17AStamp duty on related instruments

17A Stamp duty on related instruments (1) A conveyance to give effect to an agreement to convey dutiable property is to be stamped without payment (or further payment) of ad valorem duty if: (a) the agreement is duly stamped as a conveyance; and (b) the conveyance is subsequent to, and in conformity with, the agreement; and (c) no further dutiable transaction affecting the dutiable property has occurred between the date of the agreement and the date of the conveyance. (2) However: (a) the conveyee must be the person, identified in the agreement, to whom the dutiable property was agreed to be conveyed; or (b) the Commissioner must be satisfied that the person so identified entered into the agreement as agent for the conveyee; or (c) the Commissioner must be satisfied that the person so identified entered into the agreement on behalf of: (i) a corporation that was, as at the date of the agreement, yet to be incorporated or acquired by the person so identified; or (ii) a trust that was, at the date of the agreement, yet to be established by the person so identified; and that the conveyee is the corporation or the trustee of the trust. (2A) In addition, a transfer of dutiable property is to be stamped without payment (or further payment) of ad valorem duty if: (a) an agreement for the conveyance of the property is duly stamped; and (b) the purchaser under the agreement and transferee under the transfer: (i) are related under subsection (2B) when the agreement is made and when it is completed or settled; and

Stamp Duty Act 1978 23 (ii) except for the trustee of a family trust mentioned in subsection (2B)(c), will not hold the property as trustee; and (c) no valuable consideration is given by the transferee to the purchaser; and (d) the transfer occurs at the same time as, or proximately with, the completion or settlement of the agreement. (2B) The purchaser and transferee are related if: (a) they are in a family relationship; or (b) one of them is an individual who is a shareholder of a family company and the other is the family company; or (c) one of them is a beneficiary in a family trust and the other is a trustee of the family trust; or (d) they are related corporations. (3) In this section, a reference to a conveyance extends to a lease that is liable to ad valorem duty.