|REVISED DATE for change of address|
On Monday, 25 September 2017, the State Revenue Office street address will change from 80 Elizabeth Street, Hobart to:
Salamanca Building Parliament Square
4 Salamanca Place HOBART
Other contacts will not change.
New SRO website
The State Revenue Office will launch its new website on Friday 22 September.
Links within all public documents and other resources which now point to the existing site will automatically transfer the user to the relevant area on the new website.
Re-design of Tasmanian Revenue Online for Duty transactions and Land Tax Search
1. The re-designed TRO system launched on 3 July 2017.
The redesigned Tasmanian Revenue Online offers improved functionality to Users, including the ability to:
- amend duty transactions online before being endorsed;
- save partially completed transactions and submit at a later time;
- reset changed or forgotten password electronically;
- access guidelines, forms and rulings within transactions screens; and
- access ‘financials’ history at any time.
For more information, including links to help files and educational resources, please read this factsheet.
2. Upgraded and re-designed TRO will go-live on Monday, 3 July 2017 for Duty Transactions and Land Tax Search. For more information please read this factsheet.
3. Reporting extra land transfer data to the ATO from 1 July 2017.
The additional information will include data about both the transferor (vendor) and the transferee (purchaser).
For more details about the extra data requirements and related issues, please read this factsheet.
4. Tasmanian Revenue Online for Duty Transactions/Land Tax Search is being re-designed.
This overhaul of the system will improve its online functionality and accommodate additional fields for reporting of extra property transfer data required by the Commonwealth.
The proposed ‘new’ system builds on the same TRO platform now in use for Payroll Tax and Insurance Duty, which was successfully released in June 2016.
Please read this factsheet about the expected new functionality.
Market Interest Rate for 2017-18
The market rate of interest for the 2017-18 financial year decreases to 1.73 per cent.
The rate is based on the 90-day Bank Accepted Bill Rate published by the Reserve Bank of Australia in the May preceding the new financial year.
Interest is imposed to:
1. compensate the Tasmanian Government for being denied the use of revenue; and
2. promote equity among taxpayers by ensuring that those who meet their obligations are not disadvantaged compared with those who do not.
2017-18 fees for Land Tax Search and Duties Administration
The fee for issuing a Land Tax Search certificate will increase from $11.47 to $11.62 from 1 July 2017.
The SRO’s Duties Administration Fee for processing optional Duties Instruments will rise from $38.25 to $38.75 from 1 July 2017.
The fee increases at 1 July each year in accordance with the CPI adjustment factor provided for under Section 5 of the Fee Units Act 1997.
The 2017-18 State Budget included the following taxation related measures:
First Home Owner Grant
The extension of the $20 000 First Home Owner Grant for one year from 1 July 2017 to 30 June 2018 - more details.
Payroll Tax Rebate
Introduction of a payroll tax rebate scheme for employers of eligible apprentices, trainees and youth employees who commence employment between 1 July 2017 and 30 June 2019 - more details.
Amendments to section 19(2) of the Duties Act 2001
Changes to section 19(2) of the Duties Act 2001 in relation to house and land packages - more details.
These measures came into legislative effect from 1 July 2017.
Royal Assent for the Taxation and Related Legislation (Miscellaneous Amendments) Act 2017
The Taxation and Related Legislation (Miscellaneous Amendments) Act 2017 received Royal Assent on Monday, 8 May 2017. All amendments become effective from 1 July 2017, unless noted differently.
The legislation amends the following taxation Acts:
Duties Act 2001
- simplifies the requirements for an exemption from duty for the transfer of motor vehicles from deceased estates (section 199) - took effect on 8 May 2017;
- removal of the imposition of duty from various instruments that do not effect a change of ownership of land; and
- facilitates the future introduction of electronic conveyancing.
- eligible taxpayers who have incurred and paid duty on the transfer of a motor vehicle as part of a deceased estate between 1 July 2016 and 7 May 2017 inclusive may be eligible for ex gratia assistance. For information about how to apply, please go here.
Land Tax Act 2000
- one year extension of the principal residence land classification for deceased estates.
Payroll Tax Act 2008
- amends the motor vehicle allowance provisions (Section 29) - took effect from 1 July 2016.
Taxation Administration Act 1997 and Taxation Administration Regulations 2010
- changes to data collection and sharing arrangements between State Government agencies.
The legislation also contains consequential amendments to a number of other Acts.
Follow this link for a summary of the amendments.
Introduction of a landholder model and exemptions for corporate reconstruction and consolidation transactions
Duties Act 2001
New Landholder provisions
From 6 December 2016, a new landholder model has replaced the former land rich provisions in Chapter 3 of the Duties Act 2001. ‘Land rich’ had charged duty on indirect acquisitions of land via the ownership of a majority interest in private companies and private unit trust schemes but that duty is now charged under the now expanded landholder model.
The key features of the new landholder model include the extension of the provisions to public companies and public unit trust schemes, and the abolition of the land threshold test (which required a comparison of the entity’s land holdings to its other assets in order to determine if the entity was land rich). All companies and unit trust schemes now constitute landholders where the unencumbered value of their landholdings (including the landholdings of any linked entities) is $500 000 or more. The acquisition of a significant interest in such an entity results in a duty liability being incurred.
For a detailed summary of the new landholder provisions, please refer to the Introduction to Landholder Provisions Guideline.
The new landholder model is accompanied by duty exemptions for property transfers and relevant acquisitions in landholders that occur as a consequence of a genuine:
i) corporate consolidation; or
ii) corporate reconstruction.
For a detailed summary of these provisions, please refer to the Corporate Reconstruction and Consolidation Transaction Exemption Provisions Guideline.
For the landholder and corporate reconstruction/consolidation webpage, go here.
Retrospective exemption from duty on certain statutory vesting transactions
The Taxation and Related Legislation (Miscellaneous Amendments) Act 2016 introduced a retrospective exemption from duty (effective 1 July 2001) for certain statutory vesting transactions, including where dutiable property vests as the consequence of the registration or cancellation of a strata plan under the Strata Titles Act 1998.
If you have paid duty as a consequence of the vesting of dutiable property upon the registration or cancellation of a strata plan, you may be entitled to a refund of duty. If you consider you may be entitled to a refund, please email firstname.lastname@example.org and attach a copy of the stamped instrument(s) upon which duty was paid.
10 November 2016
|Tasmanian Revenue Online|