32CRate for large parcels of residential land

#### 32C Rate for large parcels of residential land 32C Rate for large parcels of residential land > > (1) If a dutiable transaction in respect of residential land that is a parcel of land has a dutiable value exceeding $3,040,000, and the area of the parcel of land exceeds 2 hectares, duty is to be charged at the rate of $7 for every $100, or part, of the premium value of the residential land. > > > (2) The premium value of the residential land is the amount (if any) by which the dutiable value of the residential land, when multiplied by the apportionment factor, exceeds $3,040,000. > > > (2A) The amount of $3,040,000 specified in subsections (1) and (2) is an adjustable amount for the purposes of Division 3. > > > (3) The apportionment factor is the proportion that 2 hectares bears to the total area of the parcel of land in hectares. > > > (4) Duty is to be charged, at the rate set out in section 32, in respect of the dutiable value of the dutiable property transferred reduced by the premium value of the residential land. > > > (4A) This section does not apply in respect of residential land if section 32B applies to the land. > > > (5) In this section— > > > > residential land has the same meaning as in section 32A. > > **s 32C:** Ins 2004 No 33, Sch 3.1 \[1\]. Am 2004 No 96, Sch 2 \[1\] \[2\]; 2019 No 8, Sch 1 \[4\] \[5\].