New South Wales Consolidated Acts
[Search this Act]
DUTIES ACT 1997 - SECT 49A
Purchases “off the plan”
49A Purchases “off the plan”
(1) Liability for duty on an off the plan purchase agreement arises:
completion of the agreement, or
(b) on the assignment of the whole or any
part of the purchaser’s interest under the agreement, or
(c) on the
expiration of 12 months after the date of the agreement, whichever first
(1A) This section applies in relation to an off the plan purchaser
agreement only if the Chief Commissioner is satisfied, when assessing
liability for duty after the agreement is lodged for stamping, that the
purchaser or transferee under the agreement (or, if there is more than one
purchaser or transferee, at least one of them) intends to use and occupy the
residence to which the agreement relates as a principal place of residence in
accordance with the residence requirement.
(1B) The residence must be used
and occupied by the purchaser or transferee (or, if there is more than one
purchaser or transferee, at least one of them) as the purchaser or
transferee’s principal place of residence for a continuous period of at
least 6 months, with occupation commencing no later than 12 months (or such
longer period as the Chief Commissioner may approve) after completion of the
sale or transfer. This requirement is referred to as
"the residence requirement" .
(1C) If the residence requirement is not
complied with in relation to the residence, this section is taken never to
have applied in relation to the off the plan purchase agreement, including for
the purposes of the Taxation Administration Act 1996 .
(2) This section
applies despite section 12.
(3) Nothing in this section prevents the Chief
Commissioner from accepting payment of duty and stamping an
off the plan purchase agreement at any time after the agreement has been
(3A) This section does not apply in relation to an
off the plan purchase agreement if any purchaser or transferee under the
agreement is a foreign person (within the meaning of Chapter 2A).
(4) In this
"off the plan purchase agreement" means an agreement for the sale or transfer
of dutiable property, being land on which a residence is to be erected or
developed before completion of the sale or transfer.
AustLII: Copyright Policy