NSW state tax amendments

NSW Parliament recently passed significant changes to state taxation, which commenced on 19 May 2022. The amendments include:

• Expanding the concept of “declaration” of trust to “acknowledgement” of trust, thereby potentially capturing a wider class of transactions.
• Expanding the breadth of transfer duty to mere changes in “beneficial ownership”.
• Expanding the reach of the general anti-avoidance provisions.
• Providing a refund of surcharge purchaser duty for Australian-based developers.
• Increasing penalty tax for significant global entities (SGEs).
• Introducing promoter penalty regime which could affect tax advisers.

The amendments comprise significant changes to the risk profile of certain transactions in NSW for taxpayers and advisers alike.

Listen back to our National State Taxes lead, Steve Paterson, as we explore what the proposed changes could mean for you in our webinar.

Watch on-demand