ARTICLE · 31 OCTOBER 2006

NSW Stamp Duty Update, October 2006

Gadens Lawyers

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A Bill has been introduced into the NSW State Parliament that proposes to introduce various stamp duty and land tax amendments. The Bill is yet to be debated in the Legislative Assembly.</

AustraliaTax

Property Purchases: 'Win Some Lose Some' in New State Taxes Amendments

A Bill has been introduced into the NSW State Parliament that proposes to introduce various stamp duty and land tax amendments. The Bill is yet to be debated in the Legislative Assembly.

Some of the proposed amendments are discussed below.

Put and Call Option Assignment Duty

The Bill proposes to modify the stamp duty treatment of assignment duty on put and call options.

If passed, the Bill will broaden the scope of the provisions to include a right of the option-holder (grantee) to direct the owner of the property (grantor) to sell to a third-party where the grantee does not have a right to purchase the land itself but merely a right to direct the grantor to sell to another person (called a 'put and direction' agreement).

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