This information has been provided by
Australian law firm, Australian Conveyancing Services and is applicable in New South Wales
only.
Vendor duty on Contracts for
land related property was abolished from 2 August 2005.
This applies to all Contracts entered into (i.e. exchanged)
on or after 2 August 2005. The Seller will not have to
submit the Contract or Transfer for stamping, either.
Anti-avoidance provisions are in place to prevent persons
avoiding Vendor duty by cancelling Contracts that were
exchanged before 2 August 2005. For example, where
liable Contracts were exchanged before 2 August 2005, the
duty will still apply even if these Contracts are rescinded
and a substitute Contract is exchanged on or after 2 August
2005. Contracts will need to be submitted for
stamping, even if an exemption from Vendor duty is being
received.
Disposal duty (land rich vendor duty) will cease to apply to
a disposal of an interest in a landholder from 2 August
2005.
