The State Revenue and Other Legislation Amendment (Budget Measures) Bill 2017 (NSW) (Bill) passed through NSW Parliament on 22 June 2017 and is received Assent on 27 June 2017. According to the explanatory note, the Bill aims to amend state revenue and other legislation in connection with the State Budget for the 2017/18 financial year.
Specifically, the Billamends the Duties Act 1997 (NSW) to, among other things:
- make further provision with respect to duty charged on certain residential land transactions involving foreign persons (including to increase the rate of surcharge purchaser duty payable on those transactions from 4% to 8% and provide for an exemption from, or refund of, surcharge purchaser duty in certain circumstances); and
- abolish duty on lenders’ mortgage insurance, crop insurance and livestock insurance, and to abolish duty for small businesses on commercial vehicle insurance, commercial aviation insurance and occupational indemnity insurance.