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In NSW, the vendor duty was payable by the
vendor for the transfer of land, or land
related property, unless the transaction came
within a small number of exceptions, for
example your primary residence, substantially
improved vacant land, substantially improved
buildings or new buildings and land used for
primary production. The rate of the duty was
2.25% and was applied to the whole amount of
the value of the land and is payable before
completion.
The New South Wales Government has abolished
vendor duty on contracts for land related
property that were entered into on or after 2
August 2005, and anti-avoidance provisions will
be introduced to prevent persons avoiding
vendor duty by cancelling contracts that were
exchanged before 2 August 2005.
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