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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales Duties Amendment (Abolition of Vendor Duty) Bill 2005 Contents Page 1 Name of Act 2 2 Commencement 2 3 Amendment of Duties Act 1997 No 123 2 Schedule 1 Amendments 3 I certify that this PUBLIC BILL, which originated in the LEGISLATIVE ASSEMBLY, has finally passed the LEGISLATIVE COUNCIL and the LEGISLATIVE ASSEMBLY of NEW SOUTH WALES. Clerk of the Legislative Assembly. Legislative Assembly, Sydney, , 2005 New South Wales Duties Amendment (Abolition of Vendor Duty) Bill 2005 Act No , 2005 An Act to amend the Duties Act 1997 to abolish vendor duty, and duty on the disposal of interests in land rich landholders, on and from 2 August 2005. I have examined this Bill, and find it to correspond in all respects with the Bill as finally passed by both Houses. Chairman of Committees of the Legislative Assembly. Clause 1 Duties Amendment (Abolition of Vendor Duty) Bill 2005 The Legislature of New South Wales enacts: 1 Name of Act This Act is the Duties Amendment (Abolition of Vendor Duty) Act 2005. 2 Commencement This Act is taken to have commenced on 2 August 2005. 3 Amendment of Duties Act 1997 No 123 The Duties Act 1997 is amended as set out in Schedule 1. Page 2 Duties Amendment (Abolition of Vendor Duty) Bill 2005 Amendments Schedule 1 Schedule 1 Amendments (Section 3) [1] Chapter 4, note Insert after the heading to Chapter 4: Note. This Chapter charges duty (known as vendor duty) on certain transactions. Vendor duty was introduced in 2004 and applied to certain transactions occurring on or after 1 June 2004 (see clause 40 of Schedule 1). Vendor duty was abolished on and from 2 August 2005. Accordingly, vendor duty remains chargeable only on certain transactions that occurred before that abolition date. [2] Section 145 Introduction Insert after section 145 (1): (1A) The duty charged by this Chapter is abolished on and from 2 August 2005. However, the duty remains chargeable on certain dutiable transactions that occurred before 2 August 2005. [3] Section 146 Transactions on which vendor duty is charged Insert "that occurs before 2 August 2005" after "a transfer of land-related property" in section 146 (1) (a). [4] Section 146 (1) (b) Insert ", but only if the transaction occurs before 2 August 2005" after "the following transactions". [5] Section 161 Omit the section. Insert instead: 161 Cancelled agreements (1) An agreement for sale or transfer is not liable to vendor duty under this Chapter if the Chief Commissioner is satisfied that: (a) the agreement has been cancelled, and (b) the agreement was not cancelled to avoid liability for vendor duty by means of a subsequent agreement to transfer (or by means of a transfer of) the same land-related property to the transferee or to any associated person of the transferee on or after 2 August 2005. (2) If vendor duty has been paid on an agreement that is not liable to vendor duty under this Chapter because of this section, the Chief Commissioner must reassess and refund the duty if an application for a refund is made within: Page 3 Duties Amendment (Abolition of Vendor Duty) Bill 2005 Schedule 1 Amendments (a) 5 years after the initial assessment, or (b) 12 months after the agreement is cancelled, whichever is the later. (3) In this section: cancelled means rescinded, annulled or otherwise terminated without completion. [6] Section 162 Cancelled transfers Omit section 162 (1). Insert instead: (1) A transfer of land-related property that is effected by a written instrument is not liable to vendor duty under this Chapter if the Chief Commissioner is satisfied that: (a) the transfer instrument has been cancelled or abandoned, and (b) the transfer instrument was not cancelled or abandoned to avoid liability for vendor duty by means of a subsequent transfer of the same land-related property to the transferee or to any associated person of the transferee on or after 2 August 2005. [7] Section 163 Overview Insert after "Chapter 4." in the note to section 163: As vendor duty was abolished on and from 2 August 2005, duty is chargeable under Part 3 only on a disposal by a person of an interest in a land rich landholder that was made before that date. [8] Section 163N What is a "relevant disposal"? Insert after section 163N (1): (1A) However, the disposal is a relevant disposal only if it was made before 2 August 2005. Page 4 Duties Amendment (Abolition of Vendor Duty) Bill 2005 Amendments Schedule 1 [9] Schedule 1 Savings, transitional and other provisions Insert at the end of clause 1 (1): Duties Amendment (Abolition of Vendor Duty) Act 2005 Page 5
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