Introduction of interim assessments and Valuation obligations
Revenue Laws Amendment Act 2013 – Effective 26 September 2013
The Commissioner has recently gained the legislative authority to request a taxpayer to undertake a valuation of the property, the subject of the transaction, at their cost. If this valuation differs from the Commissioner’s valuation (if the Commissioner chooses to undertake one) by more than 15%, then heavy penalties, in addition to the duty could be payable.
Interim assessments allow an assessment to be issued on an amount that is known or not in dispute, this is followed up […]
New Interim Assessments and Valuations – WA.
We are starting to see the Commissioner using the powers under the Administration Act and Duties Act to raise interim assessments. In addition several requests have been made for the client to provide a valuation of the property. The rules and requirements can be tricky and onerous, especially when it comes to providing a valuation that needs be within the Commissioner’s estimate by 15%.
This is not as straight forward as it seems as the Commissioner’s instructions and assumptions as to how to value land for duty purposes may be […]
The purpose of this Bill is for an Act to make amendments to extend the operation of the first home owner rate of duty provisions; to extend the length of time taxpayers can apply for a refund of duty on a cancelled transaction; to amend the employee share scheme provisions under the Pay-roll Tax Assessment Act and to make amendments to the following Acts: the Duties Act 2008, the Stamp Act 1921, the Pay-roll Tax Assessment Act 2002, the Land Tax Assessment Act 2002, the Taxation Administration Act 2003, the First Home Owner Grant Act 2000 and […]