ARTICLE · 08 JULY 2022

NSW Duties And Penalty Changes Now In Force

Vincent Young

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The State Revenue and Fines Legislation Amendment Bill 2022 was introduced into NSW Parliament on 23 March 2022 and was assented to on 19 May 2022.

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Introduction

The State Revenue and Fines Legislation Amendment (Miscellaneous) Bill 2022 (NSW) (Bill) was introduced into NSW Parliament on 23 March 2022 and was assented to on 19 May 2022. The Bill is now referred to as State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022 (Amending Act) and it amends the Duties Act 1997 (NSW) (Duties Act) and the Taxation Administration Act 1996 (NSW) (TAA).

This article focuses on the following key amendments and their impact, as well as how the changes are proposed to be administered by NSW Revenue according to the Legislation Amendment Act 2022 Guide (Guide):

changes in beneficial ownership of dutiable property;
acknowledgment of trust;

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