117Application of amendments

117 Application of amendments (1) This Act, as in force immediately before the commencement, applies in relation to the following: (a) a conveyance of dutiable property to an exempt entity that was first executed before 1 July 2025; (b) a conveyance of dutiable property to an exempt entity that was first executed on or after 1 July 2025 if: (i) the conveyance replaces an earlier conveyance, first executed before that date, in relation to the same or substantially similar dutiable property; or (ii) the exempt entity entered into an agreement or option, before that date, to purchase the same or substantially similar dutiable property; or (iii) the conveyor of the dutiable property had an option, granted before that date, to require the exempt entity to purchase the same or substantially similar dutiable property; (c) a lease of property to an exempt entity that was first executed before 1 July 2025;

Stamp Duty Act 1978 123 (d) a lease of property to an exempt entity that was first executed on or after 1 July 2025 if: (i) the lease replaces an earlier lease, first executed before that date, in relation to the same or substantially similar (ii) the exempt entity entered into an agreement or option, before that date, to lease the same or substantially similar property; or (iii) the lessor had an option, granted before that date, to require the exempt entity to lease the same or substantially similar property. commencement means the commencement of the Revenue Legislation Amendment Act 2025.

Stamp Duty Act 1978 124 section 4(1) definition dutiable instrument and section 6 1 Conveyances (1) A conveyance of dutiable property is a dutiable instrument. (2) Subject to this clause, the duty payable on a conveyance of dutiable property is determined as follows: (a) if the dutiable value of the dutiable property subject to the conveyance does not exceed $525 000: D = (0.06571441 x V 2) + 15V D is the duty (expressed in dollars) V is 1/1 000 of the dutiable value (expressed in dollars) (b) if the dutiable value exceeds $525 000 but is less than $3 000 000, the duty is 4.95% of the dutiable value; (c) if the dutiable value is $3 000 000 or more but is less than $5 000 000, the duty is 5.75% of the dutiable value; (d) if the dutiable value is $5 000 000 or more, the duty is 5.95% of the dutiable value. (3) A conveyance of dutiable property by or to joint tenants is, if the conveyor, or one or more of the conveyors, retains an interest in the property, assessed for duty as a conveyance of the interest that is not retained by the conveyor or conveyors rather than the form of the conveyance but an additional $5 is payable. Examples 1 If property is held jointly by 2 persons, and they convey the property to one of them, the conveyance is assessed for ad valorem duty as a conveyance of a half-share of the property and the total amount of the duty is the amount so assessed plus $5. 2 If a sole owner conveys property to him/herself jointly with another, the conveyance is assessed for ad valorem duty as a conveyance of a half- share of the property and the total amount of the duty is the amount so assessed plus $5.