DUTIES ACT 2001 - SECT 86B
What is a first home for a residence to be constructed on vacant land
DUTIES ACT 2001 - SECT 86B
What is a first home for a residence to be constructed on vacant land
(1) A residence that is to be constructed on vacant land is a person’s
"first home" if— (a) the person’s occupation date for the residence is
within 2 years after the person’s transfer date for the vacant land; and
(b) before acquiring the vacant land— (i) the person did not hold, and never
before held, an interest in residential land in Queensland or elsewhere other
than— (A) as trustee for another person; or
(B) as lessee; or
(C) as the
holder of a security interest; and
(ii) the person was not, and had never
been, a vacant land concession beneficiary in relation to land other than the
vacant land on which the residence is to be constructed.
(2) Subsection (1)
(b) (i) (B) does not apply to the interest in land of a lessee of a lease—
(a) of residential land on which a home or first home is constructed; and
(b)
for which a premium, fine or other consideration is payable.
