The New South Wales state parliament has passed a Bill imposing purchaser duty on transactions that result in a change in the beneficial ownership of dutiable property, including land. For the purposes of the Bill, beneficial ownership includes ownership by a trustee. Duty will also be charged on the making of a statement that 'purports to be a declaration of trust but merely acknowledges that identified property is already held, or to be held, in trust'. The Bill also introduces new general anti-avoidance provisions, penalties to deter promotion of tax avoidance schemes and new penalty tax provisions.
News Source：【Baker McKenzie 2022/05/12】