DUTIES ACT 2001 - SECT 91 Concession—home

DUTIES ACT 2001 - SECT 91

91 Concession—home

(1) This section applies if—

(a) a dutiable transaction is 1 of the following—

(i) the transfer, or agreement for the transfer, of residential land;

(ii) the acquisition, mentioned in section 85 (b) , of a lease of residential land;

(iii) the vesting, mentioned in section 85 (c) , of residential land; and

(b) either of the following applies—

(i) the transferees, lessees or vested persons are individuals and are not trustees and the residence will be their home;

(ii) the transferees, lessees or vested persons are trustees of a trust, other than a discretionary or unit trust, the beneficiaries are individuals all of whom are under a legal disability and the residence would be the home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land.

(2) The transfer duty imposed on the dutiable transaction is the amount worked out under subsection (3) or (5) .

(3) If the dutiable value of the residential land is not more than $350,000, the transfer duty is the total of—

(a) $1 for each $100, or part of $100, of the dutiable value of the land; and

(b) the amount worked out by deducting, from transfer duty on the dutiable value of the dutiable transaction, the amount worked out by applying the relevant rate to the dutiable value of the residential land.

(4) For subsection (3) , the relevant rate is the rate of transfer duty stated in schedule 3 , column 2, opposite the part of the dutiable value of the dutiable transaction attributable to the dutiable value of the residential land stated in schedule 3 , column 1.

(5) If the dutiable value of the residential land is more than $350,000, the transfer duty is the total of—

(a) $3,500; and

(b) the amount worked out by deducting, from transfer duty on the dutiable value of the dutiable transaction, the amount worked out by applying the relevant rate to $350,000.

(6) For subsection (5) , the relevant rate is the rate of transfer duty stated in schedule 3 , column 2, for $350,000.