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What is transfer duty on land in New South Wales

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Reference no: EM132870279

Question - Stamp Duty or Transfer Duty on transfer of real property in NSW

(a) What is transfer duty on land in New South Wales and who is liable for this duty?

(b) When must this duty be paid?

(c) Name one simple effective enforcement mechanism for the payment of transfer duty on Torrens title land?

(d) Identify a reason why it is important to clarify if the purchaser of real property in NSW is a foreign person.

(e) Calculate the duty respectively on the transfer of an existing one million dollar residential property in NSW on 2/7/2018 in NSW to an Australian resident citizen and then where the transferee is a foreign person.

(f) Identify and briefly explain two exemptions to transfer duty in NSW.

(g) Identify and explain a transfer duty concession for first home buyers in NSW.

(h) Is GST included to be in the value of land for transfer duty purposes?

Reference no: EM132870279

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