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ARTICLE · 27 NOVEMBER 2009

Changes To The NSW Landholder Duty Regime

Norton Rose Fulbright Australia
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As from 1 July 2009, the land-rich duty provisions were replaced with a new model landholder duty regime.

AustraliaReal Estate and Construction
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Article by Stephanie Barnes and Claire Falkner

As from 1 July 2009, the land-rich duty provisions were replaced with a new model landholder duty regime (see www.deacons.com.au/footprint/articles/0709-footprint-NSW-announces-major-land-rich-duty-changes.html).

Changes to the new regime have now been introduced by the State Revenue Legislation Further Amendment Bill (No 2) 2009, which at the time of writing has been passed by the NSW parliament and only awaits assent.

The changes will mostly take effect from 1 December 2009.

A brief summary is set out below:

Value of landholdings

Landholder duty applies to acquisitions of significant interests in landholders which hold NSW land with a "value" of $2 million or more.

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