Source: http://www.legislation.nsw.gov.au/tocview/inforce/act%2B123%2B1997%2Bch.7-pt.3a-sec.221b%2B2005-12-07%2BN
Timestamp: 2013-05-24 01:45:12
Document Index: 333291001

Matched Legal Cases: ['art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 2', 'art 3', 'art 4', 'art 5', 'art 5', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 2', 'art 3', 'art 3', 'art 4', 'art 2', 'art 2', 'art 3', 'art 2', 'art 3', 'art 4', 'art 5', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 2', 'art 3', 'arts 272', 'art 1', 'art 2', 'art 3', 'art 4', 'art 5']

Contents (1997 - 123)
Duties Act 1997 No 123Status informationLong title
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
8 Imposition of duty on certain transactions concerning
dutiable property 8A Vesting of land in New South Wales by statute
law 9 Imposition of duty on dutiable transactions that are not
transfers 10 What form must a dutiable transaction take? 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 written instrument or written
statement 16 Lodging written instrument or written statement with Chief
Commissioner 17 When must duty be paid? 18 No double duty 19 What is the rate of duty? 20 Concessions and exemptions from duty Part 2 Dutiable value
21 What is the “dutiable value” of dutiable
property? 22 What is the consideration for the transfer of dutiable
property? 23 What is the “unencumbered value” of dutiable
property? 24 Interests, agreements and arrangements that reduce the
dutiable value 25 Aggregation of dutiable transactions 26 Certain transactions concerning goods and other
property 27 Apportionment—dutiable property and other
property 28 Apportionment—business assets in this and other
jurisdictions 29 Partnership interests 30 Partitions 31 Effect of alteration in purchase price Part 3 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securities) 33A Shares in share management fisheries Part 4 34–48A(Repealed)Part 5 Special provisions
49 Interim payment of duty 49A Purchases “off the plan” 50 Cancelled agreements 50A Cancelled transfers of dutiable property 51 Transfers arising from mortgages of land under Real Property Act 1900 52 Possessory applications 53 Applications to bring land under Real Property Act 1900 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 Division 2 Superannuation
60 Instruments relating to superannuation 61 Transfers of property in connection with persons changing
superannuation funds 62 Transfers between trustees and custodians of
superannuation funds or trusts Division 3 Miscellaneous
63 Deceased estates 64 Conversion of land use entitlement to different form of
title 64A Amalgamation of Western Lands leases 64B Reduction of duty on transfer of marketable
securities—payment in non-Australian jurisdiction Part 7 Exemptions
65 Exemptions from duty 66 Exemptions—marketable securities 67 Exemptions—transfers to married couples and de facto
partners 68 Exemptions—break-up of marriages and domestic
relationships Part 8 Exemption, discounts and instalment payment
Division 1 First Home Plus
Subdivision 1 Agreements and associated mortgages
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 74 Eligible agreements or transfers 75 Ineligible agreements and transfers 76 Residence requirement 76A Approval of application in advance of satisfaction of
residence requirement 77 Eligible mortgages 78 Making of applications 79 Determination of applications 80 Duty payable if application approved 80A Definitions Subdivision 1A Payment of instalments under First Home
Purchase Scheme prior to 1 August 1998
81 Payment of instalments 82 Payment of interest 83 Overdue instalments 84 Sale or leasing of home or land before all instalments are
paid 85 (Repealed) Subdivision 2 Discount for full payment of remaining
86 Application of Subdivision 2 87 Discount for full payment of remaining duty Division 2 Flood-prone housing scheme
88 The nature of the scheme 89 Commencement 90 Eligible persons 91 Eligible agreements 92 Other provisions Division 3 Exemption from or reduction in duty for certain
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 company titles Chapter 3 Certain transactions treated as
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 duty 109 Determination of dutiable value of transfer 110 Stamping or endorsement of transactions 111 Exemptions 112–124 (Repealed) Part 3 Entitlements arising from capital reductions or rights
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 5 Allotment of shares by direction
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 Transactions concerning land-related
property—vendor duty
Note Part 1 Introduction and overview
145 Introduction 146 Transactions on which vendor duty is charged 147 Imposition of vendor duty on transactions that are not
transfers 148 What form must a vendor duty transaction take? 149 What is “land-related property”? 150 When does a liability for vendor duty arise? 151 Who is liable to pay vendor duty? 152 The liability of joint tenants 153 When must vendor duty be paid? 154 Necessity for written instrument or written
statement 155 Lodging written instrument or written statement with
Chief Commissioner 156 No double duty 157 What is the rate of vendor duty? Part 2 Dutiable value
158 What is the “dutiable value” of land-related
property? 159 Apportionment—land-related property and other
property Part 3 Rate of vendor duty
160 General rate Part 4 Cancelled agreements and transfers
161 Cancelled agreements 162 Cancelled transfers Part 5 Vendor duty exemptions and concessions
Division 1 Principal place of residence exemption
162A Definitions 162B Principal place of residence exemption 162C Residential land—meaning 162D Occupier must be natural person with significant
interest in the land 162DA Trustees 162DB Only one principal place of residence for all members
of same family 162E Other restrictions and concessions in applying
exemption 162F Calculation of duty 162G Apportionment for land partly used as a principal place
of residence Division 2 Exemption for farms
162H Exemption for farms Division 3 Exemptions and concessions where sale price does
not significantly exceed purchase price
162I Exemption for land-related property sold at a
loss 162J Exemption for land-related property sold for increased
price of less than 12 per cent 162K Concession for increases between 12 and 15 per
cent 162L What is the transfer date? 162M What is the vendor acquisition date? 162N Determining the dutiable value of land-related property
for the purposes of this Division 162O Transactions relating to multiple items of land-related
property 162OA Transactions relating to separately acquired
interests Division 4 Exemptions for new and substantially new
162P Exemption for sale of new buildings 162Q Exemption for sale of substantially new
buildings 162QA Vendor constructed buildings must be a significant
improvement to land 162QB Definitions Division 5 Other exemptions
162R Exemption for subdivision of principal place of
residence or farm 162S Improved vacant land 162T Sale of business that includes land-related
property 162U Compulsory acquisitions and dedications of
land 162UA Sale by mortgagee or receiver under power of
sale 162V Land subject to conservation instruments 162W Applications under Real Property Act 1900 162X Transactions exempt from ad valorem duty under Chapter
2 162Y Exemptions for charities and others under Chapter
11 162Z Exemptions for gifts of land-related property to
charities and others Part 6 Stamping and enforcement
162ZA Application of Chapter 12 162ZB Stamping and endorsement of vendor duty
transactions 162ZC Stamping of vendor duty transactions not chargeable
with duty 162ZCA Interim payment of duty 162ZD What is purchaser duty? 162ZE Duplicates or counterparts Chapter 4A Acquisition and disposal of interests in land rich
163 Overview 163A Meaning of “landholder” and related
expressions 163B Meaning of “land rich” 163C What are the “land holdings” of a
landholder? 163D What are “interests” and “significant
interests” in landholders? 163DA Meaning of “associated person” Part 2 Charging of duty on acquisitions of interests in land
rich landholders
163E When does a liability for duty arise? 163F What is a “relevant acquisition”? 163G How may an interest be
“acquired”? 163H Acquisition statements 163I When must duty be paid? 163J Who is liable to pay the duty? 163K How duty is charged on relevant acquisitions 163L Primary producers—special provisions Part 3 Charging of duty on disposals of interests in land
163M When does a liability for duty arise? 163N What is a “relevant disposal”? 163O How may an interest be “disposed
of”? 163P Disposal statements 163Q When must duty be paid? 163R Who is liable to pay the duty? 163S How duty is charged on relevant disposals Part 4 General principles to be applied under this
163T Constructive ownership of land holdings and other
property: linked entities 163U Constructive ownership of land holdings and other
property: discretionary trusts 163V Effect of uncompleted agreements 163W Agreements for sale or conveyance of land 163X Agreements for disposal or acquisition of property other
than land 163Y Valuation of property 163Z Use of valuations prepared within 12-month period before
disposal 163ZA Maximisation of entitlements on distribution of
property Part 5 Exemptions and concessions
163ZB Exempt transactions 163ZC Duty concession: acquisitions securing financial
accommodation 163ZD Duty concession: disposals securing financial
accommodation 163ZE Concession for buy-back arrangements Part 6 Further exemptions and concessions for disposal
Division 1 Exempt land holdings
163ZF Vendor duty exemptions to be applied 163ZG Land subject to conservation instruments Division 2 Concession for land holdings that have not
significantly increased in value
163ZH Exemption for land holdings that have not increased in
value 163ZI Exemption for land holdings where increase in value
does not exceed 12 per cent 163ZJ Concession for increases between 12 and 15 per
cent 163ZK What is the disposal date? 163ZL What is the disposer acquisition date? 163ZM Landholder that holds multiple interests in
land 163ZN Determination of value of land holding under this
Division Division 3 Other exemptions and concessions
163ZO No double duty 163ZP Passive disposals 163ZQ Disposals for no consideration by charities and
others Division 4 General
163ZR General Part 7 Registration of unit trust schemes
163ZS Application for registration 163ZT Registration of imminent public unit trust
scheme 163ZU Registration of wholesale unit trust schemes 163ZV Registration of imminent wholesale unit trust
schemes 163ZW Duration of registration 163ZX Register 163ZY Reporting requirements 163ZZ Cancellation of registration 163ZZA Disqualifying circumstances for registered unit trust
schemes 163ZZB Meaning of “responsible entity” Chapter 5 Lease instruments
164 Imposition of duty 164A What is a “lease”? 165 How duty is charged on a lease instrument 166 What is the “cost” of a lease? 167 Splitting or redirection of cost of franchise arrangement
(anti-avoidance provision) 168 Who is liable to pay the duty? 169 When must the duty be paid? Part 2 Rates of duty
170 General rate 171 Nominal duty Part 3 Unascertainable lease costs
172 Operation of Part 3 173 Estimate and subsequent adjustment 174 CPI method 175 Quantification of lessee’s improvements Part 4 Miscellaneous
176 Interim stamping of lease instrument 177 Reassessment of duty—early termination 178 Reassessment of duty—reduction of cost 179 Exemptions Chapter 6 Hire of goods
180 Imposition of duty 181 Hire of goods to which this Chapter
applies—jurisdictional nexus 182 What are “goods”? 183 What is a “hire of goods”? 184 What is an “equipment financing
arrangement”? 185 What form may a hire of goods take? 186 Exclusions from the definition of “hire of
goods” 187 Special hiring agreements 188 What is the rate of duty? 189 What are “hiring charges”? 190 Payments exempted from “hiring
charges” 191 Credit for duty paid in another Australian
jurisdiction 192 Splitting or redirection of hiring charges
(anti-avoidance provision) 193 Ascertainment and disclosure of place of use of
goods Part 2 What arrangements apply to persons who are in the
business of hiring out goods (commercial hire businesses)?
194 Application of Part 2 195 Commercial hire businesses must be registered 196 Registration of commercial hire businesses 197 Cancellation of registration of commercial hire
business 198 Duty base 199 Lodgment of returns and payment of duty 200 Returns of related bodies corporate Part 3 What arrangements apply to other persons?
201 Statement of transaction 202 Lodgment of statement and payment of duty 203 Method of calculating total hiring charges if they are
not readily ascertainable Chapter 7 Mortgages
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
213 Amount secured by mortgage 214 (Repealed) 215 Contingent liabilities 216 Mortgages over property not wholly within New South
Wales 217 Advances secured by mortgage package 218 Stamping before advance 218A Security 218B Collateral mortgage 218C Multi-jurisdictional statement Part 3 Duty concessions
219 Additional advances of not more than $10,000 in 12
months 220 Refinancing of loans 221 Eligible mortgages under First Home Plus Part 4 Exempt instruments
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 of duty 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 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 6 Miscellaneous
260 Effect on contract of insurance of failure to comply with
this Chapter Chapter 9 Motor vehicle registration
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 Trading stock and demonstrator vehicles of motor
270 Exemptions for motor dealers Chapter 10 Miscellaneous duties
271 Duplicates or counterparts 272 Replicas 273 Minimum amount of duty Chapter 11 General exemptions from duty
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 and county councils 278 Department of Housing and Aboriginal Housing Office
tenants 279 Specialised agencies 280 Aboriginal land councils 281 Members of a group of corporations 282 Mortgage-backed securities 283 Instruments issued for the purpose of creating, issuing
or marketing mortgage-backed securities 284 Loan-backed securities 284A Joint government enterprise—water savings
projects 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 Reassessment following interim payment of
duty 289 When is an instrument duly stamped? 289A Stamping by means of endorsement 290 Adhesive stamps 291 (Repealed) 292 Refunds—spoiled and unused stamps 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 an 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 Valuation of property 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
309 Liability to duty in respect of certain housing
schemes Part 4 Hardship Review Board
310 Waiver, deferral and writing off of duty in hardship
cases 311 Notation by Chief Commissioner in cases of
waiver 312 (Repealed) Part 5 Miscellaneous
313 Regulations 314 Savings, transitional and other provisions 315 (Repealed) 316 Repeal of Educational Institutions (Stamp
Duties Exemption) Act 1961 No 37 317 Review of Act Schedule 1 Savings, transitional and other
Schedule 2 Principal place of residence
exemption—concessions