Key Points:
Nominations under options to change the transferee of
land will now attract transfer duty.
The State Revenue Legislation Further Amendment Bill 2014 was
finally passed by both Houses of the New South Wales Parliament
earlier this month and has now received Royal Assent.
Importantly, these amendments mean that nominations under
options can no longer be used by practitioners as a tool to change
the transferee of land in a transaction without attracting duty in
New South Wales.
The relevant amendments to the Duties Act 1997 (NSW) effected by
the now State Revenue Legislation Further Amendment Act 2014 (NSW)
are:
Options
On and from 23 October 2014, the following will be deemed to be
a transfer of an option to purchase land in New South Wales and
will attract transfer duty accordingly:
