New South Wales Consolidated Acts
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DUTIES ACT 1997 - SECT 78B
Special concession for shared equity arrangements
78B Special concession for shared equity arrangements
(1) If there is more than one purchaser or transferee under an agreement or
transfer, and one or more of them is a first home owner, but the agreement or
transfer is not eligible under the scheme because one or more of the other
purchasers or transferees is not eligible under the scheme, the agreement or
transfer may still be eligible for a duty concession under the scheme (a
"shared equity concession" ).
(2) In order to be eligible for a
shared equity concession--
(a) the purchasers or transferees who are first
home owners must acquire not less than a 50% share in the ownership of the
(b) the agreement or transfer must be an agreement or transfer
that would be eligible under the scheme if the first home owners were the sole
purchasers or transferees under the agreement or transfer.
(3) If an
application concerning an agreement or transfer that is eligible under the
scheme for a shared equity concession is approved, duty is chargeable as
"D" is the duty chargeable.
"R" is the duty that would be chargeable on the dutiable value of the property
if this Division did not apply in respect of the agreement or transfer.
"E" is the ownership share in the property of the first home owner or owners,
expressed as a percentage.
"C" is the duty (if any) that would be chargeable under section 78A or 78AA on
the agreement or transfer if that section applied in respect of the agreement
(4) Despite anything to the contrary in this section, an
agreement or transfer under which one or more of the purchasers or transferees
is a company is not eligible under the scheme for a shared equity concession
if the Chief Commissioner is satisfied that the application relating to that
agreement or transfer should not be approved for any good reason.
avoid doubt, a reference in this Division (except sections 78A and 78AA) to an
application that has been approved under the scheme includes an application
that has been approved under the scheme because of eligibility for a
shared equity concession.
(6) This section does not apply to an agreement or
transfer that is entered into, or occurs, under an approved
shared equity scheme.
Note : An agreement or transfer that is entered into, or
occurs, under an approved shared equity scheme is eligible under the scheme,
even though not all the purchasers or transferees are eligible (see
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