Each year, the transfer duty thresholds and base amounts ("adjustable amounts") used to determine transfer duty (“duty”) liabilities are adjusted in line with movements in the Sydney consumer price index. Division 3 of the Duties Act 1997 provides the formula which determines the adjustable amounts each year. The amounts are published in a notice before 1 July each year.

Revenue NSW has identified errors in the adjustable amounts as published for the 2021/2022 financial year. As a result, taxpayers have been assessed for less duty than what would have been the case had the correct amounts been published (see table below).

Revenue NSW has published a new notice with the correct adjustable amounts on the NSW Legislation website.

You can also find the correct adjustable amounts on the Revenue NSW website - Transfer duty page.

Transactions that become liable to duty on and from 1 February 2022 will be assessed in accordance with the amounts in this new notice.

For those transactions that have already incurred a duty liability, or incur a liability before 1 February 2022, duty, if not already assessed, will be assessed in accordance with the amounts in the previous notice for 2021/2022.