News

Attention Property Practitioners

FIDS FRUSTRATIONS – A TEMPORARY SOLUTION?

Frustrated with SRO findings that you believe are unintended consequences of the FIDS reform?
E.g. Did the government really intend that sc 444 Visa holders be caught only as a result of travelling to NZ for a brief holiday?   The Society doesn’t believe so.

The good news is that further to many Law Society, Treasury and SRO meetings and representations on such types of issues – the legislation is now under review for hopeful amendment at the end of the year (scope yet to be defined; although the definition of foreign person is included in the review).  The Law Society will be making detailed submissions this month.

In the meantime, is there a temporary solution to problems such as the SCV subclass 444 issue and certain trust matters?

You / your clients may want to attempt to take advantage of the Treasurer’s ex-gratia discretionary powers.

The Treasurer has the power to consider applications for ex-gratia payments to reimburse taxpayers where they have been levied for tax due to an unintended consequence of legislative drafting.

A request for ex gratia consideration can be made by simply writing to the Treasurer to explain what has occurred, noting that you don’t believe it was the intention of the legislation that your client be caught by the FIDS, and asking that he consider your client’s matter for ex-gratia reimbursement of the tax paid by your client.  Requests are considered based on the merits of each case.  

Contact:  treasureroffice@dpac.tas.gov.au (marked for the attention of James Abbott, Senior Adviser)