The State Revenue Legislation Amendment (Surcharge) Bill 2017 (NSW) was passed by the NSW Legislative Council yesterday [Wed 22.11.2017] without amendment and received Royal Assent on 30 November 2017 as Act No 67 of 2017. The Bill makes various amendments to the Duties Act 1997, Land Tax Act 1956 and Land Tax Management Act 1956, including:
- an exemption from and refunds of surcharge purchaser duty and surcharge land tax payable in respect of residential land by a foreign person that is an Australian corporation when the land is used for the construction of new homes or is subdivided and sold for the purposes of the construction of new homes – s104ZJA of the Duties Act (NSW) and s5C of the Land Tax Act (NSW);
- to provide that the small business declaration, required for the purposes of the small business exemption from duty, on an insurance policy is to be provided in a manner approved by the Chief Commissioner (replacing the current requirement that it be provided in writing) – s 259C(2) of the Duties Act (NSW).
[NSW Parliament – Bills Tracker; Bill as passed; Explanatory Notes; LTN 225, 23/11/17; Tax Month Nov 2017]