This chapter identifies some transactions which are considered complex and must be submitted to Revenue NSW for assessment.
The Duties Document Matrix (PDF, 506.95 KB) provides a comprehensive list of all complex transactions which must be lodged via eDuties to be assessed by Revenue NSW.
Retrospective applications to opt into property tax – Off the plan
Off the plan purchase contracts signed on or after 11 November 2021 which settle on or after 11 November 2022 may be eligible to retrospectively opt into property tax.
Refer to Chapter 6 – Off the plan purchase contracts for details
Transfers in substantial conformity
Under Section 17 of the Property Tax (First home Buyer Choice) Act 2022, the transfer of land must be in conformity or substantial conformity with the agreement for sale and the eligible purchaser/transferee must satisfy the residence requirement.
Similar to transfers not in conformity prescribed in Section 18(3) of the Duties Act 1997, a transfer will be in substantial conformity if:
- The transfer would be in conformity with an agreement if the transferee were the purchaser under the agreement
- The transfer occurs at time of settlement, or proximately with settlement; and
- At both time of agreement and settlement, the purchaser and transferee were related persons (as defined in the Duties Act 1997 dictionary) or
- If purchased as trustee – the purchaser and the beneficiary were related persons.
A transaction is not eligible to opt into property tax unless the transfer is in conformity or substantial conformity with the agreement.
Aggregations
Section 25 of the Duties Act 1997 provides for the aggregation of certain dutiable transactions for the purposes of calculating duty.
In certain circumstances, transactions involving eligible purchasers/transferees opting into property tax may be subject to the aggregation provisions.
For transactions which involve an aggregation of dutiable property and an eligible purchaser/transferee opting into property tax, an application must be submitted with Revenue NSW for assessment.
Transfers involving land already subject to property tax
For information regarding the property tax implications for transfers of land already opted into property tax refer to Part 8 of the Property Tax (First Home Buyer Choice) Act 2022.
This guide will be updated with instructions for the assessment and processing requirements for these transactions.