The State Revenue Legislation Amendment Bill 2016 (NSW) was introduced in the NSW Legislative Assembly on 22 March 2016. The key amendments are as follows:

  • 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; and
  • 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.

The amendments will commence on the day the Bill receives Royal Assent, except for the majority of amendments to the Duties Act, which will be taken to have commenced on 22 March 2016.

Note the Bill also contains amendments to the following NSW Acts: Land Tax Management Act 1956Taxation Administration Act 1996First Home Owner Grant (New Homes) Act 2000; and Unclaimed Money Act 1995.

[LTN 56, 23/3/16]