Published on 14 Jul 05
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
There have been a number of changes to the NSW vendor duty since its introduction in 2004. The purpose of this presentation was to focus on the changes introduced in the Duties Amendment (Land Rich) Act 2004, with particular emphasis on changes to exemptions and concessions as well as the extension of application of vendor duty to certain dealings in interests in entities that are land-rich for NSW duty purposes. The main topics covered are:
- extension of vendor duty to disposals of interests in entities that are land rich for NSW duty purposes
- clarification of application of vendor duty to strata-title subdivisions
- changes to various concessions and exemptions, including the principal place of residence exemption
- the notion of passive disposals, ie. disposals of interests in land rich entities that will not attract vendor duty.
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