(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.
(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
(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 .