Australia: Stamp duty act enacted (New South Wales)
The stamp duty act in New South Wales was enacted.
The stamp duty act in New South Wales was enacted.
The New South Wales “State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022” received Royal Assent on 19 May 2022.
The Act will:
- Broaden the tax base to include changes in beneficial ownership of dutiable property
- Provide a refund of surcharge purchaser duty and surcharge land tax for residential land that is used wholly or predominantly for commercial or industrial purposes after acquisition
- Increase the base penalty tax rate from 25% to 50% for a significant global entity that has a state tax default
- Introduce a promoter penalty regime
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