ARTICLE · 21 APRIL 2012

NSW Broadens Stamp Duty Exemption for Corporate Reconstructions and Top-Hatting Transactions

DLA Piper Australia

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This update provides a summary of the new corporate reconstructions and consolidations exemption from stamp duty in NSW.

AustraliaTax

Peter Charteris

This update provides a summary of the new corporate reconstructions and consolidations exemption from stamp duty in New South Wales (NSW).

BACKGROUND AND SUMMARY

On 11 April 2012, the State Revenue Legislation Amendment Bill 2012 (NSW) received Royal Assent. Amongst other changes, this Bill introduces a new "Corporate Reconstructions and Consolidations" exemption regime in Chapter 11, Part 1 of the Duties Act 1997 (NSW) (Duties Act). These provisions replace the existing exemptions for "corporate reconstructions" in section 281 of the Duties Act and "top-hatting" arrangements in section 163C of the Duties Act.

The key changes to the exemption provisions include:

An expansion of the existing top-hatting exemption for an acquisition of an interest in a landholder that is made as part of a corporate consolidation.

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