13th Annual States’ Taxation Conference – Day 2

The second day of the 13th Annual States’ Taxation Conference in Adelaide traversed nine payroll tax and duty topics, including duty on takeovers and aggregation of transactions, payroll tax harmonisation and payroll tax employment agencies provisions, self-assessment and the general anti-avoidance provisions.

K. Parkyn (Allens), ‘Duties – Issues Affecting Contracts’, discussed the duties consequences of common commercial arrangements including the granting assignment, nomination and exercise of options, the cancellation or correction of agreements and transfers and earn-out rights on business sales.  The paper catalogues the jurisdictions applying duty and the differences between the provisions and treatment of the jurisdictions in determining the duty. 

S. Bosch (VSRO), ‘Exemptions and concessions in Landholder Duty’, discusses exemptions and concessions for landholder and landrich transactions.  In relation to Victoria, the paper discusses:

  • exclusions (e.g. pre-15 November 1987 or pre-Victorian landholder transactions);
  • exemptions on direct transfer equivalents (Chapter 2 DA 2000) or pro-rata increases;
  • concessions (e.g. anomalous duty outcomes, leasehold estates, primary production land, financing securities and listed & public landholders);
  • corporate reconstruction and consolidation relief; and
  • rollover relief for listed stapled entities restructures (i.e. top hatting).

All commercial lawyers should read both of the above papers.

The 14th Annual States’ Taxation Conference will be held 24-25 July 2014 in Hobart.