NSW Land Tax - Clarification that Zero Rate Threshold Applies to Self Managed Superannuation Funds

A recent amendment to the Land Tax Management Act, 1956 (NSW) has removed any doubt that the entitlement to the zero rate threshold for NSW Land Tax applies to both APRA regulated superannuation funds as well as self managed superannuation funds.

Before the amendment, there was doubt whether the zero rate threshold applied to self managed superannuation funds.  This arose because the term “complying superannuation fund” was defined in the Land Tax Management Act, 1956 as being a superannuation fund which is a complying superannuation fund by reason of section 42 of the SIS Act.  Strictly since 1 July 2000, self managed superannuation funds are complying superannuation fund by reason of s42A of the SIS Act.

This amendment applies with effect from the 2000 land tax year.  Any self managed superannuation funds which have paid NSW Land Tax without the benefit of the zero rate threshold should apply to the Office of State Revenue for a refund of any overpaid land tax.

These changes were made by State Revenue Legislation Amendment Act 2012 which received Royal Assent on 11 April 2012.