The State Revenue Legislation Amendment (Electronic Transactions) Bill 2014 (NSW) has passed all stages without amendment after having been passed by the Legislative Council on Wed 22.10.2014, and awaits Royal Assent.
The Bill proposes to amend the Duties Act 1997 (NSW) and the Taxation Administration Act 1996 (NSW) to make further provision for the assessment and payment of tax by electronic means. Among other things, the amendments:
- make it clear that electronic instruments lodged under the Electronic Conveyancing National Law (NSW) are regarded as written instruments for the purposes of the Duties Act and provide for the circumstances in which such an instrument is taken to be executed;
- provide for special arrangements for the assessment and payment of duty in respect of those instruments;
- permit the Chief Commissioner of State Revenue (NSW) to direct the payment of tax by electronic means; and
- provide for the phasing-out of the use of impressed stamps.
The amendments are proposed to commence on the date of Assent of the Bill.
[LTN 204, 22/10/14]
Bill receives Royal Assent
The State Revenue Legislation Amendment (Electronic Transactions) Bill 2014 (NSW) received Royal Assent on 28 October 2014 as Act No 67 of 2014.
[LTN 210, 30/10/14]