any share benefits for directors or employees are granted. Alternatively, employers may choose to pay tax at the time the legal right is acquired in relation to options, or when those shares are vested. Shares are always liable at the time they are granted.
- There are new exemption rates for motor vehicles and accommodation allowances.
- There are new rates that apply for trust distributions to beneficiaries where no award rate exists.
|
| Vendor Duty |
- As you are aware the State Government's budget bought down in April 2004 introduced the 2.25% Vendor duty.
- Generally when claiming exemption for land related property that has increased in value by 12% or less, the Vendor acquisition date is the date on which the sale transaction was last chargeable with ad valorem duty.
- From August, 2005 evidence will be required to substantiate a claim for exemption. All vendor duty exemption claims will include a tear-off information section for Vendors advising what evidence they must retain to substantiate a claim for exemption. The information section provides a detailed list of documents that would be examined by OSR in the event of an audit and must be kept for five years.
|
| Land Tax |
- Owners who are liable for Land Tax for the first time in 2005 (that is, the 2005 Land Tax Year commencing 1 January 2005) and who have not yet lodged a Land Tax Return, have been given an extension of time to lodge their returns until 31 July 2005.
- From July 2005, the OSR will write to land owners who have not lodged a return for the 2005 Land Tax year.
|
|
