The new State Revenue Legislation Amendment Act 2017 amends the Duties Act 1997 (Duties Act), the Land Tax Management Act 1956, and the Payroll Tax Act 2007. The important amendments to the Duties Act include:
- s 149(1B) now stipulates six circumstances to considered when deciding whether acquisitions are one arrangement
- s 158A provides that a constructive trust can be held by a linked entity, even if the interest to which the entity is entitled is less than 50%
- s 159A(2) now includes land holdings which have been either transferred, or agreed to be transferred, in the 12 months before the acquisition
- s 160 specifies that where both a put and call option is included in in agreement, it is to be treated as an uncompleted agreement for landholder duty purposes
These amendments are effective from April 11, 2017.