DUTIES ACT 2000 - SECT 63 Eligible first home owner exemption or concession where dwelling is constructed after transfer

DUTIES ACT 2000 - SECT 63

    (1)     No duty is chargeable under this Chapter in respect of a transfer to an eligible first home owner of dutiable property being an estate in fee simple in land, if—

        (a)     at the time of the transfer there is not a dwelling on the land; and

        (b)     a dwelling is constructed on the land within 3 years after that time; and

S. 63(1)(c) amended by No. 29/2002 s. 4(3)(c)(i).

        (c)     the aggregate of the dutiable value of the dutiable property and the cost of the construction of the dwelling does not exceed $150 000.

    (2)     An eligible first home owner is entitled to a concession from or partial refund of duty under this Chapter in respect of a transfer to the eligible first home owner of dutiable property being an estate in fee simple in land, if—

        (a)     at the time of the transfer there is not a dwelling on the land; and

        (b)     a dwelling is constructed on the land within 3 years after that time; and

S. 63(2)(c) amended by No. 29/2002 s. 4(3)(c)(ii).

        (c)     the aggregate of the dutiable value of the dutiable property and the cost of the construction of the dwelling exceeds $150 000 but does not exceed $200 000.

S. 63(3) amended by Nos 29/2002 s. 4(3)(c)(iii), 86/2006 s. 4(d), 31/2008 s. 11(1)(c), 40/2016 s. 10(3).

    (3)     The concession or refund is an amount calculated in accordance with the formula—

where—

    D     is the amount of duty paid or payable (but for this Division) on the transfer;

    P     is the aggregate amount referred to in subsection (2)(c).

S. 63A inserted by No. 46/2004 s. 10.