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Lease exemptions and concessions
The Duties Act 2000 (the Act) sets out various exemptions from the application of the lease provisions:
- Caravan parks – An exemption applies in respect of the grant, transfer, assignment or surrender of a lease for a site or a site and a caravan, in a caravan park registered under the Residential Tenancies Act 1997, provided the caravan is used or intended to be used as the principal place of residence of the lessee (s49 of the Act).
- Retirement village – The grant, transfer, assignment or surrender of a lease creating or giving rise to a residency right in a retirement village within the meaning of the Retirement Villages Act 1986 is excluded from the application of these provisions (s7(3AA) of the Act).
- Existing Chapter 2 exemptions and concessions – Certain Chapter 2 exemptions and concessions apply in respect of the lease provisions (see ss. 32Y, 38B, 41B, 50B, 57G(2), and 58(3) of the Act).
- Option for further term contained in a pre-21 November 2008 lease – A specific statutory exclusion applies in respect of the grant of a lease as a result of the exercise of an option for a further term where the option is provided for by a lease which was granted before 21 November 2008 (the date of announcement) and the lease required the payment of the consideration for the exercise of the option (s7(3AAB) of the Act).
- No double duty – If duty has been paid on the grant, transfer or assignment of a lease, an exemption is available in respect of the duty payable on the subsequent transfer of the underlying land to the lessee, transferee or assignee (s57 of the Act).
For more information, refer to the relevant sections of the Act.