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Treasury and Revenue Legislation Amendment Act 2023

A guide for property professionals on the Revenue Legislation Amendment Act 2024 which affects the Duties Act 1997 and other legislation.

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

Introduction to the Treasury and Revenue Legislation Amendment Act 2023.
2. Corporate reconstructions and consolidations

Exemption from duty for corporate reconstructions and consolidations will be replaced by a concession.
3. Landholder duty

Changes to landholder duty including acquisition thresholds and registration of private unit trust schemes.
4. Fixed and nominal duty

Changes to fixed and nominal duty from 1 February 2024.
5. Electric vehicle duty exemption and rebate

Changes to the electric vehicle duty exemption and rebate from motor vehicle registration duty.
6. Amendment to remissions of interest

Changes to remission of interest and access to the Remission of Interest Guidelines.
7. Landholder duty webinar

View a recording of a webinar that covered changes to landholder duty that came into effect on 1 February 2024.
8. Corporate reconstructions and consolidations webinar

Watch a recording of a webinar about legislative changes that came into effect on 1 February 2024.
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1. Overview