Listen

Revenue, Fines and Other Legislation Amendment Act 2023 guide

Chapters

  1. Overview
  2. Vesting of land
  3. When does a liability for duty arise?
  4. Aggregation of dutiable transactions
  5. Effect of alteration in purchase price
  6. Transfers in relation to managed investment schemes
  7. Property vested to an apparent purchaser
  8. Establishment of a trust relating to unidentified property and non-dutiable property
  9. Transfers of property in connection with persons changing superannuation funds
  10. Registered native title body corporates
  11. Valuation of property
  12. Changes to the Taxation Administration Act

3. When does a liability for duty arise?

On this page

Section 12 of the Duties Act 1997

Section 12 of the Duties Act 1997 has been amended to include subsection (4)(b).

If a transfer of dutiable property is effected by an instrument, liability for duty arises when the instrument is first executed. An electronic registry instrument is taken to be first executed when it is first digitally signed by a subscriber.

The addition of section 12(4)(b) clarifies that if the electronic instrument is not digitally signed, it is taken to have been first executed when Revenue NSW first receives information relating to the instrument.

This typically applies to transfers where there is no contract and will mean that the date the application for assessment is submitted in eDuties may be taken to be the execution date.

When does the change take effect?

Amendments made to this section of the Duties Act 1997 applies to an instrument made on or after 4 September 2023.

The amendments do not apply to an instrument that is made in conformity with an instrument that occurred before this date.

Where can I find more information?

 

Note

Revenue rulings and CPNs impacted by this change are currently being reviewed. This guide will be updated once any updated rulings and CPNs become available. Existing Revenue rulings can be found on our Revenue rulings page.