DUTIES ACT 1997 - SECT 12 When does a liability for duty arise?

DUTIES ACT 1997 - SECT 12

12 When does a liability for duty arise?

(1) A liability for duty charged by this Chapter arises when a transfer of dutiable property occurs.

(2) However, if a transfer of dutiable property is effected by an instrument, liability for duty charged by this Chapter arises when the instrument is first executed.

(3) A liability for duty in respect of a dutiable transaction that is charged with duty as if it were a transfer of dutiable property arises even if the dutiable property is not in existence at the time that the transfer is taken to have occurred, or the instrument effecting the transfer is first executed, as the case requires.

(4) An electronic registry instrument is taken to be first executed--

(a) if the instrument is digitally signed by a subscriber within the meaning of the Electronic Conveyancing National Law (NSW) --on the date the instrument is first digitally signed by the subscriber, or

(b) otherwise--when the Chief Commissioner first receives information relating to the instrument.