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 below. 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 stood.
- 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 purposes.
- 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 money.
- 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.
For more information on the The State Revenue Legislation Amendment Act 2016 click HERE.
If you need legal advice in relation to a property or business transaction. Coutts can give you the advice you need.