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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

7. Property vested to an apparent purchaser

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Section 55 of the Duties Act 1997

Section 55 of the Duties Act 1997 has been amended to include subsection (1C).

The addition of subsection 55 (1C) extends the duty concession for property vested in an apparent or real purchaser of dutiable property to the legal personal representative of an apparent or real purchaser.

That is, where a property has vested in an apparent purchaser, and either the apparent purchaser or the real purchaser has died and have legal personal representatives, nominal $50 duty may still apply if all requirements of section 55(1) are met.

When does the change take effect?

Amendments made to this section of the Duties Act 1997 apply to transactions that occur on or after 4 September 2023.

What are the evidentiary requirements?

There are some changes to the Duties Act evidentiary requirements: Section 55.

This information has been updated on our website and includes a link to the client identification requirements and forms for this transaction type.

How are these transactions processed?

There is no change to the processing this transaction type.

These transactions will continue to be submitted via eDuties using application “Assessment - property vested in an apparent purchaser - section 55”.

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.