Securities law reforms aimed at making it easier for businesses to implement employee share schemes have been adopted and will become effective on 1 October 2022. Originally announced last year, the reforms change the way in which offers under employee share schemes are regulated. It is expected that the new law will replace the current exemptions from prospectus and licensing requirements contained in ASIC Class Orders 14/1000 and 14/1001.
The NSW State budget for 2020/21 was handed down on 17 November 2020 (“Budget”). The Budget contains measures that:
provide payroll tax relief and a program to encourage domestic and international businesses to relocate their head office, or expand their jobs footprint in NSW
allow land tax discounts
give transfer duty concessions for first home buyers and bush fire relief.
The Treasurer has also released a consultation paper setting out a significant proposal for tax reform, effectively replacing stamp duty over time with a property tax levied at higher rates than the current land tax.