Imposition of duty on dutiable transactions that are not transfers
9 Imposition of duty on dutiable transactions that are not transfers
The duty charged by this Chapter on a dutiable transaction referred to in section 8 (1) (b) is to be charged as if each such dutiable transaction were a transfer of dutiable property.
Accordingly, for the purpose of charging duty under this Chapter, in relation to a dutiable transaction specified in Column 1 of the following Table—
the property specified opposite the dutiable transaction in Column 2 is taken to be the property transferred (and a reference in this Act to property transferred includes a reference to such property), and
the person specified opposite the dutiable transaction in Column 3 is taken to be the transferee of the dutiable property (and a reference in this Act to a transferee includes a reference to such a person), and
the transfer of the dutiable property is taken to have occurred at the time specified opposite the dutiable transaction in Column 4 (and a reference in this Act to the time at which a transfer occurs includes a reference to such a time).
Table
Column 1
Column 2
Column 3
Column 4
Dutiable transaction
Property transferred
Transferee
When transfer occurs
agreement for sale or transfer
the property agreed to be sold or transferred
the purchaser or transferee
when the agreement is entered into
declaration of trust
the property vested or to be vested in the declarant
the person declaring the trust
when the declaration is made
surrender
the surrendered property
the person to whom the property is surrendered
when the surrender takes place
foreclosure
the mortgaged property
the mortgagee
when the foreclosure order is made
vesting by court order
the vested property
the person in whom the property is vested
when the order is made
enlargement of a term in land into a fee simple
the estate in fee simple
the person who acquires the estate in fee simple
when the term is enlarged
vesting by statute law
the vested land in New South Wales
the person in whom the land is vested
when the vesting by statute law occurs
lease
the leased property
the lessee
when the lease is entered into
another transaction that results in a change in beneficial ownership of dutiable property
the property the beneficial ownership of which is changed
the person who obtains the beneficial ownership or whose beneficial ownership is increased
when beneficial ownership changes
This Act’s bill:Explanatory memorandumSecond reading speech
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