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ARTICLE · 03 JUNE 2014

New South Wales reintroduces stamp duty changes relating to options

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Analysis of the State Revenue Legislation Further Amendment Bill 2014 (Bill).

AustraliaFinance and Banking
Gary Chiert
Gary Chiert
Heran Kim
Heran Kim
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Last year we reported on the introduction of a bill into the New South Wales Parliament which would amend the Duties Act 1997 (NSW) (Act) to impose transfer duty on nominations and novations involving call options over New South Wales land.

That bill was recently passed by the New South Wales Parliament and is now law. However, during its passage through Parliament, all substantive stamp duty changes were removed.

Last week a new bill was introduced into the New South Wales Parliament which reintroduces most of the significant stamp duty changes that had been proposed by the previous bill.

STAMP DUTY ON CALL OPTION NOMINATIONS AND NOVATIONS

The State Revenue Legislation Further Amendment Bill 2014 (Bill) will amend the Act to deem a transfer of an option to purchase land to occur if, for valuable consideration:

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