New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 78AA

78AA Duty payable on certain agreements and transfers entered into during year commencing 1 August 2020

(1) This section applies, and section 78A does not apply, to an agreement for sale or transfer or a transfer entered into during the period beginning on 1 August 2020 and ending on 31 July 2021 (other than a transfer made in conformity with an agreement for sale or transfer entered into before 1 August 2020).

(2) If an application concerning an eligible agreement or transfer to which this section applies is approved and the dutiable value of the dutiable property that is the subject of the agreement or transfer is not more than the following amounts, no duty is chargeable on the agreement or transfer--

(a) $800,000 if the property has a private dwelling that is a new home built on it,

(b) $650,000 if the property has a private dwelling that is not a new home built on it,

(c) $400,000 if the property comprises a vacant block of residential land.

(3) If an application concerning an eligible agreement or transfer to which this section applies is approved in respect of property that has a private dwelling that is a new home built on it and subsection (2)(a) does not apply to the agreement or transfer, the rate of duty chargeable in respect of the agreement or transfer is to be calculated in accordance with the following formula--

"N" is the amount of duty (calculated in accordance with section 32) that would otherwise be payable in respect of the agreement or transfer.

"V" is the dutiable value of the dutiable property that is the subject of the agreement or transfer.

"D" is the amount of duty (calculated in accordance with section 32) that would otherwise be payable in respect of an agreement or transfer relating to property that has a private dwelling built on it and has a dutiable value of $800,000.

Note : An agreement or transfer in respect of property that has a private dwelling that is a new home built on it is not an eligible agreement or transfer if the dutiable value of the property is $1,000,000 or more. See section 74(4)(a).

(4) If an application concerning an eligible agreement or transfer to which this section applies is approved in respect of property that has a private dwelling that is not a new home built on it and subsection (2)(b) does not apply to the agreement or transfer, the rate of duty chargeable in respect of the agreement or transfer is to be calculated in accordance with the following formula--

"N" is the amount of duty (calculated in accordance with section 32) that would otherwise be payable in respect of the agreement or transfer.

"V" is the dutiable value of the dutiable property that is the subject of the agreement or transfer.

"D" is the amount of duty (calculated in accordance with section 32) that would otherwise be payable in respect of an agreement or transfer relating to property that has a private dwelling built on it and has a dutiable value of $650,000.

Note : An agreement or transfer in respect of property that has a private dwelling that is not a new home built on it is not an eligible agreement or transfer if the dutiable value of the property is $800,000 or more. See section 74(4)(b).

(5) If an application concerning an eligible agreement or transfer to which this section applies is approved in respect of property that comprises a vacant block of residential land and subsection (2)(c) does not apply to the agreement or transfer, the rate of duty chargeable in respect of the agreement or transfer is to be calculated in accordance with the following formula--

"N" is the amount of duty (calculated in accordance with section 32) that would otherwise be payable in respect of the agreement or transfer.

"V" is the dutiable value of the dutiable property that is the subject of the agreement or transfer.

"D" is the amount of duty (calculated in accordance with section 32) that would otherwise be payable in respect of an agreement or transfer relating to property that comprises a vacant block of residential land and has a dutiable value of $400,000.

Note : An agreement or transfer in respect of property that comprises a vacant block of residential land is not an eligible agreement or transfer if the dutiable value of the property is $500,000 or more. See section 74(4)(c).

(6) This section does not apply in respect of an agreement or transfer that is eligible under the scheme only for a shared equity concession.

(7) In this section,
"new home" has the same meaning as in section 4A of the First Home Owner Grant and Shared Equity Act 2000 .