Duties Amendment (Senior’s Principal Place of Residence Duty Exemption) Act 2011 (NSW)

An Act to amend the Duties Act 1997 to extend the senior’s principal place of residence duty exemption under the NSW Home Builders Bonus to persons between 55 and 65 years of age.

1Name of Act

This Act is the Duties Amendment (Senior’s Principal Place of Residence Duty Exemption) Act 2011.

2Commencement

This Act commences on the date of assent to this Act.

Schedule 1Amendment of Duties Act 1997 No 123[1]Chapter 2, Part 8, Division 1B, heading

Omit “(Budget 2010–11)”.

[2]Section 87S Senior’s principal place of residence duty exemption

Omit section 87S (6) (a). Insert instead:

(a)

the person is 55 years of age or older, and

[3]Section 87S (6A)–(6C)

Insert after section 87S (6):

(6A)

However, a person who is under the age of 65 years is not an eligible senior unless the relevant agreement or transfer is a complying agreement or transfer that is eligible for consideration under the scheme.

(6B)

A complying agreement or transfer is:

• (a)

  an agreement for sale or transfer of dutiable property entered into on or after 1 July 2011, or

• (b)

  a transfer of dutiable property that occurs on or after 1 July 2011 (other than a transfer made in conformity with an agreement for sale or transfer entered into before 1 July 2011).

(6C)

An agreement for sale or transfer of dutiable property is not a complying agreement or transfer if:

• (a)

  it replaces an agreement made before 1 July 2011, and

• (b)

  the replaced agreement was an agreement for the sale or transfer of substantially the same dutiable property.