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DUTIES ACT 1997 - SECT 104E
Concession
104E Concession
(1) The purchaser or transferee under an agreement for the sale or transfer,
or the transfer, of residential property or vacant residential land is
entitled to be granted a duty concession under this Division in respect of the
agreement or transfer if the Chief Commissioner is satisfied that-- (a) the
purchaser or transferee (or at least one of the purchasers or transferees if
there is more than one purchaser or transferee) is the owner of
residential property that will be acquired by an authority of the State (or
was the owner from whom the authority of the State acquired the property), and
(b) the authority of the State has entered into a binding agreement to acquire
(or has acquired) that residential property because it is or was
LFAI-affected.
(2) Despite subsection (1) (a), the Chief Commissioner may
grant a duty concession under this Division to a purchaser or transferee who
is not or was not (at any time or at the applicable time) the owner (or the
only owner) of the LFAI-affected property concerned if the Chief Commissioner
is satisfied that it would be fair and reasonable for the duty concession to
be granted to the purchaser or transferee.
(3) Without limiting subsection
(2), the Chief Commissioner may be satisfied that it would be fair and
reasonable for a duty concession to be granted to a purchaser or transferee
who is or was an owner, but not the only owner, of the LFAI-affected property
concerned if the Chief Commissioner is satisfied that each other owner has
consented to the making of the application for the duty concession.
(4) If a
duty concession is granted under this Division in respect of an agreement or
transfer, any ad valorem duty chargeable under this Chapter on the agreement
or transfer is to be reduced by the amount of ad valorem duty that (but for
section 308) would be (or would have been) chargeable to the
authority of the State on-- (a) the transfer to the authority of the State of
the LFAI-affected property concerned, or
(b) any other dutiable transaction
effected to acquire the LFAI-affected property.
(5) Duty cannot be reduced
under this Division to less than $0.
(6) Only one duty concession may be
granted under this Division for each acquisition of LFAI-affected property by
an authority of the State.
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