32APremium rate for residential land with dutiable value exceeding $3,000,000

32A Premium rate for residential land with dutiable value exceeding $3,000,000

32A Premium rate for residential land with dutiable value exceeding $3,000,000

(1) The rate of duty chargeable on a dutiable transaction in respect of residential land that has a dutiable value exceeding $3,040,000 is the premium base amount plus $7 for every $100, or part, by which the dutiable value of the residential land exceeds $3,040,000.

(2) The premium base amount is the amount of duty chargeable in respect of a dutiable transaction involving dutiable property that has a dutiable value of $3,040,000, determined in accordance with section 32.

Note.

The premium base amount in respect of a dutiable transaction occurring in the financial year commencing on 1 July 2019 is $152,502.

(2A) The rate of duty chargeable on a dutiable transaction in respect of residential land that has a dutiable value not exceeding $3,040,000 is as provided for by section 32.

(2B) If the dutiable property subject to a dutiable transaction comprises 2 or more individual items of residential land and 1 or more of those items has a dutiable value exceeding $3,040,000, the rate of duty chargeable on the dutiable transaction is as follows—

(a) for each item of residential land that has a dutiable value exceeding $3,040,000—the premium base amount plus $7 for every $100, or part, by which the dutiable value of the item exceeds $3,040,000,

(b) for the rest of the dutiable property—the rate provided for by section 32.

(2C) The amount of $3,040,000 specified in any provision of this section is an adjustable amount for the purposes of Division 3.

(3) For the purposes of this section, residential land means—

(a) a parcel of land on which there is one single dwelling or one flat, or a parcel of land on which there is a building under construction that, when completed, will constitute one single dwelling or one flat, or

(b) a strata lot, if it is lawfully occupied as a separate dwelling, or suitable for lawful occupation as a separate dwelling, or

(c) a land use entitlement, if it entitles the holder of the land use entitlement to occupy a building, or part of a building, as a separate dwelling, or

(d) a parcel of vacant land that is zoned or otherwise designated for use under an environmental planning instrument (within the meaning of the ) for residential or principally for residential purposes.