Duties developments in NSW: State Revenue Legislation Further Amendment Act 2014

In brief - Act makes changes to duties, land tax and payroll

On Tuesday 14 October 2014, the State Revenue Legislation Further Amendment Bill 2014 (NSW) was passed by the Legislative Council and assented to on 23 October 2014. The State Revenue Legislation Further Amendment Act ("the Act") is part of an ongoing government initiative to respond promptly to protect the state's tax revenues and to ensure that tax liabilities can be clearly identified and operate fairly. In particular, the Act makes amendments to duties, land tax and payroll.

Duties Act 1997 (NSW) amended to prevent avoidance practices

The Act amends the Duties Act 1997 (NSW) in many ways, including:

• to prevent avoidance practices by imposing duty on certain transactions involving options to purchase land;