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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Duties Amendment (Abolition of
Vendor Duty) Bill 2005
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Duties Act 1997 No 123 2
Schedule 1 Amendments 3
I certify that this PUBLIC BILL, which originated in the LEGISLATIVE ASSEMBLY,
has finally passed the LEGISLATIVE COUNCIL and the LEGISLATIVE ASSEMBLY of
NEW SOUTH WALES.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2005
New South Wales
Duties Amendment (Abolition of
Vendor Duty) Bill 2005
Act No , 2005
An Act to amend the Duties Act 1997 to abolish vendor duty, and duty on the disposal
of interests in land rich landholders, on and from 2 August 2005.
I have examined this Bill, and find it to correspond in all respects with the Bill
as finally passed by both Houses.
Chairman of Committees of the Legislative Assembly.
Clause 1 Duties Amendment (Abolition of Vendor Duty) Bill 2005
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Duties Amendment (Abolition of Vendor Duty) Act 2005.
2 Commencement
This Act is taken to have commenced on 2 August 2005.
3 Amendment of Duties Act 1997 No 123
The Duties Act 1997 is amended as set out in Schedule 1.
Page 2
Duties Amendment (Abolition of Vendor Duty) Bill 2005
Amendments Schedule 1
Schedule 1 Amendments
(Section 3)
[1] Chapter 4, note
Insert after the heading to Chapter 4:
Note. This Chapter charges duty (known as vendor duty) on certain
transactions. Vendor duty was introduced in 2004 and applied to certain
transactions occurring on or after 1 June 2004 (see clause 40 of
Schedule 1). Vendor duty was abolished on and from 2 August 2005.
Accordingly, vendor duty remains chargeable only on certain
transactions that occurred before that abolition date.
[2] Section 145 Introduction
Insert after section 145 (1):
(1A) The duty charged by this Chapter is abolished on and from
2 August 2005. However, the duty remains chargeable on certain
dutiable transactions that occurred before 2 August 2005.
[3] Section 146 Transactions on which vendor duty is charged
Insert "that occurs before 2 August 2005" after "a transfer of land-related
property" in section 146 (1) (a).
[4] Section 146 (1) (b)
Insert ", but only if the transaction occurs before 2 August 2005" after "the
following transactions".
[5] Section 161
Omit the section. Insert instead:
161 Cancelled agreements
(1) An agreement for sale or transfer is not liable to vendor duty
under this Chapter if the Chief Commissioner is satisfied that:
(a) the agreement has been cancelled, and
(b) the agreement was not cancelled to avoid liability for
vendor duty by means of a subsequent agreement to
transfer (or by means of a transfer of) the same land-related
property to the transferee or to any associated person of the
transferee on or after 2 August 2005.
(2) If vendor duty has been paid on an agreement that is not liable to
vendor duty under this Chapter because of this section, the Chief
Commissioner must reassess and refund the duty if an application
for a refund is made within:
Page 3
Duties Amendment (Abolition of Vendor Duty) Bill 2005
Schedule 1 Amendments
(a) 5 years after the initial assessment, or
(b) 12 months after the agreement is cancelled,
whichever is the later.
(3) In this section:
cancelled means rescinded, annulled or otherwise terminated
without completion.
[6] Section 162 Cancelled transfers
Omit section 162 (1). Insert instead:
(1) A transfer of land-related property that is effected by a written
instrument is not liable to vendor duty under this Chapter if the
Chief Commissioner is satisfied that:
(a) the transfer instrument has been cancelled or abandoned,
and
(b) the transfer instrument was not cancelled or abandoned to
avoid liability for vendor duty by means of a subsequent
transfer of the same land-related property to the transferee
or to any associated person of the transferee on or after
2 August 2005.
[7] Section 163 Overview
Insert after "Chapter 4." in the note to section 163:
As vendor duty was abolished on and from 2 August 2005, duty is
chargeable under Part 3 only on a disposal by a person of an interest in
a land rich landholder that was made before that date.
[8] Section 163N What is a "relevant disposal"?
Insert after section 163N (1):
(1A) However, the disposal is a relevant disposal only if it was made
before 2 August 2005.
Page 4
Duties Amendment (Abolition of Vendor Duty) Bill 2005
Amendments Schedule 1
[9] Schedule 1 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
Duties Amendment (Abolition of Vendor Duty) Act 2005
Page 5
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