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By Jinny Chaimungkalanont, Mark Peters, Dan Miles, and Jonathan Wu New South Wales Treasurer Daniel Mookhey after delaying the 2023-24 budget has today (19 September 2023) handed down the new Labor Government’s first budget with significant changes being made to the state taxes landscape in New South Wales. The new revenue measures are expected to lead … Read more
By Jinny Chaimungkalanont and Mark Peters Numerous Federal and State taxes concessions are now available for BTR developments to support and encourage the sector. This note outlines the presently available state taxes concessions and issues applicable to a BTR project. As the statutory regimes vary across jurisdictions and detailed requirements apply, it is important to … Read more
In this episode stamp duty specialists Jinny Chaimungkalanont and Dan Miles educate income tax partner Toby Eggleston on the latest developments in Australian state taxes. Topics include the Victorian State budget, NSW changes to landholder duty for listed entity takeovers (look out!), NT and WA updates and rounding it out with a summary of 3 important cases handed down in May. … Read more
By Jinny Chaimungkalanont and Mark Peters The Supreme Court of New South Wales has today in Leppington Pastoral Co Pty Ltd v Chief Commissioner of State Revenue ordered that a notice of assessment in excess of $14m issued by the Chief Commissioner of State Revenue in respect of an alleged declaration of trust over land … Read more
By Jinny Chaimungkalanont and Mark Peters Revenue NSW has now published its long-awaited Revenue Ruling on declarations and acknowledgments of trust in light of the 19 May 2022 stamp duty reforms (see our notes on those reforms here). Although housed in the longstanding Revenue Ruling DUT031 Declaration of trust in an agreement for sale, that … Read more
By Jinny Chaimungkalanont and Mark Peters The new “change in beneficial ownership” provisions (covered in our note here) have been in force in NSW since 19 May 2022 (State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022 (NSW)[1]). Almost six months on, Revenue NSW has released Commissioner’s Practice Notes (CPN) on the provisions generally and … Read more
By Mark Peters. 2022-23 Budget Update: Key changes to Australian state taxes Significant stamp duty and land tax changes have been proposed in a number of Australian states and territories, with ramifications for property acquisition and development, mergers and acquisitions, foreign investment and trustees. 21 June 2022 brought us the last of the budget announcements … Read more
By Mark Peters. Resettlement risk continues to be one of the most significant risks that trustees and beneficiaries need to manage in the administration of trusts of any kind. The duty and tax consequences of an inadvertent resettlement of some or all of the trust property on new trusts are manifold, including: Read more
By Mark Peters. New stamp duty will be imposed on a change in beneficial ownership or a trust acknowledgement, plus a welcome change to refund foreign purchaser duty for non-residential land. Read more
