Australia: Stamp duty and land tax changes in 2023-2024 budget (New South Wales)

Proposals in New South Wales budget for 2023-2024

Proposals in New South Wales budget for 2023-2024

The New South Wales budget for 2023-2024 proposes stamp duty and land tax changes.

Stamp duty changes

  • Reduction in landholder duty relevant acquisition threshold for interests in a private unit trust, and linked entity tracing threshold, to 20% (from 50%)—effective 1 February 2024, with transitional rules if a relevant acquisition occurs after 1 February 2024 but was part of an agreement or arrangement entered into before 19 September 2023
  • Introduction of wholesale unit trust scheme registration regime—effective 1 February 2024
  • Reduction in corporate reconstruction relief to 90% (from 100%)—effective 1 February 2024
  • Increase in various fixed/nominal duty amounts—effective 1 February 2024
  • Removal of registration duty exemption and rebate for zero and low emission vehicles—effective 1 January 2024

Land tax changes

  • Introduction of 25% minimum ownership for principal place of residence land tax exemption—effective 1 February 2024, although the new ownership threshold will not apply for the 2024 and 2025 land tax years to persons already claiming the principal place of residence exemption




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