The State Revenue Legislation Amendment Bill 2016 (NSW) received Royal Assent, as Act No 14 of 2016, on Wed 11.5.2016. It had passed all stages without amendment.
The key amendments are as follows:
- amends the Duties Act 1997 (NSW) to: (i) make further provision relating to exemptions from duty for corporate reconstruction transactions; and (ii) provide for a reduction in duty on agreements for the sale or transfer of securities where a transfer to which the agreement applies is a corporate consolidation transaction.
- amend the First Home Owner Grant (New Homes) Act 2000 (NSW) to extend the availability of the FHOG in cases where the new home being purchased or built is a substantially renovated home or a home built to replace demolished premises.
- amends the Land Tax Management Act 1956 (NSW) to make further provision in relation to the application of the principal place of residence exemption to unoccupied land intended to be the owner’s principal place of residence.
- amends the Payroll Tax Act 2007 (NSW) to extend an exemption from payroll tax applying to wages paid by a wholly-owned subsidiary of a local council to wages paid by a body corporate wholly owned by 2 or more local councils.
- amends the Taxation Administration Act 1996 (NSW) to extend a requirement for the Chief Commissioner of State Revenue (NSW) to pay interest on a refund made to a taxpayer (following a successful objection or review) to members of a group to which the taxpayer belongs under the Land Tax Management Act or the Payroll Tax Act.
Note the Bill also contains other amendments in the nature of state law revision.
The amendments commenced on Wed 11.5.2016, except as follows:
- the majority of the amendments to the Duties Act will be taken to have commenced on 22 March 2016; and
- the FHOG amendments will commence on 1 July 2016.
[NSW Parliamentary website] [NSW Bill] [NSW Explanatory Memorandum] [LTN 90, 12/5/16]