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DUTIES ACT 2001 - SECT 551 Application of amendments about concession for transfer duty or mortgage duty for first home

DUTIES ACT 2001 - SECT 551

Application of amendments about concession for transfer duty or mortgage duty for first home

551 Application of amendments about concession for transfer duty or mortgage duty for first home

(1) Chapter 2, part 9, division 3 and chapter 5, part 6, division 2 as in force on 1 May 2004 apply to dutiable transactions and mortgages only if liability for transfer duty or mortgage duty arises on or after 1 May 2004.
(2) However, chapter 2, part 9, division 3, as in force immediately before 1 May 2004, applies to a dutiable transaction that is the transfer, or agreement for the transfer, of residential land made on or after 1 May 2004 if—
(a) the transfer or agreement replaces a transfer, or an agreement for the transfer, that included the residential land and was made before 1 May 2004; or
(b) the transferee had an option to purchase the residential land, or the transferor had an option to require the transferee to purchase the residential land, granted before 1 May 2004 and exercised on or after 1 May 2004; or
(c) another arrangement was made before 1 May 2004 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 May 2004 or later so the concession for transfer duty under the division, as in force on or after 1 May 2004, would apply in relation to the dutiable transaction.