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).


The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.