The Duties Act 1997 (NSW) has been amended so that from 1 February 2024:
Duty on the establishment of trusts over non-dutiable property in NSW increases from $500 to $750.
Duty on the establishment of LRBAs in NSW increases from $500 to $750 (assuming additional conditions satisfied).
Duty on transfers of dutiable property from custodian trustees to SMSFs increases from $500 to $750 (assuming additional conditions satisfied).
Duty on transfers of dutiable property as a result of a change in trustee in discretionary trusts (assuming trustee excluded from being beneficiary) and SMSFs increases from $50 to $100.
For more information or assistance please contact Infinite Accounting Solutions on 02 9899 4730 or via the contact page at www.ias-ca.com.au.