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ARTICLE · 24 MAY 2022

Significant Stamp Duty Changes Affecting Property Transactions

Herbert Smith Freehills Kramer LLP
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New stamp duty will be imposed on a change in beneficial ownership or a trust acknowledgement, plus a welcome change to refund foreign purchaser duty for non-residential land.

AustraliaReal Estate and Construction
Jinny Chaimungkalanont
Jinny Chaimungkalanont
Mark Peters
Mark Peters

New stamp duty will be imposed on a change in beneficial ownership or a trust acknowledgement, plus a welcome change to refund foreign purchaser duty for non-residential land.

Proposed changes now in force

On 19 May 2022 the State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022  (NSW) (Amending Act) received the Royal Assent. The amendments to the NSW Duties Act discussed below came into force on the date of Assent.

Revenue NSW has now issued a guide to the Amending Act which casts some additional light on the proposed administration of the new provisions. However, the provisions are complex and advice should be sought before entering any transaction which may fall within their scope. A few key takeaways from the Amending Act which have been crystallised by the guide include:

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