STAMP DUTIES ACT 1920 - SECT 66A Agreements and conveyances on sale--concession for purchases of private dwelling houses

This legislation has been repealed.

STAMP DUTIES ACT 1920 - SECT 66A

66A Agreements and conveyances on sale--concession for purchases of private dwelling houses

(1) Where it is proved to the satisfaction of the Chief Commissioner that:

(a) land included in an agreement for sale at the date of such agreement was improved, there being erected thereon a private dwelling house, and

(b) the property comprised in the agreement was being purchased by the person named therein as the purchaser with intent that he and members of his family would use such private dwelling house as their place of residence, and

(c) such agreement was not entered into by such person with the intention of renting, leasing, or otherwise using such private dwelling house as a source of income or of reselling such private dwelling house at a profit, and

(d) neither the unencumbered value of such property nor the amount or value of the consideration for the sale calculated and determined in accordance with the provisions of this Act was in excess of ten thousand dollars,

the stamp duty chargeable on the agreement for the sale of such property or on the conveyance of such property where the agreement for the sale was not evidenced in writing shall be reduced by an amount equal to ten per centum of the ad valorem duty chargeable on the amount or value of such consideration.

The provisions of this subsection shall apply, mutatis mutandis, to and in respect of an agreement for the exchange of real property being a private dwelling house or a conveyance by way of exchange of real property being a private dwelling house.

(2) In this section "private dwelling house" includes a lot within a strata plan, used as a place of residence.

(2A) In this section:

(a) a reference to an agreement for sale of land or property, in relation to a private dwelling house which is a lot within a strata plan, is a reference to an agreement for the sale of the leasehold interest in the lot, and

(b) a reference to that land or property is a reference to the leasehold interest in that lot.

(3) No assessment of a reduced amount of stamp duty in accordance with this section shall be made by the Chief Commissioner unless there is lodged with the Chief Commissioner the instrument chargeable with ad valorem duty as aforesaid together with such evidence on oath or otherwise including evidence of value as the Chief Commissioner deems necessary.

(4) Until such time as the Chief Commissioner is satisfied in accordance with the provisions of subsection (1) of this section the reduced amount of stamp duty as aforesaid shall not be the stamp duty chargeable and payable on such instrument.