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Conservation Tillage 15% Refundable Tax Offset

Conservation Tillage 15% Refundable Tax Offset

28 May 2013

Farmers will benefit from $44 million in Federal Government funding through a 15 per cent refundable tax offset (RTO) for new conservation tillage equipment. 

This initiative is part of the Federal Government’s Carbon Farming Futures program aimed at encouraging farmers to move to zero and minimum tillage farming techniques to enhance soil carbon, water retention and productivity. 

The tax offset forms part of the Clean Energy (Consequential Amendments) Bill 2011 which has passed through parliament and received Royal Assent. The Bill provides for a 15% RTO for certain new depreciating assets used in conservation tillage farming practices effective from 1 July 2012.

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NSW Stamp Duty Abolition Deferred...Again

NSW Stamp Duty Abolition Deferred...Again

28 May 2013

The NSW Premier, Barry O’Farrell, recently announced that he will temporarily defer the abolition of the stamp duties that were due to be abolished from 1 July 2013. The duties will be retained to help with the $1.7 billion in additional funding required for NSW to implement the Gonski national education reforms. 

As part of the Inter-Governmental Agreement on taxes, NSW had agreed to abolish the following categories of stamp duty: 

  • transfer duty on unquoted marketable securities i.e. unlisted shares and units 
  • transfer duty on business (non-land) assets such as goodwill and intellectual property 
  • mortgage duty (unless already exempt)

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FBT Year-End is Fast Approaching

FBT Year-End is Fast Approaching

23 January 2013

Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee or the employee's associate in place of salary or wages. 

If an employer provides fringe benefits to employees during the year, they typically must pay fringe benefits tax (FBT) and lodge an FBT return with the Australian Taxation Office (ATO) unless all benefits are being “cashed out”. 

The fringe benefits tax (FBT) year ends 31 March 2013; the FBT return declares fringe benefits provided during the period 1 April 2012 to this date. FBT returns must generally be lodged and associated payments made by 28 May 2013. 

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NSW land tax thresholds announced for 2013

NSW land tax thresholds announced for 2013

1 December 2012

If you own any property in NSW that is not your principal place of residence as at midnight on 31 December 2012, including a holiday house or unit, you may be liable to pay land tax. 

How is land tax calculated? 

The amount of land tax payable depends on the combined value of any taxable land you own or have an interest in. The value of taxable land does not include any structures or improvements on the land such as a house. Any land you own outside of NSW is not subject to land tax in NSW, but may be subject to land tax in the relevant state or territory. 

Land tax is calculated on the combined value of all taxable land you own above the threshold – which for 2013 has been set at $406,000. 

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Tax Office Draft Pension Ruling Overturned

Tax Office Draft Pension Ruling Overturned

1 December 2012

New pension rules that could save spouses and children thousands of dollars in taxes are the result of the Government overturning a draft ruling made last year by the Australian Taxation Office (ATO). 


Superannuation Minister Bill Shorten announced that the Government proposes to amend the law so that the pension of a person who dies will only cease to be a pension when all the death benefits are paid to beneficiaries. 

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