STAMP DUTIES ACT 1923 - SECT 3A
STAMP DUTIES ACT 1923 - SECT 3A
3A—Principles for determining territorial relationship
(1) An instrument
relates to property situated in a particular jurisdiction if it—
(a)
creates, transfers, redeems, renounces, surrenders, cancels or extinguishes an
interest in property situated in the relevant jurisdiction; or
(b)
deals with an interest in property situated in the relevant jurisdiction in
any other way; or
(c)
acknowledges, evidences or records a transaction to which paragraph (a)
or (b) refers.
(2) A potential,
contingent, expectant or other inchoate interest is to be regarded as an
interest in property in a particular jurisdiction if the realisation of the
potentiality, contingency or expectancy, or the occurrence of any act or event
necessary to perfect the interest could result in—
(a) an
interest in property situated in that jurisdiction; or
(b) an
interest in the proceeds of the sale of property situated in that
jurisdiction.
(3) For the purpose of
calculating duty on an instrument that relates to a potential, contingent,
expectant or other inchoate interest—
(a) the
interest is to be treated as an actual interest ie as if the potentiality,
contingency or expectancy had been realised or anything necessary to perfect
the interest had occurred; and
(b) if
the interest is dependent in any way on the exercise of a discretion or any
other contingency, it will be presumed that the discretion has been exercised,
or the contingency has been realised, so as to give rise to the greatest
possible liability to duty in this State.
(4) An interest in
property is taken to be situated in the jurisdiction in which the property to
which the interest relates is situated.