Variation of a lease
Abolition of Lease duty
Duty was abolished on lease instruments first executed on or after 1 January 2008. The abolition of duty on leases does not affect any obligation to pay duty in respect of a lease instrument and a variation of a lease instrument executed before 1 January 2008.
Lease duty will NOT apply to a variation of lease made on or after 1 January 2008 even if the variation to the lease is to increase the cost of the lease that was executed before 1 January 2008. No refund will be available if the lease is varied to reduce the cost of such lease.
Variation executed prior to 1 January 2008
The instrument of variation of lease is liable to duty of $10.
Where the terms of the variation have the effect of increasing the cost of the lease, the original lease is subject to reassessment.
Additional duty of 35 cents per $100 is payable on the additional cost resulting from the variation. Such additional duty is placed on a stamped copy of the original lease.
A refund of duty may be applied for in the case of a variation that decreases the cost of a lease.
