DUTIES ACT 2000 - SECT 69AE Calculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land
DUTIES ACT 2000 - SECT 69AE
Calculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land(1) This section applies for the purposes of section 69AD in the case of one transfer of dutiable property.
S. 69AE(2) amended by No. 22/2018 s. 15(1).
(2) If the dutiable value of the dutiable property does not exceed $600 000, the young farmer or young farmer business entity (as the case requires) is entitled to an exemption from duty in respect of the dutiable value of the dutiable transaction.
Examples to s. 69AE(2) substituted as Example by No. 22/2018 s. 15(2).
Example
A young farmer enters into a dutiable transaction with a dutiable value of $275 000. No duty is payable as the young farmer is entitled to an exemption in respect of the whole dutiable value (as it is less than $600 000).
S. 69AE(3) substituted by No. 22/2018 s. 15(3).
(3) If the dutiable value of the dutiable property exceeds $600 000 but does not exceed $750 000, the young farmer or young farmer business entity (as the case requires) is entitled to pay a concessional amount of duty that is 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 of the dutiable property.
S. 69AF inserted by No. 28/2011 s. 19.