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ARTICLE · 26 SEPTEMBER 2023

NSW Budget 2023/24 – tax and duty changes revealed

Holding Redlich
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Recent tax & duty changes predominantly affect restructures of corporate entities and private unit trusts.

AustraliaTax
Elly Ashley
Elly Ashley
Megan Bishop
Megan Bishop
William Kontaxis
William Kontaxis
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On 19 September 2023, the NSW Government announced a number of changes to the Duties Act 1997 and Land Tax Management Act 1956 as part of its 23/24 Budget.

The changes predominantly affect restructures of corporate entities and private unit trusts and are expected to deliver to the Budget $958.5 million over four years. We explain the changes below.

Corporate restructures

Chapter 11 of the Duties Act 1997 currently allows a full duty exemption if an entity is seeking to undertake a corporate restructure or corporate consolidation transaction.

This exemption will be replaced with a concession that will require 10 per cent of the duty that would have otherwise been payable to be paid.

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This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.

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