DUTIES ACT 2001 - SECT 93A Concession—mixed and multiple claims for individuals—vacant land

DUTIES ACT 2001 - SECT 93A

93A Concession—mixed and multiple claims for individuals—vacant 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 vacant land;

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

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

(b) there is more than 1 transferee or lessee of, or vested person for, the vacant land to which the transaction relates; and

(c) the residence, when constructed, will be the first home of 1 or more of the transferees, 1 or more of the lessees or 1 or more of the vested persons (each
"relevant persons" ) but not all the transferees, all the lessees or all the vested persons; and

(d) the relevant persons are individuals.

(2) In addition, this section applies if a dutiable transaction is a relevant transaction in relation to a part interest in vacant 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) , other than the requirement for more than 1 transferee, lessee or vested person for the land.

(3) For subsection (1) (c) , 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.

(4) 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.

(5) The transfer duty imposed on the dutiable transaction is the amount worked out by deducting, from transfer duty on the dutiable value of the transaction, the lesser of the following amounts—

(a) the total amount worked out by, for each relevant person, applying the relevant person’s interest to the concession amount stated in schedule 4B opposite the dutiable value of the vacant land;

(b) the total amount worked out by, for each relevant person, applying the relevant person’s interest to transfer duty on the dutiable value of the vacant land.

(6) For subsection (5) , the relevant person’s interest is the proportion that the share of the relevant person in the whole dutiable property bears to the total of the shares of—

(a) for a dutiable transaction to which this section applies under subsection (1) —all the transferees, all the lessees or all the vested persons for the land; or

(b) for a dutiable transaction to which this section applies under subsection (2) —all the co-owners, or the owner, on completion of the transaction.