Search

New South Wales Consolidated Acts

Search AustLII

▼
Search Options
  • Advanced Search…
×
Close
  • Specific Year
    Any

DUTIES ACT 1997 - As at 1 February 2024 - Act 123 of 1997

- As at 1 February 2024 - Act 123 of 1997

Table of Provisions

CHAPTER 1 - PRELIMINARY

  • 1 Name of Act
  • 2 Commencement
  • 3 What does this Act do?
  • 4 What is a duty?
  • 5 Arrangements for payment of duties
  • 6 Meaning of words and expressions used in this Act
  • 7 Notes in the text

CHAPTER 2 - TRANSACTIONS CONCERNING DUTIABLE PROPERTY

PART 1 - INTRODUCTION AND OVERVIEW

  • 8 Imposition of duty on certain transactions concerning dutiable property
  • 8AA Imposition of duty on acknowledgment of trust
  • 8A Vesting of land in New South Wales by statute law
  • 9 Imposition of duty on dutiable transactions that are not transfers
  • 9A Transfer of partnership interest occurring on change in partnership arrangements
  • 9B Transfer of option occurring on nomination or other change
  • 9C Novation of agreement for lease
  • 10 Form of dutiable transaction is immaterial
  • 11 What is "dutiable property"?
  • 12 When does a liability for duty arise?
  • 13 Who is liable to pay the duty?
  • 14 The liability of joint tenants
  • 15 Necessity for instrument or written statement
  • 16 Lodging instrument or written statement with Chief Commissioner
  • 16A Lodging purchaser's declaration with Chief Commissioner
  • 17 When must duty be paid?
  • 18 No double duty
  • 18A Land subject to property tax
  • 19 What is the rate of duty?
  • 20 Concessions and exemptions from duty

PART 2 - DUTIABLE VALUE

PART 3 - RATES OF DUTY

Division 1 - Preliminary

Division 2 - Rates of duty

  • 32 General rate
  • 32A Premium rate for residential land with dutiable value exceeding $3,000,000
  • 32B Rate for residential land used for other purposes
  • 32C Rate for large parcels of residential land
  • 33 Shares, units, derivatives and interests (marketable securities)
  • 33A Shares in share management fisheries

Division 3 - Indexation of amounts

  • 33AB Interpretation
  • 33AC Adjustable amounts
  • 33AD Base amounts
  • 33AE References to adjustable amounts and base amounts
  • 33AF Publication of adjusted amounts

PART 4 - ABOLITION OF VARIOUS DUTIES

33B. (Repealed)
  • 34 Abolition of duty on transfers of marketable securities and commercial fishery shares
  • 35 Abolition of duty on transfers of business assets
  • 36 Abolition of duty on transfers of statutory licences or permissions and gaming machine entitlements
  • 37 Anti-avoidance measures
    • 38-48A. (Repealed)

PART 5 - SPECIAL PROVISIONS

PART 6 - CONCESSIONAL RATES OF DUTY

Division 1 - Trusts

  • 54 Change in trustees
  • 54A Transfers in relation to managed investment schemes
  • 55 Property vested in an apparent purchaser
  • 56 Transfers back from a nominee
  • 56A Transfer of property subject to a statutory trust to a beneficial owner
  • 57 Property passing to beneficiaries
  • 58 Establishment of a trust relating to unidentified property and non-dutiable property
  • 59 Instrument relating to managed investment scheme
  • 59A Nomineeing transactions--unquoted marketable securities
  • 59B Change in custodians

Division 2 - Superannuation

Division 3 - Miscellaneous

  • 63 Deceased estates
  • 64 Conversion of land use entitlement to different form of title
  • 64AA Enlargement of the term in land into fee simple
  • 64A Amalgamation of Western Lands leases
  • 64B Reduction of duty on transfer of marketable securities--payment in non-Australian jurisdiction
  • 64C Transfers made in partial conformity with agreements
  • 64D Transfers made on exercise of option to purchase land

PART 7 - EXEMPTIONS

  • 65 Exemptions from duty
  • 66 Exemptions--marketable securities
    • 67. (Repealed)
  • 68 Exemptions--break-up of marriages and other relationships

PART 8 - OTHER EXEMPTIONS AND CONCESSIONS

Division 1 - First Home Buyers Assistance Scheme

  • 69 The nature of the scheme
  • 70 Commencement
  • 71 Restrictions on eligibility--previous ownership of residential property or first home concession
    • 72. (Repealed)
  • 73 Ineligible persons
  • 73A Application of eligibility criteria to joint purchasers and transferees
  • 74 Eligible agreements or transfers
  • 74A Application of scheme to multiple occupancy contracts
  • 75 Ineligible agreements and transfers
  • 76 Residence requirement
  • 76A Approval of application in advance of satisfaction of residence requirement
    • 77. (Repealed)
  • 78 Making of applications
  • 78A Duty payable if application approved
  • 78AA Duty payable on certain agreements and transfers entered into during year commencing 1 August 2020
  • 78B Special concession for shared equity arrangements
  • 79 Reassessment of duty payable where duty concession wrongly applied
  • 80 Charge on land for duty liability of applicant
  • 80AA (Renumbered)
  • 80A Definitions

Division 1A - New Home Grant Scheme

  • 81 Object of scheme
  • 82 Grant payable under scheme
  • 83 Types of agreements or transfers that are eligible
  • 84 Relevant dates for eligibility
  • 85 Restrictions on eligibility
  • 85A Maximum of one eligible transaction per financial year
  • 85B Grant not available to foreign nationals
  • 86 Agreement or transfer must be completed
  • 87 Cap on dutiable value of transaction
  • 87A Making of applications
  • 87B Application may be approved in advance
  • 87C Method by which new home grant is to be paid
  • 87D Recovery of grant amount wrongly paid
  • 87E Charge on land for duty liability of applicant
  • 87F Standing appropriation
  • 87G Definitions
    • 87H-87J. (Repealed) Divisions 1B, 2

Division 3 - Exemption from or reduction in duty for certain transfers

  • 93 The nature of the scheme
  • 94 Definitions
  • 95 Meaning of "voting entitlement"
  • 96 Transfer by corporation of principal place of residence to principal shareholder or spouse
  • 97 Transfer of principal place of residence by special trust to beneficiary etc
  • 98 Transfer of principal place of residence by corporation to beneficiary of special trust
  • 99 Transfer by special trust to corporation
  • 100 Transfer of land not used and occupied solely as a principal place of residence
  • 101 Making of applications
  • 102 Determination of applications
  • 103 Reassessment of duty if undertaking not met
  • 104 Application of scheme to land use entitlements

Division 4 - Transfers between married couples and de facto partners

  • 104A Meaning of "residential land"
  • 104B Exemption--transfer of residential land
  • 104C Concession--transfer of land used as principal place of residence and for other purposes

Division 5 - Concession for persons who have transferred property affected by loose-fill asbestos insulation to State

CHAPTER 2A - DUTY CHARGED ON CERTAIN RESIDENTIAL LAND TRANSACTIONS INVOLVING FOREIGN PERSONS

PART 1 - PRELIMINARY

  • 104G Introduction and overview
  • 104H Application of Chapter 2
  • 104I Definitions
  • 104J Meanings of "foreign person" and "foreign trustee"
  • 104JA Special provisions for discretionary trusts
  • 104K Meaning of "residential-related property"
  • 104L Transactions on which surcharge purchaser duty is charged
  • 104M Vesting of land in New South Wales by statute law
  • 104N Imposition of surcharge purchaser duty on transactions that are not transfers
  • 104O Other transactions taken to be transfers
  • 104P What form must a surcharge duty transaction take?
  • 104Q When does a liability for duty arise?
  • 104R Who is liable to pay surcharge purchaser duty?
  • 104S Liability for surcharge purchaser duty on certain trust-related transactions
  • 104T Property purchased by apparent purchaser
  • 104U Charging of duty at relevant rate
  • 104V The liability of joint tenants
  • 104W When must surcharge purchaser duty be paid?
  • 104X No double surcharge purchaser duty
  • 104Y Change in proportion of share transferred to foreign persons

PART 2 - DUTIABLE VALUE

  • 104Z What is the "dutiable value" of residential-related property?
  • 104ZA What is the "dutiable value" of a partnership interest?
  • 104ZB Reduction of dutiable value of land used for non-residential purposes
  • 104ZC Transfer of property subject to a statutory trust to a beneficial owner
  • 104ZD Deceased estates where trusts under will are varied

PART 3 - REFUNDS AND SPECIAL PROVISIONS

PART 4 - EXEMPTIONS AND CONCESSIONS

  • 104ZK Transactions exempt from ad valorem duty under Chapter 2
  • 104ZKA Exemption for certain permanent residents in respect of principal place of residence
  • 104ZKB Exemption for retirement visa holders in respect of principal place of residence
  • 104ZL Change in trustees
  • 104ZM Reduction of duty on transactions involving apparent purchasers
  • 104ZN Exemption for property passing to beneficiaries
  • 104ZO Reduction of duty on transfers made on exercise of option to purchase land

PART 5 - STAMPING AND ENFORCEMENT

  • 104ZP Definition of "purchaser duty"
  • 104ZQ Stamping and endorsement of surcharge duty transactions
  • 104ZR Stamping of surcharge duty transactions not chargeable with duty
  • 104ZS Interim payment of duty
  • 104ZT Duplicates or counterparts

CHAPTER 3 - CERTAIN TRANSACTIONS TREATED AS TRANSFERS

PART 1 - PRELIMINARY

  • 105 Introduction and overview

PART 2 - TRANSACTIONS INVOLVING PUT AND CALL OPTIONS

  • 106 Definitions
  • 107 Assignment of rights under call option dutiable as transfer
  • 108 Person liable to pay call option assignment duty
  • 108A Person liable to pay surcharge call option assignment duty
  • 109 Determination of dutiable value of transfer
  • 110 Stamping or endorsement of transactions
  • 111 Exemptions
    • 112-123. (Repealed)

PART 3 - ENTITLEMENTS ARISING FROM CAPITAL REDUCTIONS OR RIGHTS ALTERATIONS

  • 124 Abolition of duty charged by this Part
  • 125 Definitions
  • 126 When does a liability for duty arise?
  • 127 When must duty be paid?
  • 128 Who is liable to pay the duty?
  • 129 Entitlement to voting shares arising from capital reduction or rights alteration
  • 130 Form of statement
  • 131 Assessment of duty

PART 4 - ACQUISITION OF LAND USE ENTITLEMENTS BY ALLOTMENT OF SHARES OR ISSUE OF UNITS

  • 132 When does a liability for duty arise?
  • 133 When must duty be paid?
  • 134 Who is liable to pay the duty?
  • 135 Acquisition of land use entitlement
  • 136 Form of statement
  • 137 Assessment of duty

PART 4A - ACQUISITION BY FOREIGN PERSON OF LAND USE ENTITLEMENT TO WHICH PART 4 APPLIES

  • 137AA Meaning of "residential land use entitlement"
  • 137AB When does a liability for duty arise?
  • 137AC Who is liable to pay the duty?
  • 137AD Assessment of duty
  • 137AE Application of Part 4

PART 5 - ALLOTMENT OF SHARES BY DIRECTION

  • 137A Abolition of duty charged by this Part
  • 138 Application of Part 5
  • 139 When does a liability for duty arise?
  • 140 When must duty be paid?
  • 141 Who is liable to pay the duty?
  • 142 Acquisition of shares by allotment
  • 143 Allotment statement
  • 144 Assessment of duty

CHAPTER 4 - ACQUISITION OF INTERESTS IN LANDHOLDERS

PART 1 - PRELIMINARY

  • 145 Overview
  • 146 Meaning of "landholder"
    • 146A. (Repealed)
  • 147 What are the "land holdings" of a landholder?
  • 147A What does "land" include?

PART 2 - CHARGING OF DUTY ON ACQUISITIONS OF INTERESTS IN LANDHOLDERS

Division 1 - Charging of duty

  • 148 When does a liability for duty arise?
  • 149 What is a "relevant acquisition"?
  • 150 What are "interests" and "significant interests" in landholders?
  • 151 How may an interest be "acquired"?
  • 152 Acquisition statements
  • 153 When must duty be paid?
  • 154 Who is liable to pay the duty?
  • 155 How duty is charged on relevant acquisitions--private landholders
  • 156 How duty is charged on relevant acquisitions--public landholders
  • 157 What is the "general rate" of duty?

Division 2 - Registration of wholesale unit trust schemes

  • 157AA Definitions
  • 157AB Qualified investors
  • 157AC Wholesale unit trust schemes
  • 157AD Registration of scheme by Chief Commissioner
  • 157AE Length of registration
  • 157AF Cancellation of registration
  • 157AG Disqualifying circumstances
  • 157AH Consequences of disqualifying circumstance

PART 2A - CHARGING OF DUTY ON ACQUISITIONS MADE BY TRUSTEES

  • 157A Application of Part
  • 157B Beneficial owner--meaning
  • 157C Beneficial owners liable for duty on acquisitions in landholders

PART 2B - CHARGING OF SURCHARGE DUTY ON ACQUISITIONS MADE BY FOREIGN PERSONS

  • 157D Meaning of "residential land holding"
  • 157E Circumstances in which surcharge duty is chargeable
  • 157F Relationship with Part 2
  • 157G Who is liable to pay the duty?
  • 157H How duty is charged on relevant acquisitions by foreign persons

PART 3 - GENERAL PRINCIPLES TO BE APPLIED UNDER THIS CHAPTER

  • 158 Meaning of "linked entity"
  • 158A Constructive ownership of land holdings and other property through linked entities
  • 159 Constructive ownership of land holdings and other property: discretionary trusts
  • 159A Inclusion of land holdings recently transferred or agreed to be transferred
  • 160 Agreements for sale or transfer of land
  • 161 Agreements for sale or issue of shares or units in landholder
  • 162 Valuation of property
  • 163 Maximisation of entitlements on distribution of property

PART 4 - EXEMPTIONS AND CONCESSIONS

  • 163A General exemptions
  • 163B Exemption--break-up of marriages and other relationships
    • 163C. (Repealed)
  • 163D Concession for primary producers--continuation of land rich requirement
  • 163E Concession for acquisitions securing financial accommodation
  • 163F Concession for redemption and re-issue arrangements
  • 163FA Concession for acquisitions in connection with persons changing superannuation funds
  • 163G Significant holdings in goods
  • 163H Discretion to grant exemption or concession

PART 5 - INTERPRETATION

  • 163I Meaning of expressions used in this Chapter
    • 163J. (Repealed)
  • 163K Goods of a landholder
  • 163L Meaning of "unit trust scheme"
    • CHAPTERS 4A-6 - (Repealed) None

CHAPTER 7 - MORTGAGES

PART 1 - INTRODUCTION AND OVERVIEW

  • 203A Abolition of mortgage duty
  • 204 Imposition of duty
  • 205 What is a mortgage?
  • 206 What is an advance?
  • 207 Who is liable to pay the duty?
  • 208 When does a liability arise?
  • 209 When must duty be paid?
  • 210 How is mortgage duty charged?
  • 211 Consequences of non-payment of duty
  • 212 Where is property located?

PART 2 - CALCULATING THE AMOUNT SECURED BY A MORTGAGE

  • 213 Amount secured by mortgage
  • 214 Mortgage packages
  • 215 Contingent liabilities
  • 216 Mortgages over property not wholly within New South Wales
  • 216A Calculation of dutiable proportion--goodwill and intellectual property
  • 217 Collateral mortgages--minimum duty
    • 217A, 218. (Repealed)
  • 218A Security
    • 218B, 218BA. (Repealed)
  • 218C Multi-jurisdictional statement

PART 3 - DUTY CONCESSIONS

  • 218D Concession for advances charged with duty under corresponding Acts
  • 219 Additional advances of not more than $10,000 in 12 months
  • 220 Refinancing of loans
    • 221. (Repealed)

PART 3A - EXEMPTIONS FOR MORTGAGES ASSOCIATED WITH HOUSING

  • 221A Definitions
  • 221B Mortgages associated with owner occupied housing
  • 221C Mortgages associated with investment housing

PART 4 - OTHER EXEMPTIONS

  • 222 Exempt mortgages and supporting instruments
  • 223 Mortgages associated with certain credit contracts
  • 224 Farm machinery and commercial vehicles
  • 225 Certain debentures and related instruments

PART 5 - MISCELLANEOUS

  • 226 Payment on mortgages associated with debenture issues
  • 227 Unregistered mortgages protected by caveats (anti-avoidance provision)
  • 227A Transfer of mortgages
  • 228 Stamping counterpart or collateral instrument if mortgage is lost, destroyed or cannot be produced
  • 228A Electronic mortgages

CHAPTER 8 - INSURANCE

PART 1 - GENERAL INSURANCE

  • 229 Imposition of duty
  • 230 What is "general insurance"?
  • 231 What is a "premium" in relation to general insurance?
  • 232 When is a premium "paid"?
  • 233 Types of general insurance
  • 234 What duty is payable?
  • 235 Who is liable to pay the duty?
  • 236 Circumstances in which duty is payable by the insured person
  • 237 Records to be kept
  • 238 Refunds where premiums are returned

PART 2 - LIFE INSURANCE

  • 239 Imposition of duty
  • 240 What is "life insurance"?
  • 241 What is a "life insurance rider"?
  • 242 Obligation to make out and execute a policy of life insurance
  • 243 What duty is payable?
  • 243A Meaning of "premium"
  • 244 Who is liable to pay the duty?
  • 245 Circumstances in which duty is payable by the insured person
  • 246 Refund on cancellation of policy of life insurance

PART 3 - HOW IS DUTY PAID BY AN INSURER?

  • 247 Who is an insurer?
  • 248 Insurers must be registered
  • 249 Application for registration
  • 250 Cancellation of registration by the Chief Commissioner
  • 251 Cessation of business and cancellation of registration by the insurer
  • 252 Register of insurers
  • 253 Monthly returns and payment of duty
  • 254 Recovery of duty by registered insurer

PART 4 - APPORTIONMENT

Division 1 - Apportionment of premiums and other amounts between Australian jurisdictions

  • 255 Application of Division 1
  • 256 Schedule of Apportionment
  • 257 Apportionment in practice

Division 2 - Apportionment of premiums and other amounts as between different types of insurance

  • 258 Apportionment between different types of insurance

PART 5 - EXEMPT INSURANCE

  • 259 What insurance is exempt from duty?

PART 5A - EXEMPTIONS FOR SMALL BUSINESS

  • 259A Meaning of "small business"
  • 259B Exemptions for small business
  • 259C Insurer to obtain small business declaration
  • 259D Liability of insured person for wrongly claiming exemption

PART 6 - MISCELLANEOUS

  • 260 Effect on contract of insurance of failure to comply with this Chapter

CHAPTER 9 - MOTOR VEHICLE REGISTRATION

PART 1 - INTRODUCTION AND OVERVIEW

  • 261 Imposition of duty
  • 262 Lodgment of statement of dutiable value
  • 263 Who is liable to pay the duty?
  • 264 When does duty become payable?
  • 265 What is the rate of duty?
  • 266 What is the "dutiable value" of a motor vehicle?

PART 2 - CIRCUMSTANCES IN WHICH DUTY NOT CHARGEABLE

  • 267 Exemptions
  • 268 Avoidance of double duty--duty paid in a corresponding Australian jurisdiction
  • 269 Reassessment of duty--repossession of stolen motor vehicle

PART 3 - MISCELLANEOUS EXEMPTIONS AND REDUCTIONS

  • 270 Exemptions for motor dealers
  • 270A Reduction in dutiable value--modified vehicles for people with disabilities
  • 270B Exemption for caravans
  • 270C Exemption for heavy vehicle trailers
    • 270D. (Repealed)

CHAPTER 10 - MISCELLANEOUS DUTIES

  • 271 Duplicates or counterparts
  • 272 Replicas
  • 273 Minimum amount of duty

CHAPTER 11 - GENERAL EXEMPTIONS AND CONCESSIONS

PART 1 - CORPORATE RECONSTRUCTIONS AND CONSOLIDATIONS

  • 273A Definitions
  • 273B Reduction in duty for corporate reconstruction and corporate consolidation transactions
    • 273BA. (Repealed)
  • 273C Corporate reconstruction transaction
  • 273D Corporate consolidation transaction
  • 273E Meaning of "corporate group"
  • 273F Applications for approval for reduction in duty

PART 2 - OTHER EXEMPTIONS

  • 274 Transfer of certain business property between family members
  • 275 Charitable and benevolent bodies
  • 275A Partial exemption for certain transactions by charitable and benevolent bodies
  • 276 Public hospitals
  • 277 Councils, county councils and joint organisations
  • 278 Department of Housing and Aboriginal Housing Office tenants
  • 279 Specialised agencies
  • 280 Aboriginal land councils
  • 280A Registered native title body corporates
  • 281 Approved shared equity schemes
  • 282 Mortgage-backed securities
  • 283 Instruments issued for the purpose of creating, issuing or marketing mortgage-backed securities
  • 284 Asset-backed securities
  • 284A Joint government enterprise--water savings projects
  • 284B Restructuring of unit trust for land tax purposes
  • 284BA MySuper transitional arrangements

CHAPTER 11A - (Repealed)

None

CHAPTER 12 - MISCELLANEOUS

PART 1 - STAMPING INSTRUMENTS

  • 285 Provision of stamps
  • 286 Limitation on use of designated stamps
  • 287 Form of stamps to be used
  • 288 Stamping of instruments
    • 288A. (Repealed)
  • 289 When is an instrument duly stamped?
  • 289A Stamping by means of endorsement
  • 290 Special procedures for electronic registry instruments
    • 291-292. (Repealed)
  • 293 Reassessments--failed instruments
  • 294 Instruments to be separately charged with duty in certain cases
  • 295 Execution of instruments
  • 296 Stamping of instruments after execution
  • 297 Stamping taken to constitute assessment
  • 298 Deferred payments for certain stamped instruments
  • 299 Copies of instruments
  • 300 Calculation of time

PART 2 - ENFORCEMENT

  • 301 Registration of transactions and instruments
    • 302, 303. (Repealed)
  • 304 Receipt of instruments in evidence
    • 305. (Repealed)
  • 306 Ascertainment of value of certain interests
  • 307 Impounding of instruments
  • 308 Application of Act to Crown

PART 3 - THE PUBLIC EQUITY PARTNERSHIP AND THE RENT/BUY SCHEME

  • 309 Liability to duty in respect of certain housing schemes

PART 4 - HARDSHIP REVIEW BOARD

  • 310 Functions of Hardship Review Board
  • 311 Notation by Chief Commissioner in cases of waiver

PART 5 - MISCELLANEOUS

Navigate

Download

Cited By

Join the discussion