Question 1 (15 marks) Your conveyancing client is purchasing a block of land at Orange, NSW to build a home and a small farm. The block is 10 hectares and is vacant. They currently have a principal residence in Sydney and are considering whether to retain it or sell it. Provide them answers for their questions regarding transfer duty and land tax: a. Explain to the buyer the main residence exemption for land tax. b. Should the buyer decide to retain the Sydney property, explain the land tax consequences. c. Explain the calculation of the transfer duty if the proposed price is $1.5M (GST exclusive). No need to calculate the actual duty liability. d. Explain the transfer duty consequences for a buyer who is a foreign person. e. Would there be any consequences for land tax and transfer duty if the buyer chose to buy the property in the name of a family trust? Support all conclusions with reference to relevant NSW legislation