From 19 May 2022, there are some key changes in relation to stamp duty particularly when dealing with put and/or call options over NSW dutiable property.
Put and call option deeds are commonly used in land transactions (particularly by developers). The ‘call’ aspect of the option is an enforceable right exercised by the buyer, compelling the vendor to sell. The ‘put’ option operates in the reverse: The “put” is granted to the seller by the buyer, which permits the seller to compel the buyer, at a future point in time to purchase the property.
The High Court has now confirmed that members of an SMSF need not renew their binding death benefit nomination every three years.
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