Monday, August 08, 2005
Vendor duty and your property sale
Vendor duty on contracts for land related property will be abolished from 2 August 2005.
This applies to all contracts entered into (ie exchanged) on or after 2 August 2005. Anti-avoidance provisions will be introduced to prevent persons avoiding vendor duty by cancelling contracts that were exchanged before 2 August 2005. For example, where liable contracts were exchanged before 2 August 2005, the duty will still apply even if these contracts are rescinded and a substitute contract is exchanged on or after 2 August 2005.
Disposal duty (land rich vendor duty) will also cease to apply to a disposal of an interest in a landholder from 2 August 2005.
Selling your home? Come and see us at Erina Legal and get advice on how this will affect you. Call now on 02 4365 6556
This applies to all contracts entered into (ie exchanged) on or after 2 August 2005. Anti-avoidance provisions will be introduced to prevent persons avoiding vendor duty by cancelling contracts that were exchanged before 2 August 2005. For example, where liable contracts were exchanged before 2 August 2005, the duty will still apply even if these contracts are rescinded and a substitute contract is exchanged on or after 2 August 2005.
Disposal duty (land rich vendor duty) will also cease to apply to a disposal of an interest in a landholder from 2 August 2005.
Selling your home? Come and see us at Erina Legal and get advice on how this will affect you. Call now on 02 4365 6556