The State Revenue Legislation Amendment Bill 2012 (NSW) has passed all stages without amendment and awaits Assent. It contains a number of amendments to the Duties Act 1997 (NSW). Some of the main amendments include:
- establishing a new exemption for corporate reconstruction and corporate consolidation transactions. The amendments replace the existing exemptions for “top hatting” arrangements and for corporate reconstructions;
- providing further circumstances in which a transfer of business property between family members is exempt from duty; and
- limiting various duty concessions relating to self-managed super funds (SMSFs) and deceased estates.
The Bill also amends the Land Tax Management Act 1956 (NSW) to, among other things, ensure that the tax-free threshold can be claimed in respect of land held by SMSFs that are complying super funds under Commonwealth legislation.
In addition, the Bill also amends the Payroll Tax Act 2007 (NSW) to clarify an exemption from payroll tax for wages paid or payable in respect of maternity leave, paternity leave or adoption leave.
DATE OF EFFECT: The amendments will commence on the day the Bill receives Assent, except for the amendments concerning corporate reconstructions and the payroll tax Act amendment, which will commence on 1 July 2012.
[LTN 66, 5/4]
The State Revenue Legislation Amendment Bill 2012 (NSW) on Wed 11.4.2012, received Royal Assent as Act No 20 of 2012.
[LTN 69, 12/4]