The NSW Budget 2014-15 was handed down on Tue 17.6.2014. NSW Treasurer, Andrew Constance, announced the following revenue measures:
- Stamp duty – business taxes to be abolished – from 1 July 2016, the NSW Government will abolish stamp duty on business mortgages, unlisted marketable securities and transfer duty on non-real business transfers.
- Enhanced revenue compliance activity – due to the success of compliance activity measures taken in the 2013-14 Budget, the NSW Government has decided to extend the program. The enhanced package will expand analysis, investigation and audit of complex business and trust structures for stamp duties, payroll tax, land tax and mineral royalties. The NSW Office of State Revenue will also begin to administer mineral royalties from 1 July 2014.
- WorkCover premiums to be reduced – WorkCover premiums will be reduced by 5%.
- Changes for first homebuyers – from 1 July 2014, the threshold for the First Home Owners Grant on new homes will be increased to $750,000 (from $650,000). Also from 1 July 2014, the $5,000 New Home Owners Grant will be restricted to Australian citizens and permanent residents.
Further information – The NSW Office of State Revenue (OSR) has released information on various tax changes announced as part of the Budget.
Budget Bill introduced
The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2014 (NSW) was introduced into the Legislative Assembly on Tue 17.6.2014. The Bill proposes to implement the above Budget measures as well as other changes.
[LTN 114, 17/6/14]
NSW Budget Bill awaits Assent
The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2014 (NSW) has passed all stages without amendment and awaits Assent. The Bill contains legislative amendments to implement the NSW Budget 2014-15 measures as well as other changes.
[LTN 117, 20/6/14]
NSW Budget Bill receives Assent; NSW public sector super changes
The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2014 (NSW) was assented on 24 June 2014 as Act No 37 of 2014. It had passed all stages without amendment and contains legislative amendments to implement the NSW Budget 2014-15 measures as well as other changes.
NSW public sector superannuation changes
According to the NSW Public Services Association (PSA), the Bill contains legislative amendments to “cement” the NSW Government’s “recent win in the Court of Appeal in relation to superannuation and public sector pay”. The Association refers to the Bill’s amendments remaking the provisions of the Industrial Relations (Public Sector Conditions of Employment) Regulation 2011. Acting PSA General Secretary, Steve Turner, said this move comes as public sector unions in NSW was considering their options in relation to a High Court challenge to the Court of Appeal decision which upheld the Government’s position that the public sector pay cap of 2.5% can be reduced by an increase in superannuation. (Source: PSA media release, 25 June 2014.)
[LTN 121, 26/6/14]