1 Name of Regulation
This Regulation is the Duties Regulation 2022.
2 Commencement
This Regulation commences on the day on which it is published on the NSW legislation website.
3 Definition
In this Regulation—the Act means the Duties Act 1997.Note—The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation.
4 Excluded transactions
(1) For the Act, section 8(3) definition of excluded transaction, paragraph (k), the following transactions are prescribed—(a) a change in default beneficial interests under a discretionary trust, including the following—(i) a change to the default beneficial interests of the default beneficiaries,(ii) the addition or removal of a default beneficiary,(b) a change in beneficial ownership of dutiable property that occurs—(i) under a testamentary instrument or the laws of intestacy, or(ii) otherwise by operation of law on the death of a person,(c) the grant or termination of a life estate in dutiable property for no consideration,(d) the variation or surrender of an easement for no consideration,(e) the grant, creation, variation or extinguishment of a mortgage, charge or other security over land,(f) the creation, variation or surrender, for no consideration, of a tenant’s interest in fixtures that are fit-out for commercial premises,(g) a change in tenancy under a lease for no consideration,(h) a change, for no consideration, in the holding of property—(i) from joint tenants to tenants in common in equal shares, or(ii) from tenants in common in equal shares to joint tenants,(i) the grant, variation, cessation, revocation or cancellation of a water right,(j) the expiry, extinguishment or merger of one or more leases for no consideration,(k) the variation or extinguishment of a profit a prendre for no consideration,(l) the surrender of a security interest for no consideration,(m) a transaction that results in an increase in a person’s interest in dutiable property under an agreement, relating to the dutiable property, entered into between the person and the State under a shared equity scheme.(2) In this section—security interest has the same meaning as in the Personal Property Securities Act 2009 of the Commonwealth.has the same meaning as in the First Home Owner Grant and Shared Equity Act 2000, section 24B.water right has the same meaning as in the Valuation of Land Act 1916.s 4: Am 2022 (784), Sch 1[1] [2].
5 Transitional provision consequent on State Revenue and Fines Legislation Amendment (Miscellaneous) Act 2022
For the Act, Schedule 1, clause 1(3), this Regulation, section 4 is taken to have commenced on 19 May 2022.