The Demise of Property Put / Call Options in NSW

From Gadens Lawyers…

Put/Call options on NSW land under fire! Retrospectivity!
As a consequence of draft laws introduced into the NSW State parliament on 10 June 2005, it is imperative that you review any transaction involving NSW land under put and call options. In an alarming and unheralded move the transfer or assignment of a call option will attract full duty based on the value of the underlying land payable by the person assigning the option. The Bill is not yet law but will affect all put and call options in existence or created after the day the Bill becomes law. As presently drafted, the fact that you transfer the call option without fee or other advantage will not exempt your transaction from this new law.