Duties Act 1997

A novation of an agreement for the lease of land in New South Wales is taken to be a transfer of dutiable property as if—

the lessee’s interest in the agreement were dutiable property, and

the novation of the agreement were a transfer of that dutiable property.

For the purposes of this Act—

the transfer is taken to occur when the agreement for lease is novated (and a reference in this Act to the time at which a transfer occurs includes a reference to such a time), and

the new lessee 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).

A reference in this Act to dutiable property includes, in relation to a transfer that is taken to occur under this section, a reference to a lessee’s interest in an agreement for the lease of land in New South Wales.

To avoid doubt, a reference in this Act to a dutiable transaction includes a reference to a transfer of dutiable property that is taken to occur under this section.