#nsw real estate
About transfer of land or business duty
a sale or transfer of business assets in NSW
a declaration of trust over dutiable property in NSW
Who pays the duty?
The purchaser or transferee is liable to pay the duty.
When am I liable for the duty?
Your liability for duty arises when the sale or transfer occurs. However, if the sale or transfer is affected by a written instrument (contract or agreement or transfer), liability arises when the instrument is first executed.
What if I do not have a written instrument?
If you do not have a written instrument that evidences the purchase or transfer of a business or property, you must submit a Statement of Dutiable Transaction not Effected by a Written Instrument form (OSD 046) (PDF). The form must be submitted within three months after the liability arises.
If you or the seller are related or ‘not acting in good faith’, we will require a valuation from
A registered valuer for purchase/transfer of land
An independent accountant for purchase/transfer of business assets.
When is an instrument first executed?
An instrument is first executed when it is signed and sealed, or signed by any party to it.
However, acceptance of an offer contained in an instrument is taken to be first executed when the offer is accepted, that is, date of exchange.
Paying the transfer of land or business duty
When purchasing property ‘off the plan’, the duty must be paid within three months from the date of:
completion of the agreement
What if the sale or transfer agreement is rescinded or annulled?
five years of the initial assessment, or
12 months after the agreement is rescinded or annulled, whichever is the later.
The application form must be completed by each purchaser / transferee and lodged with the original stamped contract and transfer. A photocopy of the Deed of Rescission signed by both parties or letters from both parties confirming the agreement has been rescinded is also required.
Buying a number of properties
What if I am completing transactions on a number of separate properties?
If you are completing transactions relating to separate items of property, or separate parts of or interests in property they could be aggregated and treated as a single transaction.