New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 18

18 No double duty

(1) If a dutiable transaction is effected by more than one instrument, one instrument is to be stamped with the duty payable on the dutiable transaction and each other instrument is chargeable with duty of $100.

Note :
"Instrument" includes a written statement.

(2) The duty chargeable in respect of a transfer of dutiable property made in conformity with an agreement for the sale or transfer of the dutiable property is $20 if the duty chargeable in respect of the agreement has been paid.

(3) The duty chargeable in respect of a transfer of dutiable property that is not made in conformity with an agreement for the sale or transfer of the dutiable property is $20 if--

(a) the duty chargeable in respect of the agreement has been paid, and

(b) the transfer would be in conformity with the agreement if the transferee was the purchaser under the agreement, and

(c) the transfer occurs at the same time as, or proximately with, the completion or settlement of the agreement, and

(d) at the time the agreement was entered into, and at the completion or settlement of the agreement--

(i) the purchaser under the agreement (other than a purchaser who purchased as a trustee) and the transferee under the transfer were related persons, or

(ii) if the purchaser purchased as a trustee (other than as a trustee of a self managed superannuation fund)--the transferee and the beneficiary were related persons, or

(iii) if the purchaser purchased as a trustee of a self managed superannuation fund--the transferee under the transfer was the custodian of that trustee.

Note : Section 64C also provides for a duty concession in respect of a transfer of dutiable property that is made in partial conformity with an agreement for the sale or transfer of the property. The concession applies if the interest in the property transferred to the transferee is not identical to the interest agreed to be transferred to the transferee under the agreement.

(4) The duty chargeable on a transfer to a trustee of dutiable property subject to a declaration of trust is $20 if ad valorem duty under this Chapter has been paid on the declaration of trust in respect of the same dutiable property.

(5) The duty chargeable on a transfer of dutiable property as a consequence of a foreclosure order is $20 if ad valorem duty under this Chapter has been paid on the foreclosure.

(6) The duty chargeable on a declaration of trust that declares the same trusts as those upon and subject to which the same dutiable property was transferred to the person declaring the trust is $20 if ad valorem duty under this Chapter has been paid on the transfer.

(6A) The duty chargeable on a declaration of trust is $100 if the Chief Commissioner is satisfied that--

(a) the declaration of trust supersedes another declaration of trust in respect of which duty under this Chapter has been paid and declares the same trusts as were declared under the superseded declaration of trust, and

(b) the beneficiary under the declaration of trust is the same as under the superseded declaration of trust, and

(c) the dutiable property subject to the declaration of trust--

(i) is wholly or substantially the same as the property that was the subject of the superseded declaration of trust at the time of the declaration of the superseded declaration of trust, or

(ii) represents the proceeds of re-investment of property that was the subject of the superseded declaration of trust at the time of the declaration of the superseded declaration of trust, or

(iii) is property to which both subparagraphs (i) and (ii) apply.

(7) A dutiable transaction in respect of marketable securities that confer a land use entitlement is taken to be a dutiable transaction in respect of the land use entitlement only. If duty has been paid on the dutiable transaction in accordance with a law of another Australian jurisdiction, the duty charged by this Chapter on the dutiable transaction is to be reduced by the amount of the duty so paid.

(8) Despite subsection (1), if a single dutiable transaction is effected by more than one electronic registry instrument it is sufficient that one of those instruments is duly stamped with the duty chargeable on the dutiable transaction.

Note : See section 290.