NSW: Foreign resident surcharge land duty – not applicable to all foreign residents!
NSW Revenue has issued a release advising that the NSW land surcharge provisions for foreign residents are inconsistent with international tax treaties entered into by the Federal Government with New Zealand, Finland, Germany and South Africa. As a result, and effective immediately, it advised that individuals that are citizens of the nations concerned purchasing residential-related property or land in their own capacity will no longer be required to pay surcharge purchaser duty or surcharge land tax. NSW Revenue also advised that surcharge purchaser duty or surcharge land tax liability for non-individuals, such as corporations, trusts or partnerships that arises because of an entity’s affiliation with these nations, may also be affected by the international tax treaties. It also said that refunds may be available for purchasers/transferees, and landowners, from the nations concerned who paid surcharge purchaser duty or surcharge land tax on or after 1 July 2021.
Updated Practice statement re penalties for record-keeping failure
The ATO has updated Practice Statement PS LA 2005/2 (Penalty for failure to keep or retain records) in relation to the Commissioner’s power to require business taxpayers to undertake a record-keeping course as opposed to having a penalty imposed for failing to keep proper records. Affected taxpayers will be required to complete an approved online record keeping course.
ATO: Tips for reducing a study loan balance
The ATO has released tips that can be passed onto clients to reduce study loan balances. These include: Check the amount their employer is withholding and whether there is enough withheld to cover their compulsory repayment; Advise their employer to calculate the correct withholding amount using the repayments calculator; Check the loan balance by logging onto ATO online services via myGov; and make a voluntary repayment to reduce the total loan amount.
