Draft TAA rulings for consultation and revised landholder ruling published

Published on 18 December 2023

We have issued 2 draft rulings for consultation and published a revised ruling.

Have your say on our draft Taxation Administration rulings

You are invited to provide feedback on draft Revenue Ruling TAA-007v5 Interest and Penalty Tax and draft Revenue Ruling TAA-008 Notification default.

Draft TAA-007v5, which will replace Revenue Ruling TAA-007v4, clarifies the circumstances under which market interest will be remitted. Content relating to notification defaults has been transferred to draft TAA-008 and readability improvements have been made.

Draft TAA-008 sets out the notification default content previously in TAA-007v4 plus:

• a failure to give notice to the Commissioner of State Revenue in accordance with section 61B, 61C, 61D, 61E or 61F of the Land Tax Act 2005 (Construction/Renovation of Principal Place of Residence Notification Default)
• a failure to notify the Commissioner of a change in circumstances in accordance with section 70N of the Land Tax Act 2005 (Build to Rent Notification Default)
• a failure to notify the Commissioner of an error or omission in accordance with section 26 of the Windfall Gains Tax Act 2021 (Windfall Gains Tax Notification Default)
• a new example for trust notification default (Example 2).

Feedback is welcome by email to consultation@sro.vic.gov.au until 5 pm Friday 2 February 2024. The consultation period has been extended to allow for the festive and holiday period.

Revised Revenue Ruling DA-047v4 published

We have published Revenue Ruling DA-047v4 – Landholder Duty – Duty concession on the interposition of a unit trust between stapled security holders and the stapled entities.

This ruling replaces Revenue Ruling DA-047v3 and confirms that the concessional rate of duty in section 87(1) of the Duties Act 2000 does not apply to a relevant acquisition in a public landholder that is also eligible for the concessional rate of duty under Part 2 of Chapter 11.

The ruling has been published without public consultation as it has been updated to reflect changes introduced by the State Taxation Acts and Other Acts Amendment Act 2023 and does not alter the Commissioner’s position.