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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

6. Remission of interest clarification

On this page

What is the change?

The interest rate applied to tax defaults is the sum of two amounts – a market rate component (the bank accepted bill rate) and a premium component (set at 8%).

From 1 February 2024, interest (including the premium component) may only be remitted in accordance with guidelines made by the Chief Commissioner of State Revenue.

Where can I find more information?