Duties (WA): Updated guidance on valuing mining tenements
RevenueWA has updated its guidance regarding the Commissioner of State Revenue’s treatment of certain issues when assessing and determining the dutiable value of a dutiable transaction that involves mining tenements or the unencumbered value of mining tenements held by a landholder. DA 42.3 has been updated to include comments on the impact of deferred tax assets, acceptable valuation approaches and the effect of royalties.
Payroll Tax (Qld): Additional time to register for GP amnesty
The Queensland Revenue Office has updated its website to reflect that medical practices making eligible payments to GPs now have until 10 November 2023 (previously 29 September 2023) to apply for the payroll tax amnesty applying to payments made under arrangements caught by the relevant contract provisions. The amnesty will apply to such payments made during the period 1 July 2018 to 30 June 2025.
Land Tax (NSW): Guidance on expanded concession for unoccupied land intended for residential use
Revenue NSW has released CPN 031, which provides guidance regarding eligibility for the land tax concession available for unoccupied land on which a home is being constructed. This follows recent legislative changes which allow the Commissioner of State Revenue to extend the existing 4-year concession period to 6 financial years following the year in which the land is acquired in certain circumstances. The guidance predominantly focuses on the kinds of circumstances the Commissioner may consider exceptional and beyond a landowner’s control.
ACT Revenue Office circular on principal place of residence updated
The ACT Revenue Office has updated GEN011.2, which is its circular regarding how it will determine a person’s principal place of residence for the purposes of the revenue laws it administers. The concept of a principal place of residence is relevant to numerous of the Territory’s tax concessions and exemptions, including for stamp duty, rates, land tax and payroll tax.