Transactions on which surcharge purchaser duty is charged
104L Transactions on which surcharge purchaser duty is charged
(cf section 8)
Surcharge purchaser duty is chargeable on the following dutiable transactions—
a transfer of residential-related property to a foreign person,
the following transactions—
an agreement for the sale or transfer of residential-related property to a foreign person,
a declaration of trust over residential-related property by a person who, because of the declaration, is a foreign trustee in respect of the trust,
a surrender of an interest in residential land in New South Wales to a foreign person,
a foreclosure of a mortgage over residential-related property by a mortgagee who is a foreign person,
a vesting of residential-related property in a foreign person by or as a consequence of an order of a court of this or another jurisdiction, whether inside or outside Australia,
the enlargement of a term in residential land into a fee simple under section 134 of the Conveyancing Act 1919 where the person who acquires the estate in fee simple (or, if there is more than one such person, at least one of those persons) is a foreign person,
a vesting of residential land in New South Wales in a foreign person by, or expressly authorised by, statute law of this or another jurisdiction, whether inside or outside Australia,
a lease of residential land to a foreign person, being a lease in respect of which a premium is paid or agreed to be paid.
Such a transfer or transaction is a surcharge duty transaction for the purposes of this Act.
Note.
The above listed transfers and transactions are all also dutiable transactions under Chapter 2. Generally speaking, a transferee (including a person taken to be a transferee under sections 9 and 104N) who is a foreign person is liable to pay duty on those transactions under Chapter 2 and under this Chapter.
A reference in subsection (1) (b) (ii) to a person who, because of a declaration of trust, is a foreign trustee in respect of the trust includes a reference to a person who would be a foreign trustee in respect of the trust if any identified property to be vested in the person were actually vested in the person when the declaration is made.
In this Chapter—
declaration of trust and premium have the same meanings as in Chapter 2.
Note.
See section 8 for definitions of the above expressions.
lease or lease of residential land means a lease of residential land in New South Wales or an agreement for a lease of residential land in New South Wales.
transfer includes an assignment and an exchange.
Note.
See also sections 104N and 104O in relation to transactions treated as transfers.
This Act’s bill:Explanatory memorandumSecond reading speech
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