DUTIES ACT 2001 - SECT 244
AFAD for transfer duty
DUTIES ACT 2001 - SECT 244
AFAD for transfer duty
(1) This section applies if, under part 3 , AFAD relating to transfer duty is
imposed on a dutiable transaction.
(2) AFAD is imposed at the rate of 7% on
the following amount— (a) for a dutiable transaction under section 9 (1) (a)
to (e) or (h) for dutiable property other than an existing right—the
dutiable value of the transaction to the extent of the foreign acquirer’s
interest in the AFAD residential land that is the subject of the transaction;
(b) for a dutiable transaction under section 9 (1) (a) to (e) or (h) for
dutiable property that is an existing right—the dutiable value of the
transaction to the extent of the foreign acquirer’s interest in the existing
right mentioned in section 241 (2) (b) that is the subject of the transaction;
(c) for a dutiable transaction under section 9 (1) (f) —the dutiable value
of the transaction to the extent of the foreign acquirer’s interest in the
new right mentioned in section 241 (2) (c) that is the subject of the
transaction;
(d) for a dutiable transaction under section 9 (1) (g) or (i)
—the dutiable value of the transaction— (i) to the extent the partnership
acquisition, trust acquisition or trust surrender relates to
AFAD residential land; and
(ii) to the extent of the foreign acquirer’s
interest in the partnership acquisition, trust acquisition or trust surrender.
(3) However, if AFAD is imposed on a dutiable transaction under section 240
(2) or 241A , AFAD is imposed at the rate of 7% on the dutiable value of the
transaction to the extent of the acquirer’s interest in— (a) the
AFAD residential land that is the subject of the transaction; or
(b) the
existing right mentioned in section 241 (2) (b) that is the subject of the
transaction.
