DUTIES ACT 2000 - SECT 32OE Exemptions and concessions

DUTIES ACT 2000 - SECT 32OE

    (1)     Duty is not chargeable under section 32OA(1)(a) if the option would be exempt from duty under a specified Chapter 2 exemption if it were a transfer of dutiable property to the first purchaser.

    (2)     If the first purchaser would be entitled to a concession under this Chapter if the option were a transfer to the first purchaser, the first purchaser is entitled to that concession in respect of duty charged under section 32OA(1)(a).

    (3)     Duty is not chargeable under section 32OA(1)(b) or (c) if the subsequent transaction would be exempt from duty under a specified Chapter 2 exemption if it were a transfer of dutiable property to the subsequent purchaser who obtains or assumes the transfer right under the subsequent transaction.

    (4)     If a subsequent purchaser would be entitled to a concession under this Chapter if the subsequent transaction were a transfer to the subsequent purchaser, the subsequent purchaser is entitled to that concession in respect of duty charged under section 32OA(1)(b) or (c).

S. 32OE(5) inserted by No. 38/2023 s. 6.

    (5)     If the first purchaser would be entitled to a concession under Part 2 of Chapter 11 if the option were a transfer to the first purchaser, the first purchaser is entitled to that concession in respect of duty charged under section 32OA(1)(a).

S. 32OE(6) inserted by No. 38/2023 s. 6.

    (6)     Subject to subsection (7), a subsequent purchaser is entitled to a concession under Part 2 of Chapter 11 in respect of duty charged under section 32OA(1)(b) or (c) if—

        (a)     the subsequent purchaser would be entitled to a concession under Part 2 of Chapter 11 if the subsequent transaction were a transfer to the subsequent purchaser; and

        (b)     the subsequent purchaser obtained the transfer right from—

              (i)     a first purchaser who is liable to pay the amount of duty charged under section 32OA(1)(a); or

              (ii)     another subsequent purchaser who is liable to pay the amount of duty charged under section 32OA(1)(c).

S. 32OE(7) inserted by No. 38/2023 s. 6.

    (7)     If a subsequent purchaser would be entitled to an exemption under section 250B(2) if the subsequent transaction were a transfer to the subsequent purchaser, the subsequent purchaser is entitled to that exemption in respect of duty charged under section 32OA(1)(b) or (c).

Ch. 2 Pt 4A Div. 4 (Heading) amended by No. 28/2017 s. 31.

Division 4—Transfers resulting from options involving land development

S. 32P inserted by No. 36/2005 s. 10.