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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
DUTIES AMENDMENT
BILL 2004
Queensland
DUTIES AMENDMENT BILL 2004
TABLE OF PROVISIONS
Section Page
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 92 (Concession for transfer duty--first home) . . . . . . . . . 4
5 Amendment of s 93 (Concession for transfer duty--mixed and
multiple claims for homes and first homes for individuals) . . . . . . . . . . . . . 5
6 Amendment of s 94 (Concession for transfer duty--mixed and
multiple claims for homes and first homes) . . . . . . . . . . . . . . . . . . . . . . . . . 5
7 Amendment of s 273 (Who is a "home borrower" and a "first
home borrower") .......................................... 6
8 Amendment of s 274 (Concession for mortgage duty--home mortgage) . . 6
9 Amendment of s 275 (Concession for mortgage duty--particular trusts) . . 6
10 Amendment of ch 17, pt 2 hdg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
11 Insertion of new ch 17, pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
PART 3--TRANSITIONAL PROVISION FOR DUTIES AMENDMENT
ACT 2004
551 Application of amendments about concession for transfer duty or
mortgage duty for first home . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
12 Insertion of new sch 4A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
SCHEDULE 4A
AMOUNT OF CONCESSION FOR TRANSFER DUTY--FIRST HOME
13 Amendment of sch 6 (Dictionary). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
2004
A BILL
FOR
An Act to amend the Duties Act 2001
s1 4 s4
Duties Amendment Bill 2004
The Parliament of Queensland enacts-- 1
1 Short title
Clause 2
This Act may be cited as the Duties Amendment Act 2004. 3
2 Commencement
Clause 4
This Act commences on 1 May 2004. 5
3 Act amended
Clause 6
This Act amends the Duties Act 2001. 7
4 Amendment of s 92 (Concession for transfer duty--first home)
Clause 8
(1) Section 92(1)(b)(i)-- 9
omit, insert-- 10
`(i) the transferees are all individuals of at least 18 years of age 11
on the day the liability for transfer duty arises, the residence 12
will be the first home of all of the transferees and none of 13
the transferees are trustees;'. 14
(2) Section 92-- 15
insert-- 16
`(1A) However, if subsection (1)(b)(ii) applies and 1 or more of the 17
beneficiaries is under a legal disability only because the beneficiary is not 18
at least 18 years of age, this section applies in relation to the dutiable 19
transaction only if the commissioner is satisfied there is no avoidance 20
scheme in relation to the transaction.'. 21
(3) Section 92(2), from `following amount'-- 22
omit, insert-- 23
s5 5 s6
Duties Amendment Bill 2004
`concession amount stated in schedule 4A.1'. 1
(4) Section 92-- 2
insert-- 3
`(3) The commissioner may exempt a transferee from the requirement 4
under subsection (1)(b)(i) that the transferee be at least 18 years of age if 5
the commissioner is satisfied there is no avoidance scheme in relation to the 6
dutiable transaction.'. 7
5 Amendment of s 93 (Concession for transfer duty--mixed and
Clause 8
multiple claims for homes and first homes for individuals) 9
(1) Section 93-- 10
insert-- 11
`(3A) For subsections (1)(c) and (2)(b), a residence may be treated as the 12
first home of a relevant transferee only if the relevant transferee is at least 13
18 years of age on the day the liability for transfer duty arises. 14
`(3B) The commissioner may exempt a relevant transferee from the 15
requirement that the relevant transferee be at least 18 years of age if the 16
commissioner is satisfied there is no avoidance scheme in relation to the 17
dutiable transaction.'. 18
(2) Section 93(6A), `section 92(2)'-- 19
omit, insert-- 20
`schedule 4A'. 21
6 Amendment of s 94 (Concession for transfer duty--mixed and
Clause 22
multiple claims for homes and first homes) 23
Section 94-- 24
insert-- 25
`(3) However, section 93(3A) and (3B) applies in relation to a 26
beneficiary only if the beneficiary is under a legal disability only because 27
the beneficiary is not at least 18 years of age.'. 28
1 See section 551 (Application of amendments about concession for transfer duty or
mortgage duty for first home) in relation to dutiable transactions made on or after
1 May 2004 but relating to arrangements made before 1 May 2004.
s7 6 s 10
Duties Amendment Bill 2004
7 Amendment of s 273 (Who is a "home borrower" and a "first
Clause 1
home borrower") 2
Section 273(2)-- 3
omit, insert-- 4
`(2) A home borrower is a "first home borrower" if-- 5
(a) the borrower's home mortgage secures an advance to the 6
borrower to finance the purchase or construction of the 7
borrower's first home; and 8
(b) the borrower is an individual of at least 18 years of age on the 9
day the liability for mortgage duty arises. 10
`(3) The commissioner may exempt an individual from the requirement 11
that the individual be at least 18 years of age if the commissioner is 12
satisfied there is no avoidance scheme in relation to the home mortgage.'. 13
8 Amendment of s 274 (Concession for mortgage duty--home
Clause 14
mortgage) 15
Section 274(1)(b)(i) and (2)(a)(ii), `$100 000'-- 16
omit, insert-- 17
`$250 000'. 18
9 Amendment of s 275 (Concession for mortgage duty--particular
Clause 19
trusts) 20
Section 275-- 21
insert-- 22
`(3) However, section 273(2)(b) and (3) applies in relation to a 23
beneficiary only if the beneficiary is under a legal disability only because 24
the beneficiary is not at least 18 years of age.'. 25
10 Amendment of ch 17, pt 2 hdg
Clause 26
Chapter 17, part 2 heading, after `PROVISIONS'-- 27
insert-- 28
`FOR REPEAL OF STAMP ACT 1894'. 29
s 11 7 s 12
Duties Amendment Bill 2004
11 Insertion of new ch 17, pt 3
Clause 1
Chapter 17-- 2
insert-- 3
`PART 3--TRANSITIONAL PROVISION FOR DUTIES 4
AMENDMENT ACT 2004 5
`551 Application of amendments about concession for transfer duty or 6
mortgage duty for first home 7
`(1) Chapter 2, part 9, division 3 and chapter 5, part 6, division 2 as in 8
force on 1 May 2004 apply to dutiable transactions and mortgages only if 9
liability for transfer duty or mortgage duty arises on or after 1 May 2004. 10
`(2) However, chapter 2, part 9, division 3,2 as in force immediately 11
before 1 May 2004, applies to a dutiable transaction that is the transfer, or 12
agreement for the transfer, of residential land made on or after 1 May 2004 13
if-- 14
(a) the transfer or agreement replaces a transfer, or an agreement for 15
the transfer, that included the residential land and was made 16
before 1 May 2004; or 17
(b) the transferee had an option to purchase the residential land, or 18
the transferor had an option to require the transferee to purchase 19
the residential land, granted before 1 May 2004 and exercised on 20
or after 1 May 2004; or 21
(c) another arrangement was made before 1 May 2004 the sole or 22
main purpose of which was to defer the making of the transfer or 23
agreement until 1 May 2004 or later so the concession for 24
transfer duty under the division, as in force on or after 25
1 May 2004, would apply in relation to the dutiable transaction.'. 26
12 Insertion of new sch 4A
Clause 27
After schedule 4-- 28
insert-- 29
2 Chapter 2 (Transfer duty), part 9 (Concessions for homes), division 3 (Concessions
for homes and first homes)
s 12 8 s 12
Duties Amendment Bill 2004
`SCHEDULE 4A 1
`AMOUNT OF CONCESSION FOR TRANSFER 2
DUTY--FIRST HOME 3
sections 92(2) and 93(6A) 4
Dutiable value of the residential Concession amount
land
Not more than $259 999 $2 500
$260 000--$269 999 $2 400
$270 000--$279 999 $2 300
$280 000--$289 999 $2 200
$290 000--$299 999 $2 100
$300 000--$309 999 $2 000
$310 000--$319 999 $1 900
$320 000--$329 999 $1 800
$330 000--$339 999 $1 700
$340 000--$349 999 $1 600
$350 000--$359 999 $1 500
$360 000--$369 999 $1 400
$370 000--$379 999 $1 300
$380 000--$389 999 $1 200
$390 000--$399 999 $1 100
$400 000--$409 999 $1 000
s 13 9 s 13
Duties Amendment Bill 2004
Dutiable value of the residential Concession amount
land
$410 000--$419 999 $900
$420 000--$429 999 $800
$430 000--$439 999 $700
$440 000--$449 999 $600
$450 000--$459 999 $500
$460 000--$469 999 $400
$470 000--$479 999 $300
$480 000--$489 999 $200
$490 000--$499 999 $100'.
13 Amendment of sch 6 (Dictionary)
Clause 1
Schedule 6-- 2
insert-- 3
` "avoidance scheme" means-- 4
(a) for chapter 2, part 9, division 3--a scheme to circumvent 5
limitations on, or requirements affecting, eligibility or 6
entitlement for a concession for transfer duty under the division; 7
or 8
(b) for chapter 5, part 6, division 2--a scheme to circumvent 9
limitations on, or requirements affecting, eligibility or 10
entitlement for a concession for mortgage duty under the 11
division.'. 12
© State of Queensland 2004
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