❓ Ms Quirk asks about the stamp duty payable on the purchase of FESA House and its calculation. The Minister declines to provide the specific amount due to confidentiality provisions in the Taxation Administration Act 2003, while explaining the general calculation method.
AnsweredQoN 3839Legislative Assembly
QuestionView source ↗
Can the Minister advise on the amount of stamp duty payable by the purchaser of FESA House and how that was calculated?
AnswerView source ↗
Answered
5 May 2015
Responded by
Minister for Finance
Response time
41 days
The Department of Finance advises:
The
Duties Act 2008
provides that the amount of duty payable on a dutiable transaction is calculated on the greater of the consideration for the transaction or the unencumbered value of the property that is the subject of the transaction.
The
Taxation Administration Act 2003
authorises the Commissioner of State Revenue to have a valuation made of any property that the Commissioner considers appropriate.
Commissioner's Practice TAA 30 - Valuation of Land for Duties Purposes is published by the Commissioner to communicate the circumstances when the Commissioner will require a valuation to be made to assess the duty payable on a transaction.
The amount of duty paid by the purchaser of FESA House is information obtained by the Commissioner under a taxation Act.
Section 114(1) of the
Taxation Administration Act 2003
specifically prevents the Commissioner from disclosing information obtained under a taxation Act.
The
Duties Act 2008
provides that the amount of duty payable on a dutiable transaction is calculated on the greater of the consideration for the transaction or the unencumbered value of the property that is the subject of the transaction.
The
Taxation Administration Act 2003
authorises the Commissioner of State Revenue to have a valuation made of any property that the Commissioner considers appropriate.
Commissioner's Practice TAA 30 - Valuation of Land for Duties Purposes is published by the Commissioner to communicate the circumstances when the Commissioner will require a valuation to be made to assess the duty payable on a transaction.
The amount of duty paid by the purchaser of FESA House is information obtained by the Commissioner under a taxation Act.
Section 114(1) of the
Taxation Administration Act 2003
specifically prevents the Commissioner from disclosing information obtained under a taxation Act.
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