DUTIES ACT 2001 - SECT 92 Concession—first home

DUTIES ACT 2001 - SECT 92

92 Concession—first 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 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) either of the following applies—

(i) the transferees, lessees or vested persons are all individuals of at least 18 years of age on the day the liability for transfer duty arises, the residence will be the first home of all of the transferees, lessees or vested persons and none of the transferees, lessees or vested persons are trustees;

(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 first home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and

(c) either—

(i) the unencumbered value of the land is not more than—

(A) for residential land—$500,000; or

(B) for vacant land—$320,000; or

(ii) if the unencumbered value of the land is more than the amount stated in subparagraph (i) for the land, the consideration for the dutiable transaction is at least the unencumbered value of the land.

(1A) However, if subsection (1) (b) (ii) applies and 1 or more of the beneficiaries is under a legal disability only because the beneficiary is not at least 18 years of age, this section applies in relation to the dutiable transaction only if the commissioner is satisfied there is no avoidance scheme in relation to the transaction.

(2) The transfer duty imposed on the dutiable transaction is as follows—

(a) for a dutiable transaction mentioned in subsection (1) (a) in relation to residential land—the amount of transfer duty worked out under section 91 less the concession amount stated in schedule 4A ;

(b) for a dutiable transaction mentioned in subsection (1) (a) in relation to vacant land—the amount of transfer duty worked out by applying the relevant rate to the dutiable value of the transaction, less the concession amount stated in schedule 4B .

(3) The commissioner may exempt a transferee, lessee or vested person for land from the requirement under subsection (1) (b) (i) that the transferee, lessee or vested person for land be at least 18 years of age if the commissioner is satisfied there is no avoidance scheme in relation to the dutiable transaction.

(4) In this section—


"relevant rate" , for a transaction mentioned in subsection (2) (b) , means the rate of transfer duty stated in schedule 3 , column 2, opposite the dutiable value of the transaction as stated in schedule 3 , column 1.