Rates and thresholds
General rate
The rate of duty is 35 cents per $100 (or remaining part of $100) of the total cost of the lease.
In addition, duty at the rate chargeable on a transfer of land, is chargeable on the amount of any premium paid or payable in respect of the lease (other than a premium paid or payable in respect of a lease of premises in a retirement village within the meaning of section 5 of the Retirement Villages Act 1999
From 1 July 2006 refer to section 8, 9 and 21(5) of the Duties Act 1997. Exemptions are contained in Section 53A and 65(15).
Note: The duty on a premium paid or payable in respect of a lease remains payable even after 1 January 2008.
Nominal duty
duty of $2 is payable on a lease instrument executed prior to 1 January 2008 made in conformity with an agreement for a lease for which duty has been duly paid
duty of $10 is payable on a variation of a lease. (executed prior to 1 January 2008).
Duties on leases was abolished on lease instruments first executed on or after 1 January 2008.
