The State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022 (NSW) received assent on 19 May 2022, which included significant amendments to the Duties Act 1997 (NSW).  The amendments include:

• Acknowledgement of trust
• Change in beneficial ownership (including options and leases)
• Surcharge purchaser duty concession for Australian based developers
• Tax avoidance schemes, significant global entities and promoter penalties

The amendments have required practitioners to re-think the way they advise on transactions involving NSW dutiable property (most notably land) and drafting documents.  While the amendments have been in force for some months now, and clarifying Regulations have since been made, there has been considerable uncertainty about how Revenue NSW seeks to interpret the amendments in everyday transactions.  We expect guidance from Revenue NSW to be published shortly. 

This session will cover the changes, what we have already seen in practice, and subject to their publication, comments on Revenue NSW’s approach.  It is intended to focus on the amendments and how they impact legal advice and transactions, which may require additional caution or re-thinking the way certain transactions are documented and implemented.