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ARTICLE · 04 JUNE 2013

Proposed New South Wales stamp duty changes

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An amending bill has been introduced into the New South Wales Parliament which will make significant stamp duty changes.

AustraliaTax
Gary Chiert
Gary Chiert
Heran Kim
Heran Kim
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An amending bill has been introduced into the New South Wales Parliament which will make significant stamp duty changes. Once enacted, some of the amendments may apply to transactions that have already been entered into.

STAMP DUTY ON CALL OPTION NOMINATIONS AND NOVATIONS

The State Revenue Legislation Amendment Bill 2013 (Bill) will amend the Duties Act 1997 (NSW) (Act) to deem a transfer of an option to purchase land to occur in specified circumstances. This amendment is intended to overcome the recent Supreme Court decision in CTI Joint Venture Company Pty Ltd v Chief Commissioner of State Revenue [2013] NSWSC 20.

A dutiable transaction will arise if, for valuable consideration, an option holder (being the person who has a right to purchase land in New South Wales under an option):

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