Duties Act 1997
74Eligible agreements or transfers
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74 Eligible agreements or transfers
74 Eligible agreements or transfers
(1) The agreement or transfer must be for the acquisition of a first home or for the acquisition of a vacant block of residential land intended to be used as the site of a first home.
(2) The agreement or transfer must be for the whole of the property.
(3) The dutiable value of the dutiable property that is the subject of the agreement or transfer must be less than—
(a) $1,000,000 if the property has a private dwelling built on it, or
(b) $450,000 if the property comprises a vacant block of residential land.
Note.
The dutiable value of dutiable property is the greater of—
(a) the consideration (if any) for the dutiable transaction (being the amount of a monetary consideration or the value of a non-monetary consideration), and
(b) the unencumbered value of the dutiable property.
(4) Despite subsection (3), in relation to an agreement for sale or transfer or a transfer entered into during the period beginning on 1 August 2020 and ending on 31 July 2021 (other than a transfer made in conformity with an agreement for sale or transfer entered into before 1 August 2020), the dutiable value of the dutiable property that is the subject of the agreement or transfer must be less than—
(a) $1,000,000 if the property has a private dwelling that is a new home built on it, or
(b) $800,000 if the property has a private dwelling that is not a new home built on it, or
(c) $500,000 if the property comprises a vacant block of residential land.
(5) In this section, new home has the same meaning as in section 4A of the First Home Owner Grant and Shared Equity Act 2000.
s 74: Am 1998 No 81, Sch 1 [4] [5]; 1999 No 10, Sch 2 [10] [11]; 2000 No 51, Sch 2 [9] [10]; 2001 No 22, Sch 1 [9]–[11]. Subst 2004 No 33, Sch 1 [4]. Am 2008 No 67, Sch 1 [15] [16]; 2010 No 46, Sch 1.3 [17] [18]; 2011 No 43, Sch 1 [8]; 2012 No 46, Sch 1.2 [1]; 2017 No 33, Sch 1.1 [7] [8]; 2020 No 19, Sch 1[2]; 2023 No 4, Sch 1[2]; 2024 No 90, Sch 1[5].