(i) the transfer, or agreement for the
transfer, of residential land or vacant land;
(ii) the acquisition, mentioned
in section 85(b) , of a lease of residential land or vacant land;
(iii) the
vesting, mentioned in section 85(c) , of residential land or vacant land; and
(b) a transferee, lessee or vested person for the land, within the year after
the transferee’s, lessee’s or vested person’s occupation date for the
residence, disposes of the land, other than because of an intervening event,
by—
(i) transferring part or all of it; or
(ii) leasing or otherwise
granting exclusive possession of part or all of it to another person; or
(iii) for a lease of residential land on which a home or first home is
constructed or of vacant land on which a first home is to be constructed and
for which a premium, fine or other consideration is payable—surrendering the
lease.
(1A) For subsection (1) (b) , a transferee, lessee or vested person
for land does not dispose of land if—
(a) the transferee, lessee or vested
person transfers part of the land to the transferee’s, lessee’s or vested
person’s spouse; and
(b) the transfer is exempt from duty under section 151.
(1B) Also, for subsection (1) (b) , a transferee or vested person for land
does not dispose of residential land that is an accommodation unit in a
retirement village only by entering into a retirement village leasing
arrangement for the unit.
(2) The commissioner must make a reassessment to
impose further transfer duty on the dutiable transaction worked out using the
following formula— where—
"OD" means the number of days between the transferee’s, lessee’s or vested
person’s occupation date for the residence and the date of disposal of the
land, both days inclusive.
"TD" means the further transfer duty payable on the reassessment.
(3) If—
(a) under subsection (1A) or section 154(2A) , this section or section 154does not apply to a transferee’s, lessee’s or vested person’s transfer
of part of the land to the transferee’s, lessee’s or vested person’s
spouse; and
(b) under subsection (1) (b) , the transferee, lessee or vested
person later disposes of the land or part of it;
this section applies to the
later disposal as if the transferee, lessee or vested person had not
transferred the part of the land to the transferee’s, lessee’s or vested
person’s spouse.