Refer to the Stamp Duty Land Holder Guide to Legislation for more information regarding the land holder provisions.
No liability to duty arises in relation to a conveyance or transfer of an interest in qualifying land (that is, land that is being used other than for residential purposes or for primary production) from 1 July 2018. Accordingly, only conveyances or transfers of an interest in residential and primary production land remain liable to duty. Further information regarding qualifying land (and the phased reduction of rates applicable to qualifying land from 7 December 2015 to 30 June 2018) is available in Information Circular 103.
The land holder duty model ensures that if control of an entity changes and that entity holds land assets, conveyance rates of duty will apply to the South Australian land effectively transferred.
Sections 71(4), 71(4a) and 71(4b) of the Stamp Duties Act 1923 were repealed effective 1 July 2018. Further, the $1million threshold test in Part 4 of the Stamp Duties Act (formerly, Section 98), was removed such that the land holder provisions apply to all interests in residential and primary production land only.
A transfer, issue or redemption of units in a unit trust will no longer be taxable under Section 71 of the Stamp Duties Act. Rather, the land holder provisions have been expanded to include the transfer, issue or redemption units in a unit trust which holds land irrespective of the land value, but only when a taxpayer acquires or increases a prescribed interest in a unit trust, that is at least a 50% interest.
From 1 July 2018 the land holder provisions only applies to acquisitions or increases of prescribed interests in entities that hold or notionally hold land that is used for residential or primary production purposes.
If the land holding entity only holds qualifying land, then from 1 July 2018 no documentation will need to be provided to RevenueSA for stamping purposes.
This relates to unit transfers and Section 102B Returns.
So only where there is an acquisition or an increase of a prescribed interest in residential or primary production land will a Section 102B Return be required.
When contacting us please provide your property information (such as address, ownership number, site details, etc) and conveyancer information, where applicable.
|phone||(08) 8226 3750, select option 4|
|fax||(08) 8226 3737|
|post||GPO Box 1353, Adelaide, SA 5001|
You can reach us during business hours: 8:30am - 5:00pm (South Australian time), Monday to Friday (excluding public holidays).