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Revenue, Fines and Other Legislation Amendment Act 2023 guide

A guide for property professionals on the key changes in the Revenue, Fines and Other Legislation Amendment Act 2023 which affects duty transactions.

Chapters

1. Overview

Introduction to the Revenue, Fines and Other Legislation Amendment Act 2023.
2. Vesting of land

Changes to vesting of land as a result of division of a corporation.
3. When duty liability arises

Amendment to clarify when the liability for duty arises for electronic registry instruments.
4. Aggregation of dutiable transactions

Amendment to delete Section 25(1)(a) of the Duties Act 1997, removing the time limit for aggregation.
5. Alteration in purchase price

Amendment clarifying the calculation of duty for an agreement for sale or transfer when there has been an alteration in purchase.
6. Managed investment schemes

Changes to transfers in relation to managed investment schemes, under section 54A of the Duties Act 1997.
7. Property vested to an apparent purchaser

Extension of the duty concessions for property vested in an apparent or real purchaser of dutiable property.
8. Establishment of a trust

Changes to establishment of a trust relating to unidentified property and non-dutiable property.
9. Consolidating or changing super funds

Changes to transfers of property in connection with persons changing superannuation funds.
10. Registered native title body corporates

Inclusion of Section 280A of the Duties Act 1997 which relates to transfers to registered native title body corporates
11. Valuation of property

Removal of Section 305 of the Duties Act 1997 - valuation of property.
12. Taxation Administration Act

Key changes to the Taxation Administration Act 1996.
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1. Overview