❓ Hon. Norman Moore raises concerns about inconsistent stamp duty charges for Raffles Waterfront apartments, questioning the legal basis and fairness of the assessments. Hon. Ljiljanna Ravlich, representing the Treasurer, cites relevant legislation and assures that the Commissioner of State Revenue will address any inconsistencies through audits and reassessments.
AnsweredQoN 635Legislative Council
QuestionView source ↗
STAMP DUTY - RAFFLES WATERFRONT APARTMENTS
I refer the minister to a newspaper report that states that buyers who purchased apartments in the Raffles Waterfront complex from the plan are being charged stamp duty on current valuations rather than on the purchase price. (1) Under what authority does the government levy stamp duty in this way? (2) Why were not all purchasers of Raffles apartments treated the same way concerning stamp duty? Hon LJILJANNA RAVLICH
I refer the minister to a newspaper report that states that buyers who purchased apartments in the Raffles Waterfront complex from the plan are being charged stamp duty on current valuations rather than on the purchase price. (1) Under what authority does the government levy stamp duty in this way? (2) Why were not all purchasers of Raffles apartments treated the same way concerning stamp duty? Hon LJILJANNA RAVLICH
AnswerView source ↗
I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(1) Under what authority does the government levy stamp duty in this way? (2) Why were not all purchasers of Raffles apartments treated the same way concerning stamp duty? Hon LJILJANNA RAVLICH replied: I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(2) Why were not all purchasers of Raffles apartments treated the same way concerning stamp duty? Hon LJILJANNA RAVLICH replied: I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
Hon LJILJANNA RAVLICH replied: I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(1) Under what authority does the government levy stamp duty in this way? (2) Why were not all purchasers of Raffles apartments treated the same way concerning stamp duty? Hon LJILJANNA RAVLICH replied: I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(2) Why were not all purchasers of Raffles apartments treated the same way concerning stamp duty? Hon LJILJANNA RAVLICH replied: I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
Hon LJILJANNA RAVLICH replied: I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
I thank the member for some notice of this question. On behalf of the Treasurer I am happy to provide the following response - (1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(1) Sections 74B and 75(2) of the Stamp Act 1921. (2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
(2) The imposition of stamp duty depends on the nature of the instruments presented for stamping. If the circumstances of the sale and the documentation presented were the same in all instances, the assessment method should be the same. However, until the Commissioner of State Revenue is able to establish the specific circumstances of each transaction, he is unable to comment. The Commissioner of State Revenue has advised that conveyances associated with large property developments are usually subject to audit examination by his office. He is confident that claims of inconsistent administration evaluations and their application would be addressed through that process if required. Moreover, the Taxation Administration Act 2003 provides for the commissioner to make reassessment if it appears that a previous assessment is or may be incorrect for any reason.
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