NSW is proposing to transition from stamp duty to property tax. The transition period is very long (only half of NSW properties are expected to have transitioned to property tax after 20 years). This means that three taxes – stamp duty, land tax and property tax may need to be considered when undertaking a property transaction during the transition period.
NSW legislation regarding the provision of legal advice means that there is a grey area as to whether accountants can provide advice in relation to NSW State taxes. CA ANZ has highlighted this issue with the NSW Tax Reform Taskforce which is co-ordinating the proposed transition from stamp duty to property tax.
CA ANZ calls for the NSW government to introduce specific provisions to expressly authorise accountants to provide such advice. This submission discusses possible ways this can be done.