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Treasury and Revenue Legislation Amendment Act 2023

The NSW Government has announced some tax measures as part of the 2023-24 Budget.

The Treasury and Revenue Legislation Amendment Act 2023 was announced 19 September 2023, received assent on 27 September 2023, and will implement the measures which are to generally commence on 1 February 2024.

This guide provides key information relating to the budget amendments, and how they affect duties transactions.

Chapters

  1. Overview
  2. Corporate reconstructions and consolidations concession
  3. Landholder duty
  4. Fixed and nominal duty amounts
  5. Electric vehicle duty exemption and rebate ends
  6. Remission of interest clarification

4. Fixed and nominal duty amounts

On this page

What is changing?

Fixed or nominal duty is currently charged in respect of various transactions throughout the Duties Act.

From 1 February 2024, duty of:

  • $10 is increased to $20
  • $50 is increased to $100
    (except where relating to Managed Investment Schemes, which is increased to $500); and
  • $500 is increased to $750.

When do the changes take effect?

The new amounts will apply to transactions entered into on or after 1 February 2024.

What are the transitional provisions?

The increase in amounts of duty does not apply in relation to the following:

  1. a transaction occurring before 1 February 2024, or
  2. a transfer to which section 18(2) or (3) applies if the agreement was entered into before 1 February 2024.

Where can I find more information?