February 21

New Practice Directions and Revenue Rulings for Debits tax

The Debits Tax Repeal Act 2005 repealed the Debits Tax Act 1990. The Debits Tax Repeal Act 2005 commenced on 1 July 2005. As a consequence of the abolition of debits tax, Practice Direction DT 1.1 and Revenue Ruling DT 1.2 are no longer required.

The following Debits Tax Act 1990 Practice Direction and Revenue Ruling have been placed on the OSR website:

1. Practice Direction Debits Tax 1.2 (PDDT1.2) - Application of Debits Tax Act 1990 - Financial Institution Cheques, Counter Cheques and Corporate Cheques.
2. Revenue Ruling Debits Tax 1.3 (RRDT 1.3) - Linked Accounts.

February 20

Duties - addition to list of recognised stock exchanges

The Duties Amendment Regulation (No.1) 2006 adds Australia Pacific Exchange Limited ACN 080 399 220 (APX) to the list of recognised stock exchanges under section 8 of the Duties Regulation 2002.

Designation as a recognised stock exchange in Queensland results in the following listed transactions, which would otherwise be dutiable, being duty free:

• Transfers of, or agreements to transfer shares in a Queensland company (otherwise 0.6% marketable securities duty).
• Transfers of, or agreements to transfer, units in a public unit trust registered on a register kept in Queensland (otherwise 0.6% marketable securities duty).
• Relevant acquisitions of shares in land rich companies (otherwise subject to land rich duty on the underlying land assets of the corporation at rates of up to 3.75%).

However, certain interests which may be traded on a recognised stock exchange - such as direct interests in property, debentures and loans - will still be subject to duty.

You can view the regulation on the Office of Parliamentary Counsel website.

February 14

Self assessment seminars 2006 - book now!

OSR’s popular self assessment seminar program is back for 2006. The program offers free seminars in and around South East Queensland aimed at assisting self assessors to better understand OSR’s systems and processes. Over 90% of those attending the 2005 seminars found them very useful.

These free seminars were extremely popular and places filled fast. Book your spot today and have all your self assessment questions answered by the experts.

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