TIB - April 1993
- Qualifying Companies - Market values for QCET purposes
- Qualifying Companies - Crediting QCET to the ICA
- Policies we're reviewing
- Shareholder-employees and FBT on company vehicles
- Tax treatment of employee home telephone costs
- Stamp duty on forest sales
- Taxation of clubs, societies, etc
Questions we've been asked
- Income Tax Act 1976
- Goods and Services Tax Act 1985
- Stamp and Cheque Duties Act 1968
Legal Decisions - Case Notes
- TRA No.92/118: expenditure incurred in course of taxable activities, preparatory expenditure, fixed and circulating capital, purchases on revenue account
- TRA No.91/160: real estate salespersons, independent contractor, employee
- Hadlee and Sydney Bridge Nominees Ltd v CIR: assignment of income, partnership, personal services income
- TRA No.92/171: taxpayer acting as trustee, issue of who derived the income, credibility of witness
- TRA No. 92/59: penal tax, withdrawal of case
- TRA No.92/40: real estate salesperson, independent contractor, employee
- L.R. McLean and others v CIR: secondhand goods
- Green and Waugh v Housden and Simcock: production of documents, scope of demand, administration and enforcement, extent of powers
This item corrects an example in the item on stamp duty and forest sales, which appeared on page 5 of TIB Volume Four, No.8 (April 1993). The example omitted to show that stamp duty was levied on the GST-inclusive value of the transaction. The correct treatment is:
(2) SilviCo Ltd purchases the registered forestry right in a block of land planted in four year old eucalyptus botryoides with the intention of milling them for hardwood in twenty five years. The purchase price is $23,000 plus GST (i.e., $25,875.00 including GST).
The annual payment for the forestry right is $3,000 (i.e., $3,375.00 including GST).
Conveyance duty at $1.00 per $100 or part thereof is levied on the GST-inclusive purchase price ($259.00); and
Lease Duty of $0.40 per $100 or part thereof is levied on the GST inclusive maximum annual payment for the forestry right ($13.60).
The total stamp duty payable is $272.60.