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New South Wales
Treasury and Revenue Legislation
Amendment Bill 2023
Contents
Page
1 Name of Act 2
2 Commencement 2
Schedule 1 Amendment of Duties Act 1997 No 123 3
Schedule 2 Amendment of Electric Vehicles (Revenue Arrangements) Act 2021
No 25 10
Schedule 3 Amendment of Land Tax Management Act 1956 No 26 11
Schedule 4 Amendment of Payroll Tax Act 2007 No 21 15
Schedule 5 Amendment of Taxation Administration Act 1996 No 97 16
Schedule 6 Amendments transferring funds 17
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, , 2023
New South Wales
Treasury and Revenue Legislation
Amendment Bill 2023
Act No , 2023
An Act to amend various Acts administered by the Treasurer and the Minister for Finance; and to
transfer unspent money from 3 funds in the Special Deposits Account to the Consolidated Fund.
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.
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
The Legislature of New South Wales enacts--
1 Name of Act
This Act is the Treasury and Revenue Legislation Amendment Act 2023.
2 Commencement
This Act commences as follows--
(a) Schedules 1[1]-[10], [12]-[18] and [20], 3[5] and 5[1] and [2]--on 1 February
2024,
(b) Schedules 1[11] and [19] and 2--on 1 January 2024,
(c) Schedules 4 and 5[3]--on 4 September 2023,
(d) otherwise--on the date of assent to this Act.
Page 2
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
Schedule 1 Amendment of Duties Act 1997 No 123
[1] Sections 18(1) and (6A), 29(3A), 30(4), 53(1)(c), 54(2)-(4), 55(1), 56(1) and (2), 57(1),
59B, 63(1) and (4), 64, 64AA, 217, 227(2)(b) and 272(1)(a)
Omit "$50" wherever occurring. Insert instead "$100".
[2] Sections 18(2)-(6), 63(5), 271(1) and 273(1)
Omit "$10" wherever occurring. Insert instead "$20".
[3] Sections 54A(1)-(7) and 59
Omit "$50" wherever occurring. Insert instead "$500".
[4] Sections 58(1) and (2), 61(2), 62(3)(a), 62A(1), 62B(1) and 163FA(3)
Omit "$500" wherever occurring. Insert instead "$750".
[5] Chapter 4, Part 2, Division 1, heading
Insert before section 148--
Division 1 Charging of duty
[6] Section 150 What are "interests" and "significant interests" in landholders?
Omit section 150(2)(a) and (b). Insert instead--
(a) for a private landholder that is a private unit trust scheme--20% or more
of the property distributed, or
(b) otherwise for a private landholder--50% or more of the property
distributed, or
(c) for a public landholder--90% or more of the property distributed.
[7] Section 150(5)
Insert in alphabetical order--
private unit trust scheme has the same meaning as in Division 2.
[8] Chapter 4, Part 2, Division 2
Insert after section 157--
Division 2 Registration of wholesale unit trust schemes
157AA Definitions
In this division--
disqualifying circumstance--see section 157AG(1).
imminent wholesale unit trust scheme--see section 157AD(1)(a)(ii).
investor directed portfolio service has the same meaning as in--
(a) Regulatory Guide 148: Platforms that are managed investment schemes
and nominee and custody services published by the Australian
Securities and Investments Commission (ASIC), or
(b) another publication or instrument of ASIC that the Chief Commissioner
approves from time to time for this definition.
private unit trust scheme means a unit trust scheme other than--
(a) a public unit trust scheme, or
Page 3
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
(b) a unit trust scheme that is registered.
qualified investor--see section 157AB.
registered means registered under this division.
responsible entity, for a unit trust scheme for which there is no responsible
entity, means the trustee of the unit trust scheme.
wholesale unit trust scheme--see section 157AC(1).
wholly-owned subsidiary has the same meaning as in the Corporations Act
2001 of the Commonwealth.
157AB Qualified investors
(1) In this division, a qualified investor in a unit trust scheme, means a person who
holds units in the scheme--
(a) as trustee of a complying superannuation fund that has no less than 300
members, or
(b) as trustee of a complying approved deposit fund that has no less than
300 members, or
(c) as trustee of a pooled superannuation trust, or
(d) as trustee of a public unit trust scheme, or
(e) as trustee of a wholesale unit trust scheme, or
(f) as a listed company, or
(g) as a life company if the company's holding of the units is an investment
of a statutory fund maintained by the company under the Life Insurance
Act 1995 of the Commonwealth, or
(h) as the Crown, including a statutory body representing the Crown, in
right of the Commonwealth, a State or Territory, or
(i) as, for or on behalf of an entity established and wholly owned by a
government agency of the Commonwealth, a State or Territory and
primarily used for the purpose of meeting statutory government
liabilities or obligations, or
(j) as agent, nominee or custodian for a person or entity referred to in
paragraphs (a)-(i) and in accordance with the person's terms of
appointment as agent, nominee or custodian, or
(k) as custodian or trustee for an investor directed portfolio service if--
(i) the custodian or trustee holds its interest in the unit trust scheme
for no less than 300 clients as investors through the service, and
(ii) none of the clients, individually or together with an associated
person, are beneficially entitled to more than 20% of the units
held, or
(l) in a way approved by the Chief Commissioner if the Chief
Commissioner is satisfied that--
(i) the way the units are held corresponds to paragraphs (a)-(j) under
the law of an external Territory or of a foreign country, or
(ii) the units are held as a wholly-owned subsidiary or wholly owned
trust of the trustee of a complying superannuation fund that has
no less than 300 members.
(2) For this division--
Page 4
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
(a) the units held by a life company as a result of the company's investment
of different statutory funds of the company are held by the company in
a separate capacity for each fund, and
(b) the units held by an agent, nominee or custodian for different persons or
entities are held by the agent, nominee or custodian in a separate
capacity for each person or entity.
157AC Wholesale unit trust schemes
(1) A unit trust scheme is a wholesale unit trust scheme if--
(a) the scheme was not established for a particular investor, and
(b) not less than 80% of the units in the scheme are held by qualified
investors, and
(c) no qualified investor, either alone or together with associated persons,
holds 50% or more of the units in the scheme, and
(d) the scheme satisfies additional requirements that are specified by the
Chief Commissioner under this section.
(2) The Chief Commissioner may specify additional requirements by order
published in the Gazette.
(3) The Interpretation Act 1987, sections 40 and 41 apply to the order as if it were
a statutory rule.
157AD Registration of scheme by Chief Commissioner
(1) The Chief Commissioner may, on application, register a unit trust scheme if
the Chief Commissioner is satisfied that--
(a) the unit trust scheme--
(i) is a wholesale unit trust scheme, or
(ii) will be a wholesale unit trust scheme within 12 months after the
day on which the first units in the scheme are issued to a qualified
investor (an imminent wholesale unit trust scheme), and
(b) registration is not being sought for a purpose of avoiding or reducing
duty under this Act.
(2) The application must--
(a) be made by the responsible entity for the unit trust scheme, and
(b) be in a form approved by the Chief Commissioner, and
(c) include the information reasonably required by the Chief
Commissioner, and
(d) be accompanied by the fee determined by the Chief Commissioner.
(3) Registration may be granted subject to conditions imposed by the Chief
Commissioner.
(4) The Chief Commissioner may vary the conditions of registration for a unit
trust scheme at any time by written notice given to the responsible entity for
the scheme.
(5) It is a condition of registration of an imminent wholesale unit trust scheme that
units are not issued in the scheme other than for the purposes of the scheme
becoming a wholesale unit trust scheme.
Page 5
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
157AE Length of registration
(1) Registration of a unit trust scheme under this division commences on the day
specified by the Chief Commissioner in the grant of registration for the
scheme.
(2) Registration may be specified to commence before the day on which
registration is granted.
(3) Unless cancelled earlier, registration expires--
(a) for a wholesale unit trust scheme--3 years after registration
commences, or
(b) for an imminent wholesale unit trust scheme--1 year after registration
commences.
(4) Registration of a wholesale unit trust scheme may be renewed by making a
further application for registration under this division.
157AF Cancellation of registration
(1) The Chief Commissioner may cancel the registration of a unit trust scheme at
any time if the Chief Commissioner is satisfied a disqualifying circumstance
has occurred in relation to the scheme.
(2) Registration is cancelled on the Chief Commissioner giving written notice of
the cancellation to the responsible entity for the scheme including the reasons
for the cancellation.
157AG Disqualifying circumstances
(1) A disqualifying circumstance occurs in relation to a unit trust scheme if--
(a) the unit trust scheme would no longer be able to be registered under this
division if an application for registration were to be made for the
scheme, or
(b) there is a failure to comply with a condition to which the registration of
the unit trust scheme is subject.
(2) The responsible entity for a unit trust scheme that is registered under this
division must give the Chief Commissioner written notice of a disqualifying
circumstance within 28 days after it occurs.
Maximum penalty--500 penalty units.
(3) If the responsible entity fails to give the notice under subsection (2) and duty
becomes chargeable under section 157AH, the responsible entity must pay a
penalty amount to the Chief Commissioner equal to twice the amount of duty
chargeable.
(4) The penalty amount is payable in addition to--
(a) the duty payable, and
(b) a penalty that may be payable under subsection (2).
157AH Consequences of disqualifying circumstance
(1) When a disqualifying circumstance occurs in relation to a unit trust scheme
that is registered--
(a) the unit trust scheme is taken to have been a private unit trust scheme
from the beginning of the relevant day, and
(b) the acquisition of a significant interest in the unit trust scheme made on
or after the relevant day is a relevant acquisition, and
Page 6
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
(c) the Chief Commissioner must make an assessment of duty chargeable
under this Act as a result of the operation of paragraphs (a) and (b), and
(d) a tax default occurs for the purposes of the Taxation Administration Act
1996 if the whole of any duty assessed under paragraph (c) is not paid
within 30 days after the liability to pay the duty arises.
(2) However, this section does not apply if the Chief Commissioner is satisfied
that the application of this section to the scheme in the circumstances would
not be just or reasonable.
(3) In this section--
relevant day, for a unit trust scheme that is registered, means--
(a) the day the disqualifying circumstance occurred, or
(b) the day on which registration of the scheme commenced if--
(i) the scheme is an imminent wholesale unit trust scheme, and
(ii) the disqualifying circumstance means the scheme will not be a
wholesale unit trust scheme within 12 months after the day on
which the first units in the scheme are issued to a qualified
investor.
[9] Section 158 Meaning of "linked entity"
Omit "50%" wherever occurring in section 158(1)(b) and (2)(b). Insert instead "20%".
[10] Section 163A General exemptions
Omit "$50 under section 54 or 54A" from section 163A(1)(f).
Insert instead "$100 under section 54 or $500 under section 54A".
[11] Section 270D Exemption for certain zero and low emissions vehicles
Omit the section.
[12] Section 273B, heading
Omit "Exemption". Insert instead "Reduction in duty".
[13] Section 273B(1) and (2)
Omit "Duty under this Act is not chargeable on a transaction" wherever occurring.
Insert "This section applies to a transaction".
[14] Section 273B(3)
Insert after section 273B(2)--
(3) If this section applies to a transaction, the duty chargeable on the transaction
is 10% of the duty that would be chargeable on the transaction if this section
did not apply.
[15] Section 273BA Concession for agreements connected to corporate consolidation
transactions
Omit the section.
[16] Section 273F, heading
Omit "Applications for exemptions".
Insert instead "Applications for approval for reduction in duty".
Page 7
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
[17] Section 273F(1)
Omit "exemption from duty". Insert instead "approval for a reduction in duty".
[18] Section 273F(2)-(6)
Omit "exemption" wherever occurring. Insert instead "approval".
[19] Schedule 1 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions consequent on enactment of Treasury
and Revenue Legislation Amendment Act 2023
Definitions
In this part--
amendment Act means the Treasury and Revenue Legislation Amendment Act
2023.
introduction date means the date on which the Bill for the amendment Act was
first introduced into a House of Parliament.
Increased amounts of duty
The increase in amounts of duty effected by the amendment Act, Schedule
1[1]-[4] does not apply in relation to the following--
(a) a transaction occurring before 1 February 2024,
(b) a transaction referred to in section 18(2) or (3) if the agreement was
entered into before 1 February 2024.
Acquisition of interests in landholders
(1) Chapter 4, as in force immediately before it was amended by the amendment
Act, continues to apply to the following--
(a) a relevant acquisition occurring before 1 February 2024,
(b) a relevant acquisition occurring on or after 1 February 2024 if the
acquisition arose from an agreement or arrangement entered into before
the introduction date.
(2) An acquisition of an interest in a unit trust scheme that has not been registered
under Chapter 4, Part 2, Division 2 is taken to be an acquisition in a scheme
registered under the division if--
(a) the acquisition occurs on or after 1 February 2024, and
(b) an application is made to register the scheme before 1 May 2024, and
(c) the application is approved.
Continuing application of duty exemption to certain electric vehicles
(1) This clause applies if--
(a) before 1 January 2024, a person had purchased, or paid a deposit for, a
battery electric vehicle or hydrogen fuel cell electric vehicle, and
(b) immediately before 1 January 2024, the vehicle had not been registered.
(2) Section 270D, as in force immediately before its repeal by the amendment Act,
continues to apply in relation to the application to register the battery electric
Page 8
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 1 Amendment of Duties Act 1997 No 123
vehicle or hydrogen fuel cell electric vehicle resulting from the purchase or
payment of the deposit.
(3) In this clause--
battery electric vehicle has the same meaning as in the Electric Vehicles
(Revenue Arrangements) Act 2021.
hydrogen fuel cell electric vehicle has the same meaning as in the Electric
Vehicles (Revenue Arrangements) Act 2021.
Corporate reconstructions and consolidations
Sections 273B and 273F, as in force immediately before the sections were
amended by the amendment Act, continue to apply in relation to the
following--
(a) a transaction occurring before 1 February 2024,
(b) a transaction occurring on or after 1 February 2024 if--
(i) the application is made under section 273F on or before 1 April
2024, and
(ii) the transaction arose from an agreement or arrangement entered
into before the introduction date.
[20] Dictionary
Insert in alphabetical order--
disqualifying circumstance, for Chapter 4, Part 2, Division 2--see section
157AG(1).
imminent wholesale unit trust scheme, for Chapter 4, Part 2, Division 2--see
section 157AD(1)(a)(ii).
investor directed portfolio service, for Chapter 4, Part 2, Division 2--see
section 157AA.
private unit trust scheme, for Chapter 4, Part 2, Division 2--see section
157AA.
qualified investor, for Chapter 4, Part 2, Division 2--see section 157AB.
registered, for Chapter 4, Part 2, Division 2--see section 157AA.
responsible entity, for Chapter 4, Part 2, Division 2--see section 157AA.
wholesale unit trust scheme, for Chapter 4, Part 2, Division 2--see section
157AC(1).
wholly-owned subsidiary, for Chapter 4, Part 2, Division 2--see section
157AA.
Page 9
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 2 Amendment of Electric Vehicles (Revenue Arrangements) Act 2021 No 25
Schedule 2 Amendment of Electric Vehicles (Revenue
Arrangements) Act 2021 No 25
Section 9 Road user charges payable in relation to certain zero or low emissions
vehicles
Omit section 9(b). Insert instead--
(b) a zero or low emissions vehicle--
(i) that is registered for the first time before 1 January 2024, and
(ii) in relation to which duty was not paid under the Duties Act 1997,
Chapter 9 because of the operation of repealed section 270D.
(2) In this section--
repealed section 270D means the Duties Act 1997, section 270D as in force
before its repeal by the Treasury and Revenue Legislation Amendment Act
2023.
Page 10
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 3 Amendment of Land Tax Management Act 1956 No 26
Schedule 3 Amendment of Land Tax Management Act 1956
No 26
[1] Part 7 Valuation of land
Omit Division 4A. Insert instead--
Division 4 Tax threshold and premium rate threshold
62O Definitions
In this division--
land value means--
(a) for land other than a stratum--the land value of the land as determined
in accordance with the Valuation of Land Act 1916, and
(b) for a stratum--the land value of the stratum as determined in
accordance with the Valuation of Land Act 1916.
previous land tax year, for a land tax year, means the land tax year
immediately before the land tax year.
62P Tax threshold for 2006-2023
The tax threshold for the following land tax years is as follows--
(a) 2006--$352,000,
(b) 2007--$352,000,
(c) 2008--$359,000,
(d) 2009--$368,000,
(e) 2010--$376,000,
(f) 2011--$387,000,
(g) 2012--$396,000,
(h) 2013--$406,000,
(i) 2014--$412,000,
(j) 2015--$432,000,
(k) 2016--$482,000,
(l) 2017--$549,000,
(m) 2018--$629,000,
(n) 2019--$692,000,
(o) 2020--$734,000,
(p) 2021--$755,000,
(q) 2022--$822,000,
(r) 2023--$969,000.
62Q Tax threshold for 2024 onwards
(1) This section applies to calculate a tax threshold for a land tax year after the
2023 land tax year.
(2) The tax threshold for a land tax year is calculated by--
(a) calculating the average of the following--
(i) the indexed amount for the land tax year,
Page 11
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 3 Amendment of Land Tax Management Act 1956 No 26
(ii) the indexed amount for the previous land tax year,
(iii) the indexed amount for the land tax year immediately before the
previous land tax year, and
(b) rounding the result to the nearest $1,000, with an amount of $500 being
rounded up.
(3) The indexed amount for a land tax year is the greater of--
(a) the adjusted amount for the land tax year, and
(b) the indexed amount for the previous land tax year.
(4) The adjusted amount for a land tax year is calculated by--
(a) applying the percentage change in land values calculated under section
62R in the last full calendar year before the land tax year to the adjusted
amount for the previous land tax year, and
(b) rounding the result to the nearest $1,000, with an amount of $500 being
rounded up.
(5) Despite any other provision of this section--
(a) the adjusted amount and the indexed amount for the 2022 land tax year
is $918,000, and
(b) the adjusted amount and the indexed amount for the 2023 land tax year
is $1,153,000.
62R Percentage change in land values
(1) Each calendar year the Valuer-General must calculate the percentage change
in land values by--
(a) calculating the percentage change in the total value of all relevant
parcels in the State between--
(i) 1 July in the previous calendar year, and
(ii) 1 July in the calendar year in which the calculation is being made,
and
(b) rounding the result to 3 decimal places, with an amount of 0.0005%
being rounded up.
(2) In this section--
relevant parcel means land--
(a) zoned under an environmental planning instrument principally for one
or more of the following--
(i) residential purposes,
(ii) commercial purposes,
(iii) industrial purposes,
(iv) a purpose prescribed by the regulations, and
(b) for which there is a land value in the Register for--
(i) 1 July in the previous calendar year, and
(ii) 1 July in the calendar year in which the calculation is being made,
and
(c) that meets the requirements, if any, specified by the regulations.
62S Premium rate threshold for 2009-2023
The premium rate threshold for the following land tax years is as follows--
Page 12
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 3 Amendment of Land Tax Management Act 1956 No 26
(a) 2009--$2,250,000,
(b) 2010--$2,299,000,
(c) 2011--$2,366,000,
(d) 2012--$2,421,000,
(e) 2013--$2,482,000,
(f) 2014--$2,519,000,
(g) 2015--$2,641,000,
(h) 2016--$2,947,000,
(i) 2017--$3,357,000,
(j) 2018--$3,846,000,
(k) 2019--$4,231,000,
(l) 2020--$4,488,000,
(m) 2021--$4,616,000,
(n) 2022--$5,026,000,
(o) 2023--$5,925,000.
62T Premium rate threshold for 2024 onwards
(1) This section applies to calculate a premium rate threshold for a land tax year
after the 2023 land tax year.
(2) The premium rate threshold for a land tax year (the relevant land tax year) is
calculated by--
(a) multiplying the premium rate threshold for the previous land tax year
and the tax threshold for the relevant land tax year, and
(b) dividing the result of the multiplication by the tax threshold for the
previous land tax year, and
(c) rounding the result of the division to the nearest $1,000, with an amount
of $500 being rounded up.
(3) For the purposes of calculating the premium rate threshold for the 2024 land
tax year only--
(a) the premium rate threshold for the 2023 land tax year is taken to be
$5,740,000, and
(b) the tax threshold for the 2023 land tax year is taken to be $939,000.
62U Publication of amounts
Each calendar year the Valuer-General must publish the following in the
Gazette on or before the first Friday in December--
(a) the percentage change in land values calculated in the calendar year
under section 62R,
(b) the adjusted amount and the indexed amount for the next land tax year
for section 62Q,
(c) the tax threshold for the next land tax year, including the indexed
amounts used to calculate the threshold,
(d) the premium rate threshold for the next land tax year.
[2] Section 62Y Powers of entry and investigation
Renumber as section 63 and move to Part 8.
Page 13
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 3 Amendment of Land Tax Management Act 1956 No 26
[3] Part 7, Division 5
Omit the division.
[4] Part 9, heading
Omit the heading.
[5] Schedule 1A Principal place of residence exemption
Insert after clause 14--
15 Minimum interest to be held by person to claim exemption
(1) A person is not entitled to a principal place of residence exemption in relation
to land unless all the persons who use and occupy the land as a principal place
of residence together own at least a 25% interest in the land.
(2) This clause does not apply to a home buyer who is a participant in a shared
equity scheme that is approved by the Chief Commissioner under the Duties
Act 1997, section 281.
[6] Schedule 2 Savings and transitional provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions consequent on enactment of Treasury
and Revenue Legislation Amendment Act 2023
Repeal of Part 7, Division 4A
The repeal of Part 7, Division 4A does not affect an amount of a tax threshold
or a premium rate threshold determined under the division except as otherwise
provided in this part.
Validation of tax threshold and premium rate threshold
(1) An amount set out in section 62P for a land tax year is taken to be the tax
threshold for the land tax year.
(2) An amount set out in section 62S for a land tax year is taken to be the premium
rate threshold for the land tax year.
Principal place of residence exemption
(1) Schedule 1A, clause 15 does not prevent a person from being entitled to a
principal place of residence exemption in relation to land if the person was
previously entitled to the exemption in relation to the land.
(2) This clause ceases to apply at the end of 31 December 2025.
Page 14
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 4 Amendment of Payroll Tax Act 2007 No 21
Schedule 4 Amendment of Payroll Tax Act 2007 No 21
[1] Section 74A Groups arising from former entities
Omit "former corporation" wherever occurring in section 74A(1) and (2).
Insert instead "former entity".
[2] Section 74A(5), definition of "former entity", paragraph (c)
Omit "not longer". Insert instead "no longer".
Page 15
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 5 Amendment of Taxation Administration Act 1996 No 97
Schedule 5 Amendment of Taxation Administration Act 1996
No 97
[1] Section 25
Omit the section. Insert instead--
25 Remission of interest
(1) The Chief Commissioner may remit interest.
(2) The Chief Commissioner may issue guidelines setting out how interest must
be remitted under this division.
(3) If guidelines are issued, interest must be remitted only in accordance with the
guidelines.
(4) The imposition or remission of penalty tax is not relevant to the imposition or
remission of interest.
[2] Section 33 Remission of penalty tax
Insert at the end of the section--
(2) The imposition or remission of interest is not relevant to the imposition or
remission of penalty tax.
[3] Section 85AA Disclosure of confidential tax information
Omit "public sector" from section 85AA(2)(a). Insert instead "Public Service".
Page 16
Treasury and Revenue Legislation Amendment Bill 2023 [NSW]
Schedule 6 Amendments transferring funds
Schedule 6 Amendments transferring funds
6.1 Coal Innovation Administration Act 2008 No 50
Schedule 2 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions authorising transfer from Coal
Innovation NSW Fund
Transfer from Coal Innovation NSW Fund
(1) On the commencement of this clause, $17,000,000 is transferred from the Coal
Innovation NSW Fund to the Consolidated Fund.
(2) This clause has effect despite anything in this Act or the Government Sector
Finance Act 2018.
6.2 NSW Generations Funds Act 2018 No 37
Schedule 2 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions authorising transfer from Debt
Retirement Fund
Transfer from Debt Retirement Fund
(1) On the commencement of this clause, $4,582,033,000 is transferred from the
Debt Retirement Fund to the Consolidated Fund.
(2) This clause has effect despite anything in this Act or the Government Sector
Finance Act 2018.
6.3 Transport Administration Act 1988 No 109
Schedule 7 Savings, transitional and other provisions
Insert at the end of the schedule, with appropriate part and clause numbering--
Part Provisions authorising transfer from TfNSW Fund
Transfer from TfNSW Fund
(1) On the commencement of this clause, $5,041,880,696 is transferred from the
TfNSW Fund to the Consolidated Fund.
(2) This clause has effect despite anything in this Act or the Government Sector
Finance Act 2018.
Page 17
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