STAMP DUTIES ACT 1923 - SECT 71DB
STAMP DUTIES ACT 1923 - SECT 71DB
71DB—Concessional duty on purchases of off-the-plan apartments
(1) If on an
application under this section, in a manner and form determined by the
Commissioner and supported by such evidence as the Commissioner may require,
the Commissioner is satisfied that the applicant is a purchaser of a
qualifying apartment under a qualifying off-the-plan contract, this section
applies to a conveyance under which the interest in the apartment is
transferred to the applicant.
(2) The duty payable
on a conveyance to which this section applies will, if it gives effect to a
qualifying off-the-plan contract entered into between the prescribed date and
30 June 2014 (both dates inclusive), be as follows:
(a)
where the market value of the apartment does not exceed $500 000—no
duty will be payable;
(b)
where the market value of the apartment exceeds $500 000—the duty
will be the amount payable apart from this section less $21 330.
(3) The duty payable
on a conveyance to which this section applies will, if it gives effect to a
qualifying off-the-plan contract entered into between 1 July 2014
and 30 June 2017 (both dates inclusive), be as follows:
(a)
where the market value of the apartment does not exceed
$500 000—the duty will
be calculated by reference to a value (the "dutiable value"), rather than the
market value, where the dutiable value is calculated in accordance with the
following formula:
where—
"DV" is the dutiable value
"MV" is the market value
"C" is a percentage that represents the stage at which the construction or
refurbishment of the multi-storey residential development in which the
relevant apartment is (or is to be) situated has reached at the
relevant contract date, expressed as a percentage of completion of the
work—
(a)
where—
(i)
Stage 1 equals 0%; and
(ii)
Stage 2 equals 20%; and
(iii)
Stage 3 equals 40%; and
(iv)
Stage 4 equals 60%; and
(v)
Stage 5 equals 80%; and
(vi)
Stage 6 equals 100%; and
(b)
where—
(i)
Stage 1 is where no work in relation to the building has
been commenced; and
(ii)
Stages 2, 3, 4 and 5 are construction stages determined
by the Commissioner from time to time and published in the Gazette; and
(iii)
Stage 6 is where the work has been substantially
completed;
(b)
where the market value of the apartment exceeds $500 000—the duty
will be the amount payable apart from this section but after taking into
account the operation of subsection (4), less an amount determined
according to the stage at which the construction or refurbishment of the
multi-storey residential development in which the relevant apartment is (or is
to be) situated has reached at the relevant contract date, being, depending on
the stage, an amount as follows:
(i)
Stage 1—$15 500;
(ii)
Stage 2—$12 800;
(iii)
Stage 3—$9 750;
(iv)
Stage 4—$6 500;
(v)
Stage 5—$3 250;
(vi)
Stage 6—$0,
where the stages will be the same as the stages applying under
paragraph (a).
(4) For the purposes
of this section, the date of the conveyance of the property applying under
section 60A in relation to a conveyance under this section will be taken
to be the date on which the relevant qualifying off-the-plan contract was
entered into.
(5) For the purposes
of this section, only 1 application may be made in relation to a
qualifying apartment (and, in the case of an apartment being purchased by
2 or more purchasers, any benefit arising under this section must be
shared jointly).
(6) This section does
not apply in relation to—
(a) a
contract entered into before 20 June 2016 if the Commissioner is satisfied
that the contract replaces a contract made before the prescribed date for the
purchase of the same apartment; or
(b) a
contract entered into on or after 20 June 2016 if the Commissioner is
satisfied that the contract replaces a contract made before that date for the
purchase of the same apartment, unless the replaced contract—
(i)
was for the purchase of an apartment that is (or is to
be) situated in Area A or Area B and was entered into after the
prescribed date; and
(ii)
is not a contract referred to in paragraph (a).
(7) In this
section—
"apartment" means a self-contained residence that is, or is to be, situated in
a multi-storey residential development, but does not include a townhouse;
"Area A" means—
(a) the
area of The Corporation of the City of Adelaide; and
(b) the
area constituted by any land within the area where the Bowden Redevelopment
project is being undertaken (Bowden Village) and identified by the Treasurer
by notice in the Gazette on 13 December 2012 at pages 5518
to 5525 (inclusive); and
(c) the
area constituted by the land within the area known as 45 Park , Gilberton
, and comprised within Certificate of Title Register Book Volume 5114
Folio 927 or Volume 5114 Folio 955;
"Area B" means—
(a) the
area bounded by the thick black line on the map set out in Schedule 3, other
than any part of that area that is within Area A; and
(b) an
area constituted by sites contiguous with the area described in
paragraph (a) (being sites that include land that runs immediately along
the outside of the boundary constituted by the thick black line on the map set
out in Schedule 3);
"multi-storey residential development" means a building of 2 or more storeys
containing 2 or more independent residential premises;
"prescribed date", in relation to a particular contract entered into before 20
June 2016, means—
(a) in
the case of a contract that relates to an apartment that is (or is to be)
situated within Area A—31 May 2012; and
(b) in
the case of a contract that relates to an apartment that is (or is to be)
situated within Area B—28 October 2013;
"qualifying apartment" means—
(a) in
the case of an apartment purchased under a contract entered into before
20 June 2016—an apartment that is (or is to be) situated in
Area A or Area B; and
(b) in
the case of an apartment purchased under a contract entered into on or after
20 June 2016—an apartment that is (or is to be) situated
anywhere in the State;
"qualifying off-the-plan contract" means a contract for the purchase of an
apartment entered into between the prescribed date and 19 June 2016 (both
dates inclusive) or between 20 June 2016 and 30 June 2017 (both
dates inclusive) where, at the time that the contract is entered into, the
building in which the apartment is, or is to be, situated—
(a) is a
new building that is yet to be constructed; or
(b) is a
new building for which construction has commenced and where the Commissioner
is satisfied that the work has not been substantially completed; or
(c) is
an existing building where the Commissioner is satisfied that the building is
to be substantially refurbished and that refurbishment—
(i)
is yet to be commenced; or
(ii)
has commenced but the Commissioner is satisfied that the
work has not been substantially completed;
"relevant contract date" means the date on which the qualifying
off-the-plan contract that is relevant to the application of this section was
entered into;
"townhouse" means a dwelling consisting of 2 or more storeys where the
building (which may be a building joined to another building or buildings)
constituting the dwelling occupies a site that is held exclusively with that
building.