Australia: Various proposed state tax reforms (New South Wales)
New South Wales introduced a bill with various proposed state tax reforms
New South Wales introduced a bill with various proposed state tax reforms
The New South Wales (NSW) government on 1 August 2023, introduced the Revenue, Fines and Other Legislation Amendment Bill 2023, which would introduce various reforms across NSW state taxes, including the introduction of state penalties for breaches of confidential tax information.
Some of the key duties and taxation administration proposed measures include:
- Broadening the operation of the transfer duty aggregation provisions
- Deeming a division (foreign concept concerning splitting of companies) as being subject to duty
- Deeming the liability time and date for certain electronic instruments
- Deeming the location of execution for concessional declaration of trust duty purposes
- Enabling the promoter penalty provisions to be applied to promoters of phoenix activity
- Increasing penalties for offences that hinder compliance activities; changing the time limits for out-of-time objections and reassessments; changing the information sharing provisions; and changing the administrative provisions for valuations, refunds and payments
If the bill is passed, it would commence on the date of assent (i.e., no specified commencement date nor retrospective effect).
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