The Duties Amendment (Landholder and Corporate Reconstruction and Consolidation) Bill 2016 has passed the Tasmanian House of Assembly without amendment and will now move to the Legislative Council.
It proposes to amend Chapter 3 of the Duties Act 2001 (Tas), which deals with the duty liability for indirect transfers of land, by changing the assessment of liability from one that relies on an outdated land-rich model (that has been in place since 1990) to one that relies on a more contemporary landholder model. The amendments will bring Tasmania into line with similar provisions applied by all other jurisdictions. The amendments will commence on the day the Bill receives Royal Assent.
[Tasmanian Parliamentary website – Bills Digest] [LTN 184, 22/9/16]