Duty exemptions for disability trusts and cardholders and tax changes for absentee owners and business insurance
State Taxation Acts Amendment Bill 2023
1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
Sub-funds of Corporate Collective Investment Vehicles are treated as unit trust schemes.
Duty is waived for property transfers between a Corporate Collective Investment Vehicle and its custodian.
Special disability trusts get a $1,500,000 deduction threshold for duty exemptions.
Property transfers from family to a person with a severe disability are exempt from duty if the value is under $1,500,000.
Eligible cardholders get duty exemptions or reductions for properties up to $750,000.
People using disability or cardholder exemptions must live in the property for 12 months.
Duty on business insurance premiums drops by 1% each year until it ends in 2033.
Absentee owners face a higher surcharge rate of 4% and a lower tax-free threshold of $50,000.