Queensland Law Society

New public rulings approved by Commissioner of State Revenue

The Commissioner of State Revenue has advised that a number of new public rulings were approved in December 2016.

The following public rulings were approved on 12 December 2016 as a consequence of the Revenue and Other Legislation Amendment Act 2016, which received royal assent on 9 December 2016:

LTA030.1.3 – Meaning of ‘held for sale’ in section 30 of the Land Tax Act 2010

DA375.1.2 – Administrative arrangement – section 375 of the Duties Act 2001 – insurance duty exemption for health concession

DA404.1.2 – Corporate reconstruction exemptions – extension to statutory vestings

DA085.1.6 – Concession for homes and first homes-occupancy requirements

DA085.2.3 – Relief for certain vacant land concession beneficiaries

DA000.11.3 – Reassessment of transfer duty – home concessions-where not all taxpayers comply with the conditions

A further public ruling was approved on 20 December 2016, which outlines an administrative arrangement approved on 12 October 2016 that extends the family primary production business concession to cover all types of dutiable property used to conduct the primary production business:

DA105.3.1 – Extension of concession for dutiable transactions for family businesses of primary production