In brief - New duty applies to any call options in existence
before new regime takes effect
Stamp duty will now be payable when a call option holder, for
valuable consideration, relinquishes his or her rights under an
option, so that another person obtains a right to purchase the
property.
New tax from the NSW state budget
New South Wales budget changes in the
State Revenue Legislation Amendment Bill 2013 mean that
stamp duty will be payable when a call option holder, for valuable
consideration:
- nominates another person to exercise an option, or
- nominates another person as purchaser or transferee of the
land, or
- agrees to a novation of an option, or
- otherwise relinquishes his or her rights under an option, so
that another person obtains a right to purchase the property.
