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DUTIES ACT 1997 - SECT 74 Eligible agreements or transfers

DUTIES ACT 1997 - SECT 74

Eligible agreements or transfers

74 Eligible agreements or transfers

(1) The agreement or transfer must be for the acquisition of a first home or for the acquisition of a vacant block of residential land intended to be used as the site of a first home.
(2) The agreement or transfer must be for the whole of the property.
(3) The dutiable value of the dutiable property that is the subject of the agreement or transfer must be less than--
(a) $1,000,000 if the property has a private dwelling built on it, or
(b) $450,000 if the property comprises a vacant block of residential land.
Note : The
"dutiable value" of dutiable property is the greater of--
(a) the consideration (if any) for the dutiable transaction (being the amount of a monetary consideration or the value of a non-monetary consideration), and
(b) the unencumbered value of the dutiable property.
(4) Despite subsection (3), in relation to an agreement for sale or transfer or a transfer entered into during the period beginning on 1 August 2020 and ending on 31 July 2021 (other than a transfer made in conformity with an agreement for sale or transfer entered into before 1 August 2020), the dutiable value of the dutiable property that is the subject of the agreement or transfer must be less than--
(a) $1,000,000 if the property has a private dwelling that is a new home built on it, or
(b) $800,000 if the property has a private dwelling that is not a new home built on it, or
(c) $500,000 if the property comprises a vacant block of residential land.
(5) In this section,
"new home" has the same meaning as in section 4A of the First Home Owner Grant (New Homes) Act 2000 .