Surrender and regrant of Crown lease
Conveyance duty is not imposed on the grant of a new Crown lease (new Crown lease) to a lessee under a previous Crown lease because of the surrender of the previous lease, if:
- Changing the purpose for which the land comprised in the lease may be used
- granting the lessee a longer leasehold interest in the land comprised in the lease
- reducing rent to not more than 5 cents a year, and
- correcting errors or omissions.
A Crown lease means:
- a territory lease, and
- includes a lease granted by the Commonwealth or the Federal Capital Commission.