The current legislation, dating from 1923, has accumulated 150 amendments and is cumbersome to navigate and understand. Cost savings are expected to businesses and end-users associated with ease of compliance with the legislation.
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).
For further information read RevenueSA’s stamp duty Revenue Rulings and Information Circulars and view the current Stamp Duties Act 1923.