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By Jinny Chaimungkalanont, Nick Heggart and Jonathan Wu Update: Interestingly, on 15 March 2023, the State Revenue Office of Victoria (SRO) announced that the position in Victoria has not changed, and the SRO will continue to apply the Victorian provisions to all foreign purchasers and absentee owners. Currently, duty is payable in NSW on the … 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 Toby Eggleston and Mark Peters In this episode Mark Peters and Toby Eggleston discuss the latest in the world of NSW stamp duty. A must listen for those in property and infrastructure. More details can be found on blog here. 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 Nick Heggart, Tristan Boyd and Louise Van Wyk A bill has been introduced into the Parliament of Western Australia to amend the Duties Act 2008 (WA) (Duties Act), in relation to farm-in agreements and related transactions (Amending Bill).[1] Reform of the longstanding farm-in stamp duty concession was first announced on 28 November 2018 (Announcement … Read more
By Jinny Chaimungkalanont and 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 are manifold, including: Read more
By Jinny Chaimungkalanont and Toby Eggleston In the first episode of our Tax Bites podcast series, Stamp duty partner Jinny Chaimungkalanont enlightens tax partner Toby Eggleston on all the happenings in the world of stamp duty. Read more
By Mark Peters. 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. 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