January 31

Fuel Subsidy scheme compliance program

In January 2007, the Queensland Office of State Revenue (OSR) commenced a compliance program to be conducted over 3-6 months throughout Queensland. The program is specifically aimed at ensuring the full benefit of the Queensland fuel subsidy of 8.354 cents per litre is being passed on by fuel retailers to motorists. It is likely that fuel retailers will be contacted by OSR investigators as part of this program. Should you require further information about the compliance program, please contact the OSR fuel subsidy investigations team on (07) 3227 6282 between 8-00am and 5-00pm week days.

January 25

Maintenance and upgrade, OSR's e-lodgement service

OSR's E-lodgement system will not be available this Friday 26 January 2007 for 7 hours from 7:00 am to 2:00pm, to allow maintenance and upgrades to take place.

We apologise for the inconvenience - please try again later

January 18

New Practice Directions and Revenue Rulings for Duties.

The new versions of the Practice Directions and Revenue Rulings are released to reflect the following amendments made to the Duties Act 2001,by the Revenue and Other Legislation Amendment Act 2006, that commenced on 1 January 2007. The amendments included:

• abolition of hire duty;
• abolition of transfer duty on Queensland marketable securities;
• provision of a new first home transfer duty concession for certain acquisitions of vacant land;
• extension of the current first home transfer duty concession for acquisitions of established homes; and
• modification of the home and first home mortgage duty provisions to maintain consistency with changes to the home and first home transfer duty concessions.
  

Abolition of Hire Duty

DA 13.2 Hire duty on the hire of goods subject to GST
DA 33.3 Hire duty - relevant factors in determining whether a person is carrying on a hiring business
DA 46.3 Hire duty - commercial hirers - alternate basis for working out hiring charges under hire purchase agreements
DA 56.4 Calculation of hire duty by commercial hirers

Abolition of Transfer Duty on Queensland Marketable Securities

DA 14.2 Guidelines for administering section 148(1)(c) of the Duties Act 2001
DA 15.2 Concession for dutiable transactions for particular family businesses - descendent who is a minor
DA 38.4 Securitisation transactions
DA 39.3 Concessional ($5) duty on a transfer of mortgage
DA 41.4 Transfers of secured and unsecured debts
DA 57.3 Duty implications of dealings with water entitlements issued under the Water Act 2000
DA 75.1 Abolition of transfer duty on Queensland marketable securities

DA 75.1 is a new Practice Direction that explains the impact of the abolition of transfer duty on transactions concerning Queensland marketable securities.

Home or First Home Concession

DA 1.2 Concession for homes and first homes - residential purposes
DA 2.2 Concession for homes and first homes - occupancy requirements
DA 3.2 Inclusion of chattels in the acquisition of a home or first home
DA 21.2 Concession for mortgage duty on home mortgages
DA 23.2 Reassessment of transfer duty due to withdrawal of a concession for a home, first home or land on which a first home is to be constructed
TA 4.3 Penalty tax - home concessions
DA 50.3 Mortgage duty - house and land packages

January 17

Scheduled maintenance, OSR's e-lodgement service

OSR's E-lodgement system will not be available this weekend on Saturday 20 January 2007 for 4 hours from 2:00 pm and 6:00pm, and again on Sunday 21 January 2007 for 5 hours from 7:00am and 12:00pm to allow scheduled maintenance to take place.

We apologise for the inconvenience - please try again later

January 9

Duties Online

In 2007, the Office of State Revenue (OSR) will launch Duties Online enabling duties self assessors to lodge returns and make payments electronically. Duties Online will be launched as part of the OSR’s Release 2 Revenue Management System (RMS), a modernised, web-enhanced, integrated computer system which will replace existing systems. more...

January 2

Duties calculators version 3.0.1 released

The transfer duty calculator has now been updated to include the recent amendments to the Duties Act 2001 relating to the first home concession which took effect from 1 January 2007.

A new first home vacant land calculator is also now available for transactions entered into after 1 January 2007.

It is recommended that those clients who use the downloaded calculators to now download the updated versions.

Access the online version of the calculators here.