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Seventh Annual States' Taxation Conference

Published on 26 Jul 2007 | Took place at Hyatt Hotel, Canberra, National

This year’s comprehensive program included streams for Stamp Duties and Pay-roll Tax. With all sessions, the aim was to provide enough information so that the general practitioner can understand and appreciate the issues, but also to cover the more technical matters for the specialists.

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Individual sessions

CPT Custodian

Author(s):  Russell BERGLUND

The CPT Custodian case has been much discussed in tax circles but what are the implications for State taxes? This paper considers:

  • the importance of what CPT Custodian decided for your practice
  • subsequent cases: Halloran, Pearson & CPT Manager
  • how does CPT Custodian affect the consequences of a resettlement or declaration of trust?
  • 'land rich' duty implications - Commonwealth Managed Investments and State legislative responses
  • land tax implications.
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State taxes update

Author(s):  Faye WILLS This paper provides an overview of each jurisdiction’s legislative changes and announced proposals.

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WA stamp duty rewrite: late breaking development

Author(s):  Marcelyn NICOLAOU

The exposure draft of the Western Australian stamp duty rewrite legislation should be released by July 2007. This paper is an overview of the major policy changes being incorporated into the rewrite legislation, with a particular focus on:

  • the transaction based approach to transfer duty
  • the landholder model
  • the corporate reconstruction exemption.
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Pay-roll tax and employee share schemes

Author(s):  David Manton

This paper is a discussion of current legislation imposing pay-roll tax on employee share schemes, including:

  • differences between jurisdictions
  • anomalies in various provisions
  • practical issues.
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States' taxation cases update

Author(s):  Kiernan DORNEY QC

This presentation is a review of significant State and Territory tax cases over the last 12 months, including:

  • Tec Desert v CSR (WA)
  • Super Cheap Auto v CSR (WA)
  • Seneca Exploration (T/A Dickenson’s Amusement) v CST (SA)
  • CCSR (NSW) v Telstra Corporation
  • Gloria Jean’s v CCSR (NSW)
  • Alcan (NT) Alumina Pty Ltd v CT (NT)
  • Trust Co of Australia v CCSR (NSW)
  • CPT Manager Ltd v CCSR (NSW).
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Corporate reconstruction relief

Author(s):  Frank BRODY

This paper is an overview of the Corporate Reconstruction provisions in each jurisdiction, including:

  • the policy basis for providing relief from duty on a corporate reconstruction
  • similarities and differences in the corporate reconstruction
  • provisions / guidelines across the jurisdictions
  • practical issues arising in administration of the provisions - ie, in applying for relief
  • claw-back from duty and exceptions to the claw-back (eg, what is a 'public float' and how does the legal concept compare to what is taking place in the market, eg, targeted offerings, broker offerings etc)
  • do Commissioners have a residual discretion not to claw-back duty in?
  • situations outside the stated exceptions.
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Planning - how far can you go?

Author(s):  David W MARKS

This paper covers:

  • do professional advisors have an obligation to advise clients on how to minimise their State and Territory obligations and how to structure their affairs?
  • In light of the express anti-avoidance provisions in a number of States and Territories’ Acts, how far can professional advisors and their clients go when planning for transactions involving State and Territory taxes?
  • When does a professional advisor become a promoter? Does this matter for State and Territory purposes?
  • What are the professional indemnity insurance consequences of a professional advisor engaging in State and Territory tax planning?
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Stamp duty: minor mistakes but major problems

Author(s):  Graeme COTTERILL

This paper covers:

  • what if the wrong entity is named in the agreement?
  • how do you change the trustee or transfer property from a trustee to a beneficiary without paying excessive stamp duty where you have property in a number of jurisdictions?
  • partitioning - how to get it wrong!
  • multiple lodgement and payment deadlines in different States - what if I miss one?
  • preliminary documents (eg letters of intent/heads of agreement/term sheets) - do I have to lodge them?
  • what if the parties haven’t dated the document?
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Pay-roll tax - grouping - making sense of the Commissioner's discretion

Author(s):  Gary MATTHEWS

This paper covers:

  • coverage of State and Territory legislation
  • differences (in law and practice) between States and Territories
  • existing guidance from case law.
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Valuations

Author(s):  Michael CHURCHILL

Valuing assets and property is becoming increasingly important for stamp duty purposes. This paper looks at a number of topical and current valuation issues, including:

  • valuation of land, associated business (HSH and Alcan cases)
  • mining tenements (and the distinction between the value of the tenement and related mining information)
  • water entitlements
  • carbon rights.
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Trusts

Author(s):  John GLOVER

This paper covers:

  • trust cloning and trust splitting - what does this mean and why would it be done? What are the stamp duty consequences?
  • 'Sectorisation'
  • consequences of multiple trust arrangements under a single umbrella.
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Charitable exemptions from pay-roll tax

Author(s):  Steve BATROUNEY

This paper provides a discussion of current legislation imposing pay-roll tax on trust distributions, including:

  • continued relevant (or otherwise) of decision in Estate G Adams
  • are trust distributions subject to pay-roll tax in jurisdictions that do not have specific provisions? If so, where?
  • implications for restructuring professional practices
  • implications of PRT harmonisation.
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Land rich duty

Author(s):  Fiona GIUSEPPI

This paper reviews a number of topical issues involving land rich duty, including:

  • the meaning of 'land' and the differences between the states and territories as to what the concept includes
  • the different treatment between the states and territories of:
    • thresholds including categories of excluded property
    • tracing provisions
    • the calculation of duty
    • trusts
  • the treatment of listed companies and the impact of stapling including (the effect of the Amatek and Westpac Custodian decisions).
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Payroll tax harmonisation

Author(s):  Andrew Phyland,  Bob SMITH From 1 July 2007, NSW and Victoria will have almost identical Pay-roll Tax Acts both states have committed to uniform provisions, other than rates and thresholds, insofar as possible, further streamlining of administrative arrangements and standardised software is anticipated. Other states and territories have also announced an interest in harmonisation - uniformity in initial areas is aimed for by 1 July 2008. This paper focusses on what NSW and Victoria have already enacted, what this means for business, and the progress towards national pay-roll tax harmonisation.

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