New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 160

160 Agreements for sale or transfer of land

(1) For the purposes of this Chapter, the transferor and the transferee under an uncompleted agreement for the sale or transfer of land are taken to be separately entitled to the whole of the land.

Note : If duty is charged on an acquisition that relates to a land holding to which subsection (1) applies, the Chief Commissioner may defer payment of duty under section 47 of the Taxation Administration Act 1996 .

(2) If--

(a) at the time of acquisition of an interest by any person in a landholder that necessitates the lodgment of an acquisition statement under this Chapter, the landholder was the vendor under an uncompleted agreement for the sale or transfer of land, and

(b) the agreement is subsequently completed,

the Chief Commissioner is to assess or reassess the statement as though the land the subject of the agreement was not, at the time of the acquisition concerned, a land holding of the landholder.

(2A) Subsection (2) does not apply if section 159A applies in respect of the acquisition.

(3) If--

(a) at the time of acquisition of an interest by any person in a landholder that necessitates the lodgment of an acquisition statement under this Chapter, the landholder was the purchaser under an uncompleted agreement for the sale or transfer of land, and

(b) the agreement is subsequently rescinded, annulled or otherwise terminated without completion,

the Chief Commissioner is to assess or reassess the statement as though the land the subject of the agreement was not, at the time of the acquisition concerned, a land holding of the landholder.

(3A) In this section--

"call option" and
"put option" have the same meanings as in Part 2 of Chapter 3.

"transferee" includes a person who, at the time of a relevant acquisition, was the grantor of a put option or grantee of a call option.

"transferor" includes a person who, at the time of a relevant acquisition, was the grantee of a put option or grantor of a call option.

"uncompleted agreement" includes an arrangement that includes both a put option and a call option.

(4) In this section--

(a) a reference to a landholder includes a reference to a linked entity of the landholder, and

(b) a reference to a landholder, or linked entity of a landholder, that is a vendor or a purchaser is, in the case of a landholder or linked entity that is a unit trust scheme, a reference to a vendor or purchaser, as the case may be, acting in the capacity of a trustee of the unit trust scheme, and

(c) a reference to a linked entity of a landholder that is a vendor or a purchaser is--

(i) in the case of a linked entity that is a trust--a reference to a vendor or purchaser, as the case may be, acting in the capacity of a trustee of the trust, or

(ii) in the case of a linked entity that is a partnership or other unincorporated body--a reference to a vendor or purchaser, as the case may be, acting as a member of the partnership or the other unincorporated body.