New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 49A

49A Purchases "off the plan"

(1) Liability for duty on an off the plan purchase agreement arises--

(a) on completion of the agreement, or

(b) on the assignment of the whole or any part of the purchaser's interest under the agreement, or

(c) on the expiration of 12 months after the date of the agreement,

whichever first occurs.

(1A) This section applies in relation to an off the plan purchase agreement only if the Chief Commissioner is satisfied, when assessing liability for duty after the agreement is lodged for stamping, that the purchaser or transferee under the agreement (or, if there is more than one purchaser or transferee, at least one of them) intends to use and occupy the residence to which the agreement relates as a principal place of residence in accordance with the residence requirement.

(1B) The residence must be used and occupied by the purchaser or transferee (or, if there is more than one purchaser or transferee, at least one of them) as the purchaser or transferee's principal place of residence for a continuous period of at least 12 months, with occupation commencing no later than 12 months (or such longer period as the Chief Commissioner may approve) after completion of the agreement for the sale or transfer. This requirement is referred to as
"the residence requirement" .

(1C) If the residence requirement is not complied with in relation to the residence, this section is taken never to have applied in relation to the off the plan purchase agreement, including for the purposes of the Taxation Administration Act 1996 .

(1D) The residence requirement does not apply to a purchaser or transferee if, on the date of the agreement or transfer--

(a) the purchaser or transferee or, if there are 2 or more of them, at least 1 of the purchasers or transferees is a member of the Permanent Forces of the Australian Defence Force within the meaning of the Defence Act 1903 of the Commonwealth, and

(b) the purchaser or transferee or, if there are 2 or more of them, each of the purchasers or transferees is enrolled to vote in State elections under the Electoral Act 2017 .

(2) This section applies despite section 12.

(3) Nothing in this section prevents the Chief Commissioner from accepting payment of duty and stamping an off the plan purchase agreement at any time after the agreement has been executed.

(3A) This section does not apply in relation to an off the plan purchase agreement if any purchaser or transferee under the agreement is a foreign person (within the meaning of Chapter 2A).

(4) In this section--

"off the plan purchase agreement" means an agreement for the sale or transfer of dutiable property, being land on which a residence is to be erected or developed before completion of the agreement for the sale or transfer.