The State Revenue Legislation Amendment Bill 2013 (NSW) was introduced into the NSW Legislative Assembly Wed 29.5.2013. It proposes a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include:
- making further provision for duty on transfer of options to purchase land, including to prevent avoidance practices;
- making further provision for duty on transfers of mining tenements or land subject to a mining tenement; and
- refining the power of the NSW Chief Commissioner of State Revenue to grant exemptions from landholder duty.
The Bill also proposes to amend the Land Tax Management Act 1956 (NSW) to, among other things, specify additional rules that a unit trust must comply with to be treated as a fixed trust for land tax purposes. In addition, the Bill also proposes to amend the Tax Administration Act 1996 (NSW) to make further provision for the liability of directors for unpaid corporate tax.
DATE OF EFFECT: The amendments are proposed to commence on the day the Bill receives Assent, except for the amendments to the Duties Act which are proposed to commence on 1 July 2013.
[LTN 102, 29/5/13]