Call Options and Stamp Duty

[belvoir]

I was wondering if anyone had a quick summary on what draws stamp duty when executing a call option with a nomination.

I understand the rules changed last year (Nov 2014).

If the person who takes the option then on-sells to a nomination are they liable for stamp duty?

 

[Terry_w]

I was wondering if anyone had a quick summary on what draws stamp duty when executing a call option with a nomination.

I understand the rules changed last year (Nov 2014).

If the person who takes the option then on-sells to a nomination are they liable for stamp duty?

Your question is vague.
advalorum duty on the unencumbered value of the property probably. seek legal advice.

 

[belvoir]

Owner of Property

First Purchaser

Second Purchaser


First Purchaser secures option over property for $1,000,000 with $10,000 option fee.

First Purchaser sells the option to Second Purchaser for $1,500,000.

The on sale of the option is through a nomination clause where the First Purchaser is able to change the name on the option.

Does the first purchaser pay stamp duty?

OMW to solicitors next week, just wondering if I could get an understanding before going.

 

[Terry_w]

Still not enough info.

If land in NsW I would think stamp duty on $1.5mil as well as the duty on the $1mil

 

[coastymike]

S107 duties act nsw