From 1 February 2024, the exemption from duty for eligible corporate reconstruction transactions and corporate consolidation transactions are replaced with a concession of 10% of the duty that would otherwise be payable.

Due to the high volume of Corporate Reconstruction and Corporate Consolidation exemption applications, it is preferable for pre-approval applications to be received by mid-December 2023, or as soon as possible. This will allow the Corporate Reconstruction team time to review and provide a determination on your pre-approval application before 1 February 2024.

For more information the Treasury and Revenue Legislation Amendment Act guide provides key information relating to the changes.