2022

Local Tax Club Series - NSW State Tax Amendments - Part 5 (Sydney)

Source: New South Wales

Published Date: 21 Jun 2022

 
The NSW Parliament just passed significant changes to state taxation, which are commenced on 20 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.

Details

  • Published On:21 Jun 2022
  • Took place at:Cliftons & Online

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Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

This material is copyright. Apart from any fair dealing for the purpose of private study., research, critisism or review, as permitted under teh copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opininons are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

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