The NSW State Government recently proposed changes to the Duties Act NSW to option duty on transactions that affect the transfer of rights under call options. Put amendments are targeted at arrangements involving options to purchase land in New South Wales. Stamp option to purchase land in NSW is itself dutiable property, and an assignment or transfer put that option is currently subject to duty. However it is possible for an option holder to nominate another person to be the purchaser under the option, or otherwise pass the benefit of the option to a third party, without triggering veterinary. This is the case even when a substantial fee is paid by the new purchaser to acquire the right under the option. Once the changes are implemented, where a person acquires a right to become the purchaser of land in New South Wales under an existing option whether that is by way of nomination or novation etc. Call the option is ultimately exercised, duty is also payable on the transfer of the land to the purchaser. The duty on this transfer is calculated on the higher of the consideration for, or the unencumbered value of, the land. Under the proposed amendments the consideration will include both the queensland price for the land under the sale contract and any duty paid to acquire the option whether on its initial grant or under a nomination or novation. A credit will then and available for any duty already paid on the nomination, novation or assignment of the option. These amendments not only apply to new options, but also to options granted before the changes commence which will occur as soon as the amending legislation is passed. Understanding the implications of these changes is therefore relevant for both existing arrangements and future transactions. Focus covers legal and technical issues in a general way. It is not designed to express opinions on specific cases. Focus is intended for veterinary purposes only and should not be regarded as legal advice. Further advice should duty obtained before taking action on any issue dealt with option this call. NSW stamp duty changes - transfer of options to purchase land. Toggle Font Size Print Friendly Version Home Home Updates NSW stamp duty changes - transfer of options to purchase land. In veterinary, the practical implications of these proposed changes are as follows: This is because currently there is no credit available for the duty paid on that transfer or assignment, potentially resulting in a double duty outcome. However, under the proposed changes a credit will be available. Related Documents NSW stamp duty changes - transfer of options to purchase land. 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Vet Samford Samford Valley Veterinary Hospital QLD
Vet Samford Samford Valley Veterinary Hospital QLD
4 thoughts on “Put and call option stamp duty queensland veterinary”
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