As a Licensed Conveyancer at a Law Firm, I deal with many
clients, from first home buyers to investors and businesses. The
State Revenue Legislation Act effects a large portion of my clients
and determines what they can do, the grant amounts they will
receive and the tax they need to pay. So when The NSW Office of
State Revenue or OSR, announced changes to the act with The State
Revenue Amendment Act 2016, I realised many of my clients would be
unaware or confused by the changes. So for those people or
businesses undertaking a transaction with the OSR, and to help you
understand the changes, I have summarised the changes to the act
The changes include:
To be classified as a "Substantially renovated home"
for the purpose of the First Home Owner Grant and First Home New
Home Exemption or Concession from Duty, the home must now be
created by renovations that remove or replace all, or substantially
all of the building.
To be classified as a "home built to replace demolished
premises" for the purpose of the First Home Owner Grant, the
home must be built on the same land that the demolished premises
Unoccupied land which is eligible for the principal place of
residence land tax exemption that is occupied by a person other
than the owner can now be exempt for a period of up to 4 years from
when that person stops using the land for residential
Wages that are paid to a person by a body corporate wholly
owned by at least 2 local councils, for activities carried out for
those councils, are now exempt from payroll tax.
After a successful objection or review, the chief Commissioner
must now pay interest on a refund made to a taxpayer.
Enterprises may now voluntarily report amounts which are not
classified as unclaimed because the total is $100 or less. The
amount must be paid to the Chief Commissioner and can be claimed by
the owner of the money.
The Chief Commissioner may now allow an owner of unclaimed
money whose right to the money has expired to still claim the
References to anything done or held by a trustee of a unit
trust scheme as trustee in respect of corporate reconstruction
transactions and corporate consolidation transactions that are
exempt from duty now extend to include anything done by or held by
a custodian of the trustee of a managed investment scheme.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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The High Court of Australia has granted special leave to appeal a decision of the NSWCA that upheld an adjudication determination under the NSW 1999.
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