The NSW Office of State Revenue (OSR) has issued the following Revenue Rulings:

  • Revenue Ruling DUT 045 (Market value and GST). It states that the Chief Commissioner will not accept a valuation as a market valuation if it is expressed to be determined on a GST-exclusive basis, or has been made on that basis, or the valuer has been instructed to make a determination of market value on that basis. The Ruling states that the Chief Commissioner accepts that while GST may have an impact upon the market value of an item of property, it is not a separate amount to be deducted when determining the market value of the item. In other words, there is no such thing as a GST-exclusive market value.
  • Revenue Ruling DUT 036v2 (Aggregation of dutiable transactions). This updated Ruling outlines the manner in which s 25 of the Duties Act 1997 (NSW) will be applied, with emphasis on the circumstances in which 2 or more dutiable transactions are considered to constitute “one arrangement”. The Ruling primarily refers to transactions over real property, but the general principles would apply to all types of dutiable property.

The Rulings apply from 24 August 2016.

[LTN 167, 30/8/16]