The Duties Act 2000 replaced the Stamp Duties Act 1958 on 1 July 2001. The most significant changes were:

a)    Transfers of shares and units listed on a recognised stock exchange do not attract duty

b)    Unlisted shares and units would only attract duty until 30 June 2003

c)    Duty on leases was no longer be payable for:

    i)    Leases executed on or after 26 April 2001

    ii)    Assignments of leases executed on or after 26 April 2001

    iii)    A variation to a lease where the variation was executed on or after 26 April 2001

    iv)    A rental increase under the terms of the lease that was due to take effect on or after 26 April 2001

d)    Duty was payable on mortgages executed on or after 1 July 2001 and for further advances made on or after 1 July 2001 (for mortgages executed prior to 1 July 2001)

e)    Duty is payable for transfers of land where the dutiable transaction occurred on or after 1 July 2001

NEED MORE INFORMATION

Behan Legal assists and advises on these important issues. For an appointment, call 03 9646 0344.