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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Revenue Legislation Further 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 Fines Act 1996 No 99 7
Schedule 3 Amendment of Land Tax Act 1956 No 27 8
Schedule 4 Amendment of Land Tax Management Act 1956 No 26 9
Schedule 5 Amendment of Law Enforcement (Powers and Responsibilities) Act
2002 No 103 11
Schedule 6 Amendment of Payroll Tax Act 2007 No 21 12
Schedule 7 Amendment of State Debt Recovery Act 2018 No 11 14
Schedule 8 Amendment of Taxation Administration Act 1996 No 97 16
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 Further 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 Further Amendment Bill 2024 [NSW]
The Legislature of New South Wales enacts--
1 Name of Act
This Act is the Revenue Legislation Further Amendment Act 2024.
2 Commencement
This Act commences on the date of assent to this Act.
Page 2
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
Schedule 1 Amendment of Duties Act 1997 No 123
[1] Section 5A
Insert after section 5--
5A Application of Act to corporate collective investment vehicles
(1) For this Act, each sub-fund of a CCIV is taken to be a unit trust scheme of
which--
(a) the CCIV is the trustee, and
(b) the business, assets and liabilities of the sub-fund are the trust property,
and
(c) the members of the sub-fund are the beneficiaries.
(2) For a sub-fund that is taken to be a unit trust scheme--
(a) a share in the CCIV that is referable to the sub-fund is taken to be a unit
in the unit trust scheme, and
(b) a shareholder of the share, as a member of the sub-fund, is taken to be a
registered unit holder of the unit in the unit trust scheme, and
(c) the rights, entitlements, obligations and other characteristics attaching
to the share are taken, as far as practicable, to be the same rights,
entitlements, obligations and other characteristics attaching to the unit,
and
(d) a winding up of the sub-fund is taken to be a winding up of the unit trust
scheme, and
(e) a person who has an entitlement to a distribution of property in the event
of the distribution of all the property of the sub-fund is taken to have the
same entitlement to a distribution of property in the event of the
distribution of all the property of the unit trust scheme.
(3) For this Act, a CCIV is taken to be a separate person in relation to each unit
trust scheme of which it is the trustee under subsection (1).
(4) This Act does not apply to a CCIV or the members of a sub-fund of a CCIV
except as provided for by this section.
[2] Section 10 Form of dutiable transaction is immaterial
Omit "or not".
[3] Section 54B
Insert after section 54A--
54B Transfers in relation to corporate collective investment vehicles
(1) This section applies to dutiable property over which a CCIV is taken to be a
trustee because of section 5A.
(2) Duty of $500 is chargeable for the transfer of dutiable property between a
CCIV and a custodian or agent of the CCIV.
(3) Duty of $500 is chargeable for the transfer of dutiable property from a
sub-custodian of a custodian of the CCIV to the custodian.
(4) Duty of $500 is chargeable for the declaration of trust over dutiable property--
(a) by a custodian of a CCIV, or
Page 3
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
(b) by a sub-custodian of a custodian of a CCIV.
[4] Section 65 Exemptions from duty
Insert after section 65(1)(e)--
(f) a declaration of a bare trust over dutiable property, if--
(i) duty under this Act is not chargeable in relation to the transfer of
the dutiable property to the trustee of the bare trust under section
274, and
(ii) the beneficiary of the bare trust is taken to be the person directing
the transferee under section 274,
[5] Sections 65(9), 74(5), 78AA(7), 81, 85(1)(b) and 104ZJA(8), definition of "new home"
Omit "First Home Owner Grant (New Homes) Act 2000" wherever occurring.
Insert instead "First Home Owner Grant and Shared Equity Act 2000".
[6] Section 68 Exemptions--break-up of marriages and other relationships
Insert after section 68(4D)--
(4E) This section applies to a legal personal representative of a deceased person in
the same way as it applied to the person.
[7] Section 104J Meanings of "foreign person" and "foreign trustee"
Insert after section 104J(3), note--
(4) When assessing whether a sub-fund of a CCIV is a foreign person for the
purposes of this chapter, the Foreign Acquisitions and Takeovers Act 1975 of
the Commonwealth must be read subject to section 5A.
(5) To avoid doubt, subsection (4) also applies for the purposes of the definition
of foreign person in the Land Tax Act 1956.
[8] Section 157AB Qualified investors
Insert after section 157AB(1)(h)--
(h1) as a statutory body that--
(i) is established under a law of the Commonwealth or a State or
Territory, and
(ii) is prescribed by the regulations, or
[9] Section 157AB(1)(l) and (m)
Omit section 157AB(1)(l). Insert instead--
(l) in a way approved by the Chief Commissioner if the Chief
Commissioner is satisfied the units are held by a person--
(i) under the law of an external Territory or a foreign country, and
(ii) in a way that corresponds to paragraphs (a)-(j), or
(m) in a way approved by the Chief Commissioner if the Chief
Commissioner is satisfied the units are held by a wholly-owned
subsidiary or wholly owned trust of a person referred to in paragraphs
(a)-(l).
[10] Section 273A Definitions
Omit "that scheme." from section 273A(2)(b). Insert instead--
Page 4
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
the scheme, and
(c) for a sub-fund of a CCIV that is taken to be a unit trust scheme because
of section 5A--includes a reference to anything done by or held by a
custodian of the CCIV as custodian.
[11] Section 273E Meaning of "corporate group"
Insert after section 273E(3)--
(3A) A requirement under the Corporations Act 2001 of the Commonwealth for a
resolution to be passed by a sub-fund of a CCIV must be disregarded for the
purposes of assessing whether the sub-fund has voting control over another
sub-fund of the CCIV.
[12] Section 273E(5A)
Omit the subsection. Insert instead--
(5A) A reference in subsection (5) to a trustee includes--
(a) for a trustee of a unit trust scheme that is a managed investment
scheme--a reference to a custodian of the trustee of the scheme acting
as the custodian, or
(b) for a CCIV that is taken to be a trustee of a unit trust scheme because of
section 5A--a reference to a custodian of the CCIV acting as the
custodian.
[13] Section 274 Transfer of certain business property between family members
Omit section 274(5A).
[14] Section 280 Aboriginal land councils
Omit ", a Regional Aboriginal Land Council,".
[15] Schedule 1 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provision consequent on enactment of Revenue
Legislation Further Amendment Act 2024
Application of amendments
The amendments to section 157AB made by the Revenue Legislation Further
Amendment Act 2024 are taken to--
(a) have commenced on 1 February 2024, and
(b) have been made by the Treasury and Revenue Legislation Amendment
Act 2023 for the purposes of this schedule, clause 151.
[16] Dictionary
Insert in alphabetical order in clause 1--
asset, of a sub-fund of a CCIV, has the same meaning as it has in the
Corporations Act 2001 of the Commonwealth, section 1233H.
CCIV means a corporate collective investment vehicle within the meaning of
the Corporations Act 2001 of the Commonwealth.
liabilities, in relation to a sub-fund of a CCIV, has the same meaning as in the
Corporations Act 2001 of the Commonwealth, section 1233L.
Page 5
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
member, in relation to a sub-fund of a CCIV, has the same meaning as in the
Corporations Act 2001 of the Commonwealth, section 1222Q(3).
referable, in relation to a sub-fund and a share in a CCIV, has the same
meaning as it has in the Corporations Act 2001 of the Commonwealth, section
1230(1).
sub-fund, of a CCIV, has the same meaning as in the Corporations Act 2001
of the Commonwealth, section 1222Q(1).
[17] Dictionary, clause 1, definition of "unit trust scheme", note
Insert at the end of the definition--
Note-- The Act, section 5A provides that a sub-fund of a CCIV is taken to be a unit
trust scheme.
Page 6
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 2 Amendment of Fines Act 1996 No 99
Schedule 2 Amendment of Fines Act 1996 No 99
[1] Section 117A Disclosure of information by Commissioner
Omit "First Home Owner Grant (New Homes) Act 2000" from section 117A(1)(a2)(i).
Insert instead "First Home Owner Grant and Shared Equity Act 2000".
[2] Section 126A Penalty notices and penalty reminder notices sent to recently reported
postal address and returned to sender
Omit section 126A(3) and (4). Insert instead--
(3) In this section--
Australian driver licence has the same meaning as in the Road Transport Act
2013.
fines application means the following--
(a) an application for a review of a decision to issue a penalty notice under
section 24A,
(b) an application for a work and development order,
(c) an application for a time to pay order,
(d) an election under section 23A or 36 to have a matter dealt with by a
court.
NEVDIS means the National Exchange of Vehicle and Driver Information
System kept by Austroads.
recently reported postal address, in relation to a penalty notice or penalty
reminder notice sent to a person, means--
(a) the latest postal address given by the person--
(i) to the appropriate officer, under a legal obligation, when the
offence was alleged to have been committed, or
(ii) in connection with a fines application, or
(b) a postal address of the person as shown in the records of Transport for
NSW or NEVDIS in relation to a current Australian driver licence or
vehicle registration in Australia if--
(i) the postal address was not given by the person under paragraph
(a), or
(ii) the postal address of the person shown in the records has been
updated since the postal address was given under paragraph (a).
registration in Australia has the same meaning as in the Road Transport Act
2013, section 7(2).
Page 7
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 3 Amendment of Land Tax Act 1956 No 27
Schedule 3 Amendment of Land Tax Act 1956 No 27
Section 5C Surcharge land tax--certain development by Australian-based
developers that are foreign persons
Omit "First Home Owner Grant (New Homes) Act 2000" from section 5C(7), definition of
new home.
Insert instead "First Home Owner Grant and Shared Equity Act 2000".
Page 8
Revenue Legislation Further 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] Section 3 Definitions
Insert in alphabetical order in section 3(1)--
asset, of a sub-fund of a CCIV, has the same meaning as in the Corporations
Act 2001 of the Commonwealth, section 1233H.
CCIV means a corporate collective investment vehicle within the meaning of
the Corporations Act 2001 of the Commonwealth.
liabilities, in relation to a sub-fund of a CCIV, has the same meaning as in the
Corporations Act 2001 of the Commonwealth, section 1233L.
member, in relation to a sub-fund of a CCIV, has the same meaning as in the
Corporations Act 2001 of the Commonwealth, section 1222Q(3).
referable, in relation to a sub-fund and a share in a CCIV, has the same
meaning as in the Corporations Act 2001 of the Commonwealth, section
1230(1).
sub-fund, of a CCIV, has the same meaning as in the Corporations Act 2001
of the Commonwealth, section 1222Q(1).
[2] Section 3C
Insert after section 3B--
3C Application of Act to corporate collective investment vehicles
(1) For this Act, each sub-fund of a CCIV is taken to be a unit trust of which--
(a) the CCIV is the trustee, and
(b) the business, assets and liabilities of the sub-fund are the trust property,
and
(c) the members of the sub-fund are the beneficiaries.
(2) For a sub-fund that is taken to be a unit trust--
(a) a share in the CCIV that is referable to the sub-fund is taken to be a unit
in the unit trust, and
(b) a shareholder of the share, as a member of the sub-fund, is taken to be a
unit holder of the unit in the unit trust, and
(c) the rights, entitlements, obligations and other characteristics attaching
to the share are taken, as far as practicable, to be the same rights,
entitlements, obligations and other characteristics attaching to the unit.
(3) For this Act, a CCIV is taken to be a separate person in relation to each unit
trust of which it is the trustee under subsection (1).
(4) This Act does not apply to a CCIV or the members of a sub-fund of a CCIV
except as provided for by this section.
(5) Despite another provision of this Act, a sub-fund of a CCIV, taken to be a unit
trust under this section, is taken to be a special trust.
[3] Section 9C Reduction in land value for flats on mixed development land or mixed use
land
Insert after section 9C(3)(c)--
(d) the land must not be owned, or jointly owned, by a person in the
person's capacity as trustee of a special trust,
Page 9
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 4 Amendment of Land Tax Management Act 1956 No 26
[4] Section 10 Land exempted from tax
Omit ", a Regional Aboriginal Land Council" from section 10(1)(f1).
[5] Section 10(1)(f1)
Insert "or a registered native title body corporate within the meaning of the Native Title Act
1993 of the Commonwealth" after "Aboriginal Land Rights Act 1983".
Page 10
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 5 Amendment of Law Enforcement (Powers and Responsibilities) Act 2002 No 103
Schedule 5 Amendment of Law Enforcement (Powers and
Responsibilities) Act 2002 No 103
Schedule 2 Search warrants under other Acts
Omit "First Home Owner Grant (New Homes) Act 2000".
Insert instead "First Home Owner Grant and Shared Equity Act 2000".
Page 11
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 6 Amendment of Payroll Tax Act 2007 No 21
Schedule 6 Amendment of Payroll Tax Act 2007 No 21
[1] Section 74A Groups arising from former entities
Insert "or has executed a deed of company arrangement under the Corporations Act 2001
of the Commonwealth," after "wound up," in section 74A(5), definition of former entity,
paragraph (a).
[2] Section 81 Joint and several liability
Omit "corporation" wherever occurring in section 81(6). Insert instead "entity".
[3] Section 81(7)
Insert after section 81(6)--
(7) A reference in subsection (6) to amount payable by a former entity includes an
amount that would have been payable by the former entity if the former entity
had not executed a deed of company arrangement as referred to in section
74A(5), definition of former entity, paragraph (a).
[4] Schedule 2 NSW specific provisions
Insert after clause 1--
1A Payments by corporate collective investment vehicle to corporate director
(1) Wages do not include amounts paid or payable by a CCIV to its corporate
director.
(2) In this clause--
CCIV means a corporate collective investment vehicle within the meaning of
the Corporations Act 2001 of the Commonwealth.
corporate director, of a CCIV, means the public company that is the director
of the CCIV.
[5] Schedule 2, clause 10A
Insert in alphabetical order--
prescribed billing arrangements, for general practitioner services, means
either or both of the following--
(a) bulk billing arrangements for the services,
(b) veterans arrangements for the services.
veterans arrangement, for general practitioner services, means an
arrangement--
(a) approved by the Chief Commissioner, and
(b) under which the general practitioner accepts as full payment for the
services payment under one or more of the following Acts of the
Commonwealth--
(i) the Australian Participants in British Nuclear Tests and British
Commonwealth Occupation Force (Treatment) Act 2006,
(ii) the Military Rehabilitation and Compensation Act 2004,
(iii) the Safety, Rehabilitation and Compensation (Defence-related
Claims) Act 1988,
(iv) the Treatment Benefits (Special Access) Act 2019,
(v) the Veterans' Entitlements Act 1986.
Page 12
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 6 Amendment of Payroll Tax Act 2007 No 21
[6] Schedule 2, clause 10B
Omit "a bulk billing arrangement" wherever occurring in clause 10B(1)(c) and (2).
Insert instead "prescribed billing arrangements".
[7] Schedule 3 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provision consequent on enactment of Revenue
Legislation Further Amendment Act 2024
Application of amendments
The amendments made to Schedule 2, clauses 10A and 10B by the Revenue
Legislation Further Amendment Act 2024 are taken to have commenced on 4
September 2024.
Page 13
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 7 Amendment of State Debt Recovery Act 2018 No 11
Schedule 7 Amendment of State Debt Recovery Act 2018 No
11
[1] Section 3 Definitions
Omit section 3(1), definition of debt notice, paragraph (b).
Insert instead--
(b) in relation to a grant debt--a debt notice under the First Home Owner
Grant and Shared Equity Act 2000 or the repealed Small Business
Grants (Employment Incentive) Act 2015, or
[2] Section 7 Referable debt--meaning
Omit section 7(1)(b). Insert instead--
(b) a fee, charge or other amount declared to be a referable debt by--
(i) an order under subsection (2), or
(ii) another Act.
[3] Section 9 Grant debt--meaning
Omit "First Home Owner Grant (New Homes) Act 2000" from section 9(a).
Insert instead "First Home Owner Grant and Shared Equity Act 2000".
[4] Section 9(b)
Omit the paragraph.
[5] Section 16 Referral of debt to Chief Commissioner
Insert after section 16(3)--
(4) To avoid doubt, the referral of a referable debt to the Chief Commissioner is
an action on a cause of action for the purposes of the Limitation Act 1969.
[6] Section 19 Revocation of referral
Omit section 19(1). Insert instead--
(1) Either party, being the referring officer or the Chief Commissioner, may
revoke the referral of a referable debt by giving written notice of the
revocation to the other party.
[7] Section 19(2)
Omit "the referring officer". Insert instead "a party".
[8] Section 19, note
Omit the note. Insert instead--
Note-- Section 81(2)(a) and (3) make provision for the revocation of a debt recovery
order if the referral of a referable debt is revoked.
[9] Section 38 Content of debt recovery order
Omit section 38(b).
[10] Section 67 Hardship Review Board
Omit "Department of Finance, Services and Innovation" from section 67(1)(a).
Insert instead "Department of Customer Service".
Page 14
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 7 Amendment of State Debt Recovery Act 2018 No 11
[11] Section 67(1)(c)
Omit "Department of Justice". Insert instead "Department of Communities and Justice".
[12] Section 81 Circumstances in which power may be exercised
Insert after section 81(2)--
(3) The Chief Commissioner must, if revoking the referral of a referable debt,
revoke a debt recovery order for the referable debt to the extent that an amount
to which the order relates has not been paid.
[13] Section 95 Allocation of recovered amounts between State debts
Insert ", including by applying it to payment of a debt payable under another debt recovery
order," after "section" in section 95(7).
[14] Section 95(7)(e)
Omit "payable." from section 95(7)(d). Insert instead--
payable,
(e) for a referable debt--the limitation period that applies to the debt under
the Limitation Act 1969.
[15] Schedule 3 Consequential amendments
Omit Schedule 3.3, heading. Insert instead--
3.3 First Home Owner Grant and Shared Equity Act 2000 No 21
[16] Schedule 3.3[2]
Omit "section 25 (1A)". Insert instead "section 25(2)".
[17] Schedule 3.12 and 3.13
Omit the subschedules.
Page 15
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 8 Amendment of Taxation Administration Act 1996 No 97
Schedule 8 Amendment of Taxation Administration Act 1996
No 97
[1] Section 3 Definitions
Insert after section 3(1), definition of tax--
(a1) a penalty under section 106KA, and
[2] Section 21 Interest in respect of tax defaults
Omit section 21(2). Insert instead--
(2) Interest is payable under this section in respect of a tax default that consists of
a failure to pay--
(a) penalty tax under Division 2, or
(b) a penalty imposed under section 106KA.
(3) Interest is not payable in respect of a failure to pay interest under this division.
[3] Section 26 Penalty tax in respect of certain tax defaults
Omit "Division." from section 26(3)(b). Insert instead--
division, or
(c) a penalty imposed under section 106KA.
[4] Sections 60(2) and 64(2)
Omit "Department of Finance, Services and Innovation" wherever occurring.
Insert instead "department in which this Act is administered".
[5] Section 82 Permitted disclosures--to particular persons
Omit "First Home Owner Grant (New Homes) Act 2000" from section 82(b)(ii).
Insert instead "First Home Owner Grant and Shared Equity Act 2000".
[6] Section 82(b)(vi) and (vii) and (k)(ii) and (xia)
Omit the subparagraphs.
[7] Section 82(k)(xx)
Omit the subparagraph. Insert instead--
(xx) the Chief Executive Officer of Investment NSW for the purposes
of the administration of Jobs Plus agreements under the Payroll
Tax Act 2007, section 66F,
(xxi) Museums of History NSW,
(xxii) State Records Authority NSW, or
[8] Section 106KA
Insert after section 106K--
106KA Additional penalties for tax avoidance schemes
(1) The Chief Commissioner may impose a penalty on a taxpayer if the Chief
Commissioner--
(a) issues a notice of assessment, or reassessment, of tax liability to the
taxpayer, and
Page 16
Revenue Legislation Further Amendment Bill 2024 [NSW]
Schedule 8 Amendment of Taxation Administration Act 1996 No 97
(b) issues the notice on the basis that a scheme is a tax avoidance scheme.
(2) The penalty--
(a) may be imposed by written notice to the taxpayer, and
(b) must not be more than the amount of tax avoided by the taxpayer.
(3) In deciding whether to impose a penalty and the amount of the penalty, the
Chief Commissioner must consider the following--
(a) the amount of tax avoided,
(b) the length of the period during which the person was involved in the tax
avoidance scheme,
(c) the deterrent effect the penalty may have,
(d) another matter the Chief Commissioner considers relevant.
(4) The liability to pay the penalty is in addition to the following--
(a) a liability under this division to pay the amount of tax avoided,
(b) a liability under Part 5 to pay interest in relation to the amount of tax
avoided,
(c) a liability under Part 5 to pay penalty tax in relation to the amount of tax
avoided.
[9] Section 109 Valuation of foreign currency
Omit section 109(1). Insert instead--
(1) If an amount involved in the calculation of tax is not in Australian currency,
the amount is to be converted to Australian currency--
(a) at the rate of exchange last reported by the Reserve Bank before the
liability to pay the tax arose, or
(b) at a rate of exchange determined by the Chief Commissioner.
Page 17
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