NSW: payroll tax, land tax, duty – Omnibus Bill awaits Assent – duty exemption for transfer to SMSF nominee (limited recourse financing); to new trustee and to SMSF member (primary production land)

The State Revenue Legislation Amendment Bill 2017 (NSW) was passed by the NSW Legislative Council without amendment on 4 April 2017 and received Royal Assent on 11 April 2017 as Act No 11 of 2017.

It is an omnibus-style amendment Bill that makes a range of amendments to the Duties Act 1997, Land Tax Management Act 1956 and the Payroll Tax Act 2007. Among other things:

• the amendments will extend the duty concessions for certain transfers of property to a custodian of a SMSF trustee.
• The amendments also provide for nominal duty on certain transfers due to the changing of a trustee; and
• They will extend the existing exemptions for transfers of primary production land from a SMSF to a member.

DATE OF EFFECT: The amendments will apply from Assent.

[NSW Parliament website: Bills Digest, Bill, Explanatory Notes; LTN 64, 5/4/17]