Revenue NSW

 Citizens of New Zealand, Finland, Germany, India, Japan, Norway, South Africa and Switzerland were previously not subject to surcharge purchaser duty or surcharge land tax due to international tax treaties.

Changes to federal legislation mean that these citizens may now need to pay surcharge purchaser duty if they enter into an agreement to acquire residential property in NSW on or after 8 April 2024.

Surcharge land tax may also be payable on future land tax assessments for residential land they own in NSW.

Read more

 From 1 February 2024, persons who purchase and occupy a property but own less than 25% interest (either solely or combined) will not be entitled to the principal place of residence exemption from the 2025 land tax year onwards.

Transitional provisions may apply until the 2026 land tax year for existing homeowners and those who purchased a property and claimed the exemption by 31 January 2024.

Read more about the principal place of residence exemption.

 01 March 2024

The remaining provisions of the Treasury and Revenue Legislation Amendment Act 2023 took effect on 1 February 2024. The following resources are now available.

• Corporate reconstructions and consolidations guide for property industry professionals.
• New Corporate reconstructions and consolidations webpage.
• New evidentiary requirements.
• Two new application forms for corporate reconstruction transactions that occur on or after 1 February 2024 (ODA 028A Pre) and (ODA 028A Post)
• Two new application forms for corporate consolidation transactions that occur on or after 1 February 2024. (ODA 028B Pre) and (ODA 028B Post)
• Corporate reconstruction and consolidation webinar recording (available soon)

• Acquisitions of interest in landholders guide for property industry professionals.
• Updated Landholder duty webpage.
• Updated evidentiary requirements.
• Updated landholder application forms.
• Acquisitions of an interest in a landholder webinar recording (available soon).
• New Wholesale and Imminent Wholesale Unit Trusts webpage and application for registration form (ODA 045).

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.

The Revenue NSW website, forms, guides and calculators have been updated to reflect these changes.

 14 December 2023

From 1 February 2024, the exemptions from duty for eligible corporate reconstruction transactions and corporate consolidation transactions are replaced with a concession of 10% of the duty that would otherwise be payable.

Obtaining a pre-approval before 1 February 2024 does not give access to the existing 100% exemption unless the transitional provisions are satisfied.

For more information about the transitional provisions and the amendments more broadly, please refer to the Treasury and Revenue Legislation Amendment Act guide.

 22 November 2023

Following legislation changes which came into effect in September, 2023, Revenue NSW issued amendments to seven existing duties and land tax rulings.

These include:

• DUT 012v4 -  Evidence of value requirements and guidelines
• DUT 030v2 - Property vested in an apparent purchaser
• DUT 033v2 - Consideration for duties transactions
• DUT 036v4 - Aggregation of dutiable transactions
• DUT 044v2 - Valuation of property - suitably qualified person
• DUT 049v2 - Transfer in relation to Managed Investment Schemes
• LT 048v2 - Concession for Unutilised Land Value of land containing a single dwelling-house