Duties Act 1997

The abolition of duty on lease instruments (effective 1 January 2008) does not affect any obligation to pay duty under Chapter 5 in respect of a lease instrument executed before 1 January 2008 and that Chapter continues to apply in respect of such an instrument.

Sections 169 (2) and 178 do not apply to or in respect of a variation of a lease instrument referred to in subclause (1) if the variation is made on or after 1 January 2008.

If any lease executed before 1 January 2008 has any unascertainable cost components for which there is an estimate date on or after 1 January 2008—

the Chief Commissioner must, on the first of those estimate dates to occur on or after 1 January 2008 (the final estimate date), make a final estimate of the cost of the lease, and

the lease instrument is chargeable with duty under this Act as if that final estimate were the full cost of the lease, and

no further estimates of the cost of the lease are to be made (despite section 173 (5)).

Section 173 (6) applies only to the final estimate date or an estimate date that occurs before the final estimate date.

Section 173 (7) and (8) do not apply in respect of any period after the final estimate date.

For the purposes of this clause, estimate date means any of the estimate dates for a lease determined under section 173 (5).