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ARTICLE · 18 NOVEMBER 2019

State Revenue Legislation Further Amendment Bill 2019 (NSW)

Colin Biggers & Paisley
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The recent NSW Bill made amendments to the Duties Act 1997, the Land Tax Act 1956 and the Land Tax Management Act 1956.

AustraliaTax
Duane Keighran
Duane Keighran
Thomas Chapman
Thomas Chapman

In brief - the object of the State Revenue Legislation Further Amendment Bill is to make amendments to the Duties Act 1997, the Land Tax Act 1956 and the Land Tax Management Act 1956

The Bill was introduced to Parliament on 22 October 2019 and is due to be debated five calendar days from this date.

Amendments to the Duties Act 1997

The Bill proposes the inclusion of section 104JA, which makes special provision for the liability for surcharge purchaser duty of foreign trustees when the trust is a discretionary trust. A trustee of a discretionary trust is taken to be a foreign trustee (and so is liable for surcharge purchaser duty as the transferee of residential land) if the terms of the trust do not prevent a foreign person from being a beneficiary. If the terms of the trust prevent a foreign person from being a beneficiary, the trustee is not a foreign trustee for surcharge purchaser duty purposes.

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