ARTICLE · 27 APRIL 2022

Changes to stamp duty: What you need to know

ClarkeKann Lawyers

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The scope of stamp duty is expanding. Discussion about the new types of dutiable transactions.

AustraliaTax

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Key Takeaways

The scope of stamp duty is expanding, with declarations of trust and changes in beneficial ownership potentially becoming dutiable.
Australian based developers that are foreign persons may be able to apply for a refund of stamp duty where residential land has been used for commercial or industrial purposes.
Tax avoidance provisions have been broadened to include the promotion of tax avoidance schemes.
The rate of penalty tax will move from 25% to 50% for any tax defaults for significant global entities.

Back in November 2020, the NSW Government identified stamp duty as being one of the biggest financial barriers to home ownership. However, stamp duty also plays a vital role as a source of revenue to pay for public services. In an attempt to find a middle ground between these competing interests, the NSW Government has proposed changes to the property tax system. The proposed changes gives prospective home owners the choice to either pay

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