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DUTIES ACT 2000 - SECT 60 Eligible cardholder exemption or concession

DUTIES ACT 2000 - SECT 60

Eligible cardholder exemption or concession

    (1)     A transfer of dutiable property is exempt from duty if—

        (a)     the transferee satisfies, or, if more than one, the transferees satisfy the requirements specified in section 60AA; and

        (b)     the dutiable value of the dutiable property the subject of the transfer is not more than $600 000; and

        (c)     the contract for the purchase of dutiable property is entered into on or after 1 July 2023.

    (2)     A concession from duty under this Chapter applies to a transfer of dutiable property if—

        (a)     the transferee satisfies, or, if more than one, the transferees satisfy the requirements specified in section 60AA; and

        (b)     the dutiable value of the dutiable property the subject of the transfer is more than $600 000 but not more than $750 000; and

        (c)     the contract for the purchase of dutiable property is entered into on or after 1 July 2023.

    (3)     For the purposes of subsection (2), the concessional amount of duty payable is an amount calculated in accordance with the following formula—

where—

        A     is the dutiable value of the property;

        B     is the amount of duty paid or payable (but for this section) on the transfer.

    (4)     If the transfer is of a partial interest in dutiable property, the dutiable value of the dutiable property for the purpose of determining an entitlement to an exemption or concession under this section is the unencumbered value of the whole of the dutiable property at the time of the transfer.

S. 60AA inserted by No. 18/2023 s. 16.