The State Revenue Legislation Amendment Bill 2012 (NSW) was introduced in the NSW Legislative Assembly on Wed 28.3.2012. It proposes 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 Bill proposes to 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 in exempt from duty; and
- limiting various duty concessions relating to self-managed super funds (SMSFs) and deceased estates.
The Bill also proposes to amend 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 proposes to amend 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 are proposed to commence on the day the Bill receives Assent, except for the amendments concerning corporate reconstructions and the payroll tax Act amendment, which are proposed to commence on 1 July 2012.
[LTN 61, 29/3]