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DUTIES ACT 1997 - SECT 8

Imposition of duty on certain transactions concerning dutiable property

8 Imposition of duty on certain transactions concerning dutiable property

(1) This Chapter charges duty on--
(a) a transfer of dutiable property, and
(b) the following transactions--
(i) an agreement for the sale or transfer of dutiable property,
(ii) a declaration of trust over dutiable property,
(iii) a surrender of an interest in land in New South Wales,
(iv) a foreclosure of a mortgage over dutiable property,
(v) a vesting of dutiable property by or as a consequence of an order of a court of this or another jurisdiction, whether inside or outside Australia,
(vi) the enlargement of a term in land into a fee simple under section 134 of the Conveyancing Act 1919 ,
(vii) a vesting of land in New South Wales by, or expressly authorised by, statute law of this or another jurisdiction, whether inside or outside Australia,
(viii) a lease in respect of which a premium is paid or agreed to be paid.
Note : There are other provisions in this Act that deem certain transactions to be a transfer of dutiable property under this Chapter, for example--
(a) section 9A, which provides for certain circumstances in which a transfer of a partnership interest is taken to occur, and
(b) section 9B, which provides for certain circumstances in which a transfer of an option to purchase land is taken to occur, and
(c) section 9C, which provides for circumstances in which a novation of an agreement for the lease of land in New South Wales is taken to be a transfer of dutiable property, and
(d) Part 2 of Chapter 3, which treats a transfer or assignment of an option to purchase dutiable property as a transfer of the dutiable property in certain circumstances.
(2) Such a transfer or transaction is a
"dutiable transaction" for the purposes of this Act.
(3) In this Chapter--

"declaration of trust" means any declaration (other than by a will or testamentary instrument) that any identified property vested or to be vested in the person making the declaration is or is to be held in trust for the person or persons, or the purpose or purposes, mentioned in the declaration although the beneficial owner of the property, or the person entitled to appoint the property, may not have joined in or assented to the declaration.

"lease" means a lease of land in New South Wales or an agreement for a lease of land in New South Wales.

"premium" , in respect of a lease entered into pursuant to an option, includes an amount paid or payable for the grant of the option.

"transfer" includes an assignment, an exchange and a buy-back of shares in accordance with Division 2 of Part 2J.1 of the Corporations Act 2001 of the Commonwealth.



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