In a previous iLaw column I wrote about the British window tax; which was a tax on large windows, and inadvertently has resulted in a many houses of the wealthy constructed in the 1700s with disproportionately small windows. Since then there have been many other novel ways to levy tax and tax systems have become […]
For many business people a good relationship with their lawyer can be one of the keys to their success. Indeed, successful business persons talk with their solicitor. That becomes habit when their solicitor is experienced in advising business people generally, has acquired a wide breath of experience in doing so and is a trusted adviser […]
Your First Step Applying for a mortgage loan can be daunting even if you’ve been through the process before. This is partly because the banks’ lending criteria change in line with fluctuating market and interest rate conditions. So it helps to be prepared. Your first step is to draw up an accurate household budget. If […]
Last week members of the Coffs Chamber of Commerce and other local business people had the privilege to meet the Parliamentary Secretary to the Minister for Finance, Mr Michael McCormack MP. The position of Parliamentary Secretary supports the Minister for Finance, Hon Mathias Cormann. This was an important opportunity to ask questions about matters of […]
Last year, the NSW Government passed an amendment to relevant legislation to restrict the potential for developers to develop sites that have the benefit of existing use rights. Under the change, developers can no longer apply for development consent to change one prohibited use to another prohibited use. The existing use can now only be […]
Donald Crone & Associates Pty Limited v Bathurst City Council (Unreported, Land and Environment Court), Cripps J held that: “The existence of the covenant and the agreement is, in my opinion, a matter which can be taken into account by the determining authority pursuant to … the Environmental Planning and Assessment Act in the course of its […]
Stamp duty began its life in the late seventeenth century as a tax on documents by reference to their contents. Stamp duty was introduced as a means of proving a document’s authenticity, but over time the emphasis has changed to a handy revenue raising mechanism. Modern stamp duty has broken away from the old documents […]
Barcia Pty Ltd (as Trustee for Barcia Trust) and Commissioner of Taxation [2008] The Administrative Appeals Tribunal (AAT) backed the Commissioner who had ruled that the applicant was not entitled to all of the input tax credits (ITC) he had claimed in the purchase of two properties. The Tribunal also confirmed that penalties had been […]
Cityrose Trading Pty Ltd v Booth & Anor [2008] Victorian Supreme Court, Commercial & Equity Division In 2006, Noel Booth bought a property in Victoria from Cityrose Trading Pty Ltd. The contract contained a special condition referring to GST but it did not stipulate whether GST was payable on the sale. Just before settlement, Cityrose […]
Commissioner of Taxation v Reliance Carpet Co Pty Ltd A commercial property was sold for almost $3 million in 1992, and contracts were exchanged with a deposit of 10 per cent. Both vendor and purchaser were registered for GST. The purchaser did not complete the transaction and the deposit of $297,000 was forfeited to the […]
