DUTIES ACT 2000 - SECT 69AF Calculation of exemption on transfer of multiple parcels and partial interests of land

DUTIES ACT 2000 - SECT 69AF

    (1)     For the purposes of section 69AD, in the case of two or more transfers of dutiable property—

        (a)     the exemption from duty on the dutiable transactions is calculated as if section 24 applies to aggregate the dutiable transactions (whether or not section 24 applies to aggregate the dutiable transactions); and

S. 69AF(1)(b) amended by No. 22/2018 s. 16(1).

        (b)     the young farmer or young farmer business entity (as the case requires) is entitled to an exemption from duty in respect of $600 000 of the aggregated dutiable value of the dutiable transactions; and

        (c)     once paragraph (b) has applied, the duty payable on the dutiable transactions is calculated—

              (i)     in accordance with section 24; and

              (ii)     as if the dutiable values of the dutiable transactions do not include any amount in respect of which an exemption has been applied under paragraph (b).

    (2)     The exemption from duty under subsection (1)(c) is applied against the dutiable values of the dutiable transactions in the order of ascending dutiable values of the dutiable transactions.

Example to S. 69AF(2) substituted by No. 22/2018 s. 16(2).

Example

A young farmer enters into 3 dutiable transactions with dutiable values of $200 000 (Transaction A), $300 000 (Transaction B) and $500 000 (Transaction C). An exemption in respect of $600 000 of the aggregated dutiable value of the dutiable transactions is first applied to the dutiable transaction with the lowest dutiable value, and then to the dutiable transaction with the next lowest dutiable value. This means that a full exemption from duty applies to Transaction A and Transaction B, with a partial exemption applied to Transaction C in respect of $100 000 of its dutiable value.

S. 69AG inserted by No. 28/2011 s. 19.