Revenue NSW has announced the following:
"From 19 May 2022, section 8(1)(b)(ix) of the Duties Act
1997 introduced duty on certain transactions that result in a
change in beneficial ownership.
A put option and/or call option granted over dutiable property
in NSW (such as over land or an interest in land) is a 'change
in beneficial ownership'. This means that duty is payable on
any grant fee paid for a put and/or call option
entered into from this date.
Ad valorem transfer duty is calculated on the option fee paid
for the grant of the option. The fee (consideration) includes GST
(if applicable) but does not include security
deposits, performance payments and legal costs. A minimum duty of
$10.00 will be applied as per
Section 273 of the Duties Act 1997.
