Part 4176 Interim stamping of lease instrument
(1) A lease instrument on which duty is assessed under section 173 is to be marked “interim stamp only”.(2) A lease instrument on which no part of the duty under this Chapter is immediately ascertainable is, on payment of a duty of $10, to be stamped accordingly and marked “interim stamp only”.(3) Section 49 applies to a lease instrument marked “interim stamp only” in the same way as it applies to a written instrument or written statement referred to in that section marked “interim stamp only”.
177 Reassessment of duty—early termination
(1) A lessee may apply in writing to the Chief Commissioner for a reassessment of duty paid on a lease instrument if the lease is terminated before the end of its term. The means by which the lease was terminated is immaterial.(2) The application must be made within 5 years after the initial assessment or 12 months after the termination, whichever is the later, and must be supported by such documents and information as the Chief Commissioner specifies.(3) The Chief Commissioner:(a) if satisfied that the lease has been terminated before the commencement of the term, must refund the whole of the duty paid, or(b) if satisfied that the lease has been terminated early, must refund the difference between the duty actually paid and the duty that would have been payable if the lease had been granted for a term equal to the period for which the lease actually remained in force before termination.(4) In this section, a reference to the termination of a lease includes a reference to a lease coming to an end.
178 Reassessment of duty—reduction of cost
(1) A lessee may apply in writing to the Chief Commissioner for a reassessment of duty paid on a lease instrument if the lease is subsequently varied so as to reduce the total cost of the lease.(2) The application must be made within 5 years after the initial assessment or 12 months after the variation, whichever is the later, and must be supported by such documents and information as the Chief Commissioner specifies.(3) The Chief Commissioner, if satisfied that the lease has been varied so as to reduce the total cost of the lease, must refund the difference between the duty actually paid and the duty that would have been payable if the lease had been granted on the terms as so varied.
(1) A lease instrument for any of the following leases is not chargeable with duty under this Chapter:(a) a lease for a term of less than one year whose total cost is not more than:(i) $3,000—if the date of first execution of the lease is before 1 July 2001, or(ii) $20,000—if the date of first execution of the lease is on or after 1 July 2001,(b) a lease for a term of one year or more whose total cost is not more than:(i) $3,000 per year—if the date of first execution of the lease is before 1 July 2001, or(ii) $20,000 per year—if the date of first execution of the lease is on or after 1 July 2001,(c) a lease granted by or on behalf of a corporation, society or institution if:(i) the purpose of the lease is to grant a retired person or a disabled person the right to occupy residential accommodation, and(ii) the lease has not been granted for the purpose of profit by the lessor,(d) a lease of premises to the Home Care Service of New South Wales,(e) a lease executed in accordance with Part V of the Commonwealth National Health Act 1953.(2) Duty under this Chapter is not chargeable on a lease instrument on:(a) so much of the cost of a residential lease as relates to premises used, or intended to be used, exclusively as a residence, or(b) so much of the cost of a lease of a moveable dwelling site used, or intended to be used, as the principal place of residence of the lessee.