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ARTICLE · 29 JUNE 2009

Stamp Duty Changes In New South Wales

Clayton Utz
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The State Revenue Legislation Further Amendment Bill 2009 (NSW) was tabled in Parliament last night. Once passed it will have a significant impact on secured lending and dealings in units and shares in landowning companies and trusts.

AustraliaReal Estate and Construction
John Loxton
John Loxton
Keshni Maharaj
Keshni Maharaj
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The State Revenue Legislation Further Amendment Bill 2009 (NSW) was tabled in Parliament last night. Once passed it will have a significant impact on secured lending and dealings in units and shares in landowning companies and trusts. Its main features are:

Mortgage duty changes

  • Significant changes have been made to the mortgage duty chapter. These changes are intended to settle the provisions for the next three years to 1 July 2012 when the duty is to be abolished. From 1 July 2009, New South Wales will be the only State which levies mortgage duty.
  • Mortgage duty is to remain at the same rate of 0.4% but is to be calculated on the "amount secured" which is the amount of advances made under an agreement, such as a facility agreement, for which the mortgage is security, regardless of whether the security contains a limit. As a result from 1 July 2009 limits in new securities will have no impact on the stamp duty outcome.

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