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Revenue, Fines and Other Legislation Amendment Act 2023 guide

Chapters

  1. Overview
  2. Vesting of land
  3. When does a liability for duty arise?
  4. Aggregation of dutiable transactions
  5. Effect of alteration in purchase price
  6. Transfers in relation to managed investment schemes
  7. Property vested to an apparent purchaser
  8. Establishment of a trust relating to unidentified property and non-dutiable property
  9. Transfers of property in connection with persons changing superannuation funds
  10. Registered native title body corporates
  11. Valuation of property
  12. Changes to the Taxation Administration Act

11. Valuation of property

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Section 305 of the Duties Act 1997

Section 305 - Valuation of property has been removed from the Duties Act 1997.

Similar provisions to those previously in section 305 have now been included under section 17A of the Taxation Administration Act 1996.

Like the requirements prior to the amendments, where necessary, the liable party must provide appropriate evidence of the value of the property.

In cases where Revenue NSW obtains a valuation, Revenue NSW may recover from the taxpayer the cost of obtaining a valuation if:

  • The value of the property in the valuation differs from the value of the property provided by the taxpayer by at least 10%, or
  • The taxpayer fails to comply with a written notice given to them within 60 days after the notice is issued.

When does the change take effect?

Amendments made to this section of the Duties Act 1997 apply to transactions that occur on or after 4 September 2023.

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Where can I find more information?

 

Note

Revenue rulings and CPNs impacted by this change are currently being reviewed. This guide will be updated once any updated rulings and CPNs become available. Existing Revenue rulings can be found on our Revenue rulings page.