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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Revenue Legislation Amendment Bill 2024
Contents
Page
1 Name of Act 2
2 Commencement 2
Schedule 1 Amendment of Duties Act 1997 No 123 3
Schedule 2 Amendment of Government Sector Finance Act 2018 No 55 5
Schedule 3 Amendment of Land Tax Act 1956 No 27 6
Schedule 4 Amendment of Land Tax Management Act 1956 No 26 7
Schedule 5 Amendment of Payroll Tax Act 2007 No 21 8
Schedule 6 Amendment of Taxation Administration Act 1996 No 97 10
I certify that this public bill, which originated in the Legislative Assembly, has finally passed
the Legislative Council and the Legislative Assembly of New South Wales.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2024
New South Wales
Revenue Legislation Amendment Bill 2024
Act No , 2024
An Act to make miscellaneous amendments to certain revenue legislation; and for other purposes.
I have examined this bill and find it to correspond in all respects with the bill as finally
passed by both Houses.
Assistant Speaker of the Legislative Assembly.
Revenue Legislation Amendment Bill 2024 [NSW]
The Legislature of New South Wales enacts--
1 Name of Act
This Act is the Revenue Legislation Amendment Act 2024.
2 Commencement
This Act commences, or is taken to have commenced, as follows--
(a) for Schedule 1--on 1 January 2025,
(b) for Schedule 3[1]-[3]--on 27 September 2023,
(c) otherwise--on the date of assent to this Act.
Page 2
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
Schedule 1 Amendment of Duties Act 1997 No 123
[1] Sections 104U(1), 137AD(1) and 157H(1)
Omit "8%" wherever occurring. Insert instead "9%".
[2] Schedule 1 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions consequent on enactment of Revenue
Legislation Amendment Act 2024
Definitions
In this part--
amending Act means the Revenue Legislation Amendment Act 2024.
as amended means as amended by the amending Act.
Rate of surcharge purchaser duty and other surcharge duty
(1) Section 104U(1), as amended, applies to a surcharge duty transaction that
occurs on or after the commencement of the amendment, except as otherwise
provided by this clause.
(2) Section 104U(1), as in force immediately before its amendment by the
amending Act, continues to apply to the following--
(a) surcharge purchaser duty chargeable on the transfer of
residential-related property made in conformity with an agreement for
sale or transfer of the residential-related property entered into before the
commencement of the amendment,
(b) surcharge purchaser duty chargeable on a surcharge duty transaction
that results from the exercise of an option for the sale or purchase of
residential-related property if the option was granted before 18 June
2024.
(3) Despite subclause (2)(b), section 104U(1), as amended, applies to the
following surcharge duty transactions occurring on or after the
commencement of the amendment--
(a) a transaction that is taken by section 9B, as applied by section 104O, to
be the transfer of an option,
(b) a transaction that results from the exercise of an option that is taken by
section 9B, as applied by section 104O, to have been transferred.
(4) Section 104U(1), as amended, applies in respect of a call option assignment,
within the meaning of Chapter 3, Part 2 made on or after the commencement
of the amendment.
(5) Section 104U(1), as amended, applies in respect of an agreement of sale or
transfer of a share or shares in residential-related property to a foreign person
entered into before the commencement of the amendment, if--
(a) the share or shares are actually transferred after the commencement of
the amendment, and
(b) the share or shares actually transferred are more than the share or shares
agreed to be sold or transferred.
(6) If subclause (5) applies, the Chief Commissioner must--
Page 3
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
(a) reassess the agreement by calculating the surcharge purchaser duty
chargeable for the share or shares in the residential-related property
actually transferred to foreign persons, and
(b) charge any excess surcharge purchaser duty payable in excess of the
surcharge purchaser duty already paid in relation to the agreement.
(7) Section 137AD(1), as amended, applies in respect of an allotment of shares or
an issue of units made on or after the commencement of the amendment.
(8) Section 157H(1), as amended, applies in respect of a relevant acquisition,
within the meaning of Chapter 4, occurring on or after the commencement of
the amendment.
Page 4
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 2 Amendment of Government Sector Finance Act 2018 No 55
Schedule 2 Amendment of Government Sector Finance Act
2018 No 55
Section 10.3B
Insert after section 10.3A--
10.3B Transfers between funds
(1) The Treasurer may make transfers between relevant funds if the Treasurer is
satisfied the transfer promotes the objects of this Act.
(2) This section has effect despite a provision of this Act or another Act or law
placing limitations on payments into or out of a relevant fund.
(3) This section does not apply to the NSW Generations (Debt Retirement) Fund
established under the NSW Generations Funds Act 2018.
(4) This section does not apply to a Fund within the meaning of the Long Service
Corporation Act 2010.
(5) In this section--
relevant fund means an SDA account or statutory special purpose fund if
assets of the account or fund are invested directly or indirectly in the NSW
Master Fund (ABN 36 785 574 626).
Page 5
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 3 Amendment of Land Tax Act 1956 No 27
Schedule 3 Amendment of Land Tax Act 1956 No 27
[1] Section 2A Definitions
Omit "section 62TBC of the Principal Act" from the definition of premium rate threshold.
Insert instead "the Principal Act, Part 7, Division 4".
[2] Section 2A, definition of "tax threshold", paragraph (a)
Insert ", as in force immediately before the repeal of the section" after "Principal Act".
[3] Section 2A, definition of "tax threshold", paragraph (b)
Omit "section 62TBA of the Principal Act".
Insert instead "the Principal Act, Part 7, Division 4".
[4] Section 5A Levy of surcharge land tax on residential land owned by foreign
persons--2017 and subsequent land tax years
Omit "in any other year, commencing with 2022" from section 5A(2)(c).
Insert instead "in the years 2022 and 2023".
[5] Section 5A(2)(d)
Insert at the end of section 5A(2)(c)--
, and
(d) in the case of all residential land owned by the foreign person at
midnight on 31 December in any other year, commencing with 2024--
5% of that taxable value as assessed under the Principal Act.
Page 6
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 4 Amendment of Land Tax Management Act 1956 No 26
Schedule 4 Amendment of Land Tax Management Act 1956
No 26
[1] Sections 62O, 62Q, 62R and 62U
Omit the sections.
[2] Section 62P, heading
Omit "for 2006-2023".
[3] Section 62P(s)
Insert after section 62P(r)--
(s) for a land tax year after the 2023 land tax year--$1,075,000.
[4] Section 62S, heading
Omit "for 2009-2023".
[5] Section 62S(p)
Insert after section 62S(o)--
(p) for a land tax year after the 2023 land tax year--$6,571,000.
[6] Section 62T
Omit the section. Insert instead--
62T Review of thresholds
(1) The Treasurer must review the tax threshold and the premium rate threshold
to determine whether the thresholds continue to be appropriate in the
circumstances.
(2) The review must be undertaken by 1 June 2027.
(3) A report on the outcome of the review must be tabled in each House of
Parliament as soon as practicable after 1 June 2027.
Page 7
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 5 Amendment of Payroll Tax Act 2007 No 21
Schedule 5 Amendment of Payroll Tax Act 2007 No 21
[1] Schedule 2 NSW specific provisions
Insert after Part 3, Division 2--
Division 2A General practitioners in medical centres
10A Definitions
In this division--
bulk billing arrangement, for general practitioner services, means an
arrangement where--
(a) the person responsible for paying for the services assigns the person's
right to a Medicare benefit for the service to the general practitioner
who provided the service, and
(b) the general practitioner accepts the Medicare benefit as full payment for
the service.
general practitioner means a medical practitioner who is registered under the
Health Practitioner Regulation National Law (NSW) in the specialty of
general practice.
general practitioner services means professional services provided by a
general practitioner.
medical centre means premises, other than a private health facility, used to
provide general practitioner services at the premises or remotely--
(a) by telephone, or
(b) using other technology that enables audio, or audio and visual,
communication between persons at different places.
Metropolitan Sydney has the meaning given by the regulations.
practice arrangement has the same meaning as in the Health Practitioner
Regulation National Law (NSW).
private health facility has the same meaning as in the Private Health Facilities
Act 2007.
professional services means a professional service specified in the Health
Insurance Act 1973 of the Commonwealth, section 3, definition of
professional service, paragraph (a).
relevant contract has the same meaning as in this Act, Part 3, Division 7.
relevant general practitioner wages--see clause 10B(1).
10B Relevant general practitioner wages
(1) Wages are relevant general practitioner wages if--
(a) the wages are paid or payable to a general practitioner--
(i) under a relevant contract, and
(ii) for the provision of general practitioner services through a
medical centre, and
(b) the relevant contract is part of a practice arrangement, and
(c) a relevant proportion of all the general practitioner services provided by
general practitioners through the medical centre in the relevant financial
year are provided under a bulk billing arrangement.
Page 8
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 5 Amendment of Payroll Tax Act 2007 No 21
(2) The relevant proportion of general practitioner services that must be provided
under a bulk billing arrangement is--
(a) for a medical centre in Metropolitan Sydney--at least 80%, or
(b) otherwise--at least 70%.
10C Rebate for relevant general practitioner wages
(1) An employer is entitled to a rebate of payroll tax paid or payable for relevant
general practitioner wages if the wages are paid or payable on or after 4
September 2024.
(2) The amount of the rebate for a financial year for an employer is the difference
between--
(a) the payroll tax payable for the financial year by the employer when the
relevant general practitioner wages are included, and
(b) the payroll tax that would be payable for the financial year by the
employer if the relevant general practitioner wages were not included.
(3) The rebate may be given to the employer--
(a) as a refund, or
(b) as an offset against other payroll tax liabilities.
(4) Regulations may be made about rebates under this clause, including--
(a) specifying the time at which a rebate must be given, and
(b) the circumstances in which a rebate will be given as a refund or as an
offset.
10D Certain general practitioner wages exempt
(1) Relevant general practitioner wages paid or payable before 4 September 2024
are exempt unless payroll tax has been paid on the wages before that day.
(2) In this clause--
relevant general practitioner wages includes wages that would be relevant
general practitioner wages if clause 10B(1)(c) did not apply.
[2] Schedule 3 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions consequent on enactment of Revenue
Legislation Amendment Act 2024
Relevant general practitioner wages
If Schedule 2, clause 10B applies only for part of a financial year, the reference
to financial year in clause 10B(1)(c) is taken to be a reference to the part of the
financial year.
Regulations
The Subordinate Legislation Act 1989, Part 2 does not apply to a regulation
made under this Act if the regulation is made after the date of assent to the
Revenue Legislation Amendment Act 2024 and before 4 September 2024.
Page 9
Revenue Legislation Amendment Bill 2024 [NSW]
Schedule 6 Amendment of Taxation Administration Act 1996 No 97
Schedule 6 Amendment of Taxation Administration Act 1996
No 97
Section 61A Exceptions for general practitioners during relevant period
Omit section 61A(5), definition of relevant period. Insert instead--
relevant period means the period--
(a) starting at the beginning of 4 September 2023, and
(b) ending at the beginning of 4 September 2024.
Page 10
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