104ZJBExemption for certain build-to-rent properties transferred to foreign persons

104ZJB Exemption for certain build-to-rent properties transferred to foreign persons

104ZJB Exemption for certain build-to-rent properties transferred to foreign persons

(1) An Australian corporation that is the transferee under a transfer of residential-related property is entitled to a refund of surcharge purchaser duty paid by the transferee that is chargeable on the transfer if the Chief Commissioner is satisfied that—

(a) the transfer was entered into on or after 1 July 2020 (other than a transfer made in conformity with an agreement for sale or transfer entered into before 1 July 2020), and

(b) a building that is taken to be build-to-rent property under section 9E or 9F of the Land Tax Management Act 1956 has been constructed on the land concerned by the transferee or a related body corporate after completion of the transfer to the transferee, and

(c) the corporation has become entitled under the relevant section to a reduction in the value of land.

(2) The amount of the refund to which a transferee is entitled under this section is the amount that is determined in accordance with an order made by the Treasurer for the purposes of this section and published in the Gazette.

(3) The amount of the refund may be the full amount of duty paid or a lesser amount (as determined in accordance with the order).

(4) The Chief Commissioner may approve a person as an exempt transferee for a particular transfer or class of transfers if the Chief Commissioner is of the opinion that the person is likely to become entitled under this section to a refund of the full amount of surcharge purchaser duty chargeable on a transfer to which the approval applies.

(5) No surcharge purchaser duty is chargeable on a transfer of residential-related property if the transferee under the transfer is approved as an exempt transferee for the transfer at the time liability for duty would otherwise have arisen.

(6) The approval of a person as an exempt transferee is subject to the following provisions—

(a) an approval may be given subject to conditions and the approval operates subject to any such conditions,

(b) the conditions of an approval may be varied by the Chief Commissioner at any time by notice to the person,