Certain agreements to transfer residential property liable to foreign transfer duty may be reassessed exempt if the person liable on the agreement was a foreign person and the person
- was no longer foreign when the property was transferred to them
- entered into the agreement as agent for a principal, and the property was transferred to the principal who is not foreign
- substituted their interest in the property to a related transferee who is not foreign
- entered into the agreement in their individual capacity, and the property is transferred to themselves as the trustee of a unit trust or bare trust if the trust is not foreign
- entered into the agreement with the intention the property would be transferred to a
- a corporation which is not foreign that the person intended to incorporate or
- a dormant corporation which is not foreign in which the person intended to acquire shares.
What to provide
Show moreAn application for reassessment must be made within five years from the date of the original assessment and include:
- the agreement to transfer (e.g. contract for sale). If duty has been paid, include the duty endorsed copy of the agreement
- a completed foreign transfer duty declaration form for the purchaser and transferee
- the transfer of land, or copy of the transfer of land if already registered at Landgate
- if the foreign status has changed, provide a completed change in foreign status form
- if the property is transferred to a related transferee who is not foreign, provide a completed Form FDA14 ‘Substituted Transferees’
An assessment of duty will not be issued until all required information is provided.
