(1) If an application concerning an eligible agreement or transfer is approved
and the dutiable value of the dutiable property that is the subject of the
agreement or transfer is not more than the following amounts, no duty is
chargeable on the agreement or transfer--
(a) $800,000 if the property has a
private dwelling built on it, or
(b) $350,000 if the property comprises a
vacant block of residential land.
(2) If an application concerning an
eligible agreement or transfer is approved in respect of property that has a
private dwelling built on it and subsection (1) does not apply to the
agreement or transfer, the rate of duty chargeable in respect of the agreement
or transfer is to be calculated in accordance with the following formula--
"N" is the amount of duty (calculated in accordance with section 32) that
would otherwise be payable in respect of the agreement or transfer.
"D" is the amount of duty (calculated in accordance with section 32) that
would otherwise be payable in respect of an agreement or transfer relating to
property that has a private dwelling built on it and has a dutiable value of
$800,000.
Note : An agreement or transfer in respect of property that has a
private dwelling built on it is not an eligible agreement or transfer if the
dutiable value of the property is $1,000,000 or more. See section 74(3).
(2A)
If an application concerning an eligible agreement or transfer is approved in
respect of property that comprises a vacant block of residential land and
subsection (1) does not apply to the agreement or transfer, the rate of duty
chargeable in respect of the agreement or transfer is to be calculated in
accordance with the following formula--
"N" is the amount of duty (calculated in accordance with section 32) that
would otherwise be payable in respect of the agreement or transfer.
"D" is the amount of duty (calculated in accordance with section 32) that
would otherwise be payable in respect of an agreement or transfer relating to
property that comprises a vacant block of residential land and has a
dutiable value of $350,000.
