RevenueSA is rewriting the Stamp Duties Act 1923 (the "Act") and we would like your feedback on how the Act could be improved. Your feedback is important to us and will ensure the issues that matter to you are considered and used to help shape this important rewrite.
Most Australian jurisdictions completed a Rewrite of their stamp duties legislation in and around 2001, with Western Australia being the most recent State to pass their Duties Act 2008. The Rewrite of the Act in South Australia has long been anticipated in the taxation industry and general public. RevenueSA has reviewed the design and structure of the Act by considering the Duties Acts in other Australian jurisdictions.
The Rewrite of the Act is being undertaken to:
- reduce compliance costs for taxpayers;
- facilitate the efficient administration of the legislation;
- introduce an improved structure and a contemporary drafting style that is easy to understand to provide certainty to taxpayers in relation to their duty obligations;
- consolidate and simplify the Act post the abolition of various stamp duties over recent years;
- remove archaic language and Latin references by adopting a plain English drafting style;
- convert ‘stamp duty’ from an instrument-based tax to a transactional- based ‘duties’ tax, similar to other Australian jurisdictions; and
- take the opportunity to clarify existing complex provisions (without altering the existing underlying policy).
The intended outcome of this project is to amend or abolish parts of the Act which are counterproductive to business in terms of rules and processes, compliance, competitiveness or are otherwise redundant.
The Rewrite is not an opportunity to alter existing Government policy which underpins the current revenue base arising from stamp duty. In other words, the Rewrite is intended to be revenue neutral, with the aim only to reduce complexity and facilitate improved compliance with the Act.
For more information, please email the Project Rewrite Team SDRConsultation@sa.gov.au
8 August 2019
The first round of external consultation has now closed. We received 5 written submissions from industry representatives and 400 views of the YourSAy engagement. We are currently compiling the results and this will be used to develop the content and structure of the new Act.
Once the draft Bill is prepared by Parliamentary Counsel, there is a planned second round of external consultation with the selected industry representatives. An independent specialist consultant will also be engaged to review the draft Bills throughout this drafting process. It is anticipated that the final bill will be ready for introduction to Parliament in early 2020.
Thank you to all of the individuals and organisations that submitted feedback to us. It is important to RevenueSA that we work collaboratively with all stakeholders as we progress this project.
2 to 26 July 2019
YourSAy consultation open.