With the introduction of the NSW Govt Vendor Duy of 2.25% on 1/7/04 I believed all investments and developments would have to pay the duty. However after a bit of investigating and search of nsw gov web site that there are some exemptions.
No vendor duty is payable on sale of a NEW building where the new building remains unoccupied before the first sale.
Where a newly constructed building is tenanted after completion but prior to the first sale, the exemption will apply provided the property is sold within 12 months of the date of completion.
There are also other sections of exemption related to if the Dutiable Value has not signifigantly increased.
For more info see nswgov site or phone 1300 784010.
Gee Cee
