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DUTIES ACT 1997 - SECT 49A

Purchases “off the plan”

49A Purchases “off the plan”

(1) Liability for duty on an off the plan purchase agreement arises:
(a) on completion of the agreement, or
(b) on the assignment of the whole or any part of the purchaser’s interest under the agreement, or
(c) on the expiration of 12 months after the date of the agreement,
whichever first occurs.
(1A) This section applies in relation to an off the plan purchaser agreement only if the Chief Commissioner is satisfied, when assessing liability for duty after the agreement is lodged for stamping, that the purchaser or transferee under the agreement (or, if there is more than one purchaser or transferee, at least one of them) intends to use and occupy the residence to which the agreement relates as a principal place of residence in accordance with the residence requirement.
(1B) The residence must be used and occupied by the purchaser or transferee (or, if there is more than one purchaser or transferee, at least one of them) as the purchaser or transferee’s principal place of residence for a continuous period of at least 6 months, with occupation commencing no later than 12 months (or such longer period as the Chief Commissioner may approve) after completion of the sale or transfer. This requirement is referred to as
"the residence requirement" .
(1C) If the residence requirement is not complied with in relation to the residence, this section is taken never to have applied in relation to the off the plan purchase agreement, including for the purposes of the Taxation Administration Act 1996 .
(2) This section applies despite section 12.
(3) Nothing in this section prevents the Chief Commissioner from accepting payment of duty and stamping an off the plan purchase agreement at any time after the agreement has been executed.
(3A) This section does not apply in relation to an off the plan purchase agreement if any purchaser or transferee under the agreement is a foreign person (within the meaning of Chapter 2A).
(4) In this section:

"off the plan purchase agreement" means an agreement for the sale or transfer of dutiable property, being land on which a residence is to be erected or developed before completion of the sale or transfer.



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