DUTIES ACT 2001 - SECT 93
Concession—mixed and multiple claims for individuals—residential land
DUTIES ACT 2001 - SECT 93
Concession—mixed and multiple claims for individuals—residential land
93 Concession—mixed and multiple claims for individuals—residential land
(1) This section applies if—
(a) a dutiable transaction is 1 of the
following (each a
"relevant transaction" )—
(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) there is more than 1 transferee or lessee of, or
vested person for, the residential land to which the transaction relates; and
(c) the residence is—
(i) the home or first home of all the transferees, all
the lessees or all the vested persons (each
"relevant persons" ); or
(ii) the home or first home of 1 or more of the
transferees, 1 or more of the lessees or 1 or more of the vested persons (each
also
"relevant persons" ) but not all the transferees, all the lessees or all the
vested persons; and
(b) 1 or more of the residences is, for 1 or more of the transferees, 1
or more of the lessees or 1 or more of the vested persons (each also
"relevant persons" ), a home or first home; and
(3) In addition, this section applies if a dutiable transaction
is a relevant transaction in relation to a part interest in residential land
that, if it were in relation to the whole interest in the land, would be a
dutiable transaction to which this section applies under subsection (1) or (2)
, other than the requirement for more than 1 transferee, lessee or vested
person for the land.
(4) For subsections (1) (c) and (2) (b) , a residence
may be treated as the first home of a relevant person only if the relevant
person is at least 18 years of age on the day the liability for transfer duty
arises.
(5) The commissioner may exempt a relevant person from the
requirement that the relevant person be at least 18 years of age if the
commissioner is satisfied there is no avoidance scheme in relation to the
dutiable transaction.
(6) The transfer duty imposed on a dutiable transaction
to which this section applies under subsection (1) (c) (i) or (2) is the total
of—
(a) for each relevant person, the amount worked out by applying the
transferee’s, lessee’s or vested person’s interest to the concessional
duty; and
(b) the amount worked out by deducting, from transfer duty on the
dutiable value of the transaction, the amount (the
"deduction amount" ) worked out by applying the relevant rate to the lesser of
the following—
(i) the total of the value of each relevant person’s
interest;
(ii) $350,000.
(7) The transfer duty imposed on a
dutiable transaction to which this section applies under subsection (1) (c)
(ii) or (3) is the total of—
(a) for each relevant person, the amount worked
out by applying the person’s interest to the concessional duty; and
(b) the
amount worked out by deducting, from transfer duty on the dutiable value of
the transaction, the amount (also the
"deduction amount" ) worked out by applying the relevant rate to the lesser of
the following—
(i) the total of the value of each relevant person’s
interest;
(ii) the total of the relevant persons’ interests multiplied by
$350,000.
(8) For subsections (6) and (7) —
(a) the concessional duty is
the transfer duty that—
(b)
the relevant person’s interest is the proportion that the share of the
person in the whole dutiable property bears to the total of the shares of—
(i) for a dutiable transaction to which this section applies under subsection
(3) —all the co-owners, or the owner, on completion of the transaction; or
(9)
For working out the concessional duty under subsection (8) (a) for a relevant
person under subsection (2) , the residential land mentioned in section 91(3)
or (5) , and schedule 4A , is the part of the residential land relating to the
person’s home or first home.
(10) For a relevant person under subsection
(2) , the residential land mentioned in subsection (8) (c) is the part of the
residential land relating to the person’s home or first home.