Reminder: penalty tax amnesty following Oliver Hume decision closes 31 March 2025

Published on 25 March 2025

On 8 August 2024, the Court of Appeal handed down its decision in Oliver Hume Property Funds (Broad Gully Rd) Diamond Creek Pty Ltd v Commissioner of State Revenue [2024] VSCA 175. The decision affirmed the Commissioner’s interpretation and application of the associated transaction definition as set out in Revenue Ruling DA-057v2.

The Commissioner is aware that advisers and landholders may have taken a different view regarding the application of the associated transaction provision to capital raisings as set out in Revenue Ruling DA-057v2 and confirmed by the Court of Appeal.

Prior to commencing a compliance program on capital raisings in landholders, the Commissioner is providing landholders with a penalty tax amnesty on voluntary disclosures of, and requests for rulings on, liabilities arising from capital raisings.

This penalty tax amnesty opened in October 2024, and was extended in November 2024 to also apply to requests for rulings on capital raisings.

Reminder: the penalty tax amnesty ends on 31 March 2025.

To access the penalty tax amnesty, you can make a voluntary disclosure or ruling request by lodging a landholder acquisition statement, submitting a request for a ruling, or sending a cover letter together with supporting documents to landholder@sro.vic.gov.au.

If you have any questions, please contact us on 03 9628 0123.