Revenue, Fines and Other Legislation Amendment Bill 2023 (NSW) now law
The Bill, which:
- makes various amendments to the Duties Act 1997 (NSW), including removing the time limit within which dutiable transactions need to occur to be treated as one under the aggregation provisions, extending the duty concession for property vested in an apparent or real purchaser to the legal personal representative of such a purchaser, and providing a duty exemption for transfers to registered native title bodies corporate if the transfer is in accordance with an indigenous land use agreement;
- amends the Land Tax Management Act 1956 (NSW) to provide that land used as a site for a school is exempt from land tax even if the land is not owned by the school;
- amends the Payroll Tax Act 2007 (NSW) to ensure that successor entities used by phoenix operators constitute a group with the former or deregistered entities (with the intent of enabling payroll tax to be better recovered from such groups);
- corrects minor drafting errors in the Property Tax (First Home Buyer Choice) Act 2022 (NSW); and
- makes numerous amendments to the Taxation Administration Act 1996 (NSW), including that the 5-year limit on reassessment of a taxpayer’s liability does not apply if the reassessment is to give effect to a decision about an objection or review of any assessment or where not all relevant facts and circumstances were disclosed to the Chief Commissioner, creating a new offence of tax evasion (the maximum penalty for which is 500 penalty units, 2 years imprisonment, or both), limiting the Chief Commissioner’s ability to allow out of time objections to cases where the objection is lodged within 5 years after the assessment or decision, providing a statutory pause on payroll tax audits in relation to medical practices and GPs for 12 months from the date of assent, and also introducing a 12-month pause on penalty tax and interest accruing on GP’s outstanding tax debts from the date of assent,
received royal assent on 4 September 2023 and is now law.
Treasury Laws Amendment (2023 Measures No 3) Bill 2023 (Cth) awaits assent
The Bill (covered in the Birchstone Brief for the week ending 16 June 2023), which proposes technical changes to the First Home Super Saver Scheme to improve its flexibility, has passed both Houses of the Commonwealth Parliament and is currently awaiting royal assent.
Treasury Laws Amendment (2023 Law Improvement Package No 1) Bill 2023 (Cth) awaits assent
The Bill (covered in the Birchstone Brief for the week ending 16 June 2023), which is intended to improve the operation of Treasury portfolio legislation through minor and technical amendments and other changes recommended by the Australian Law Reform Commission, has passed both Houses of the Commonwealth Parliament and is currently awaiting royal assent.
Treasury Laws Amendment (Modernising Business Communications and Other Measures) Bill 2023 (Cth) awaits assent
The Bill (first covered in the Birchstone Brief for the week ending 25 November 2022), which implements measures relating to the modernisation of communications, financial services laws and ASIC instruments, has been passed by both Houses of the Commonwealth Parliament and is currently awaiting royal assent.