The State Revenue Legislation Amendment Bill 2014 (NSW) (formerly known as State Revenue Legislation Amendment Bill 2013 (NSW)) proposed 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.
However, there were 8 Government amendments that removed 4 provisions from the Bill to allow for further consultation with industry and professional bodies. These were amendments to the landholder duty provisions relating to primary production land, mining interests and a general discretion to the NSW Chief Commissioner of State Revenue.
Amendments concerning transfers of options were also removed pending further consultation.
What remains of the Bill is currently before the Legislative Council.
[LTN 59, 27/3/14] [LTN 60, 28/3/14]