Div 26A.1 First home owner grant scheme and home buyer concession scheme

Division 2.6A.1 First home owner grant scheme and home buyer concession scheme (ii) an agreement for the sale or transfer of an eligible property. (2) However, an approval under subsection (1) is subject to the person entering into an arrangement with the commissioner under the Taxation Administration Act, section 52 (Arrangements for payment of tax) about payment of the amount of deferred duty and interest (a deferral arrangement). 75AD Conditions of deferral arrangement (1) The conditions of a deferral arrangement include the following: (a) that payment, or the first instalment of payment, of the duty may be deferred for not more than 5 years after the day duty becomes payable in relation to the dutiable transaction; (b) that the duty, and any accrued interest, must be paid not later than 10 years after the day duty becomes payable in relation to the dutiable transaction; (c) that the amount of duty deferred must be at least— (i) $1 000; or (ii) if a greater amount is declared under subsection (2) (b)— the amount declared; (d) any other condition determined under subsection (2). (2) The Minister may determine other conditions, consistent with subsection (1) (a) to (c), to which a deferral arrangement is subject, including conditions to fix— (a) the rate of interest charged on the amount payable under the arrangement; and (b) an amount for subsection (1) (c) (ii). (3) A determination is a disallowable instrument.

Other duty deferral schemes Division 2.6A.2 (4) This section does not limit the Taxation Administration Act, section 52 but any arrangement under that section about deferred payment of duty under this division must not be inconsistent with conditions under subsection (1). 75AE Unpaid duty and interest a debt and charge on property (1) The amount payable under a deferral arrangement is a debt owing to the Territory. (2) The liability of a person under a deferral arrangement is a first charge on the person’s interest in the property to which the deferred payment of duty relates. 75AF Definitions—div 2.6A.2 deferral arrangement—see section 75AI (2). duty deferral scheme—see section 75AG (1). eligible person, for a duty deferral scheme—see section 75AG (2) (a). eligible transaction, for a duty deferral scheme—see section 75AG (2) (b). 75AG Duty deferral schemes—determination (1) The Minister may determine a scheme for deferring duty (a duty deferral scheme). (2) A duty deferral scheme must identify the following: (a) who is eligible to participate in the scheme (an eligible person); (b) the dutiable transactions on which duty may be deferred under the scheme (an eligible transaction).

(3) A duty deferral scheme may provide for— (a) how applications for duty deferral are to be made under the scheme; and (b) conditions to which a deferral arrangement may be subject, including conditions to fix— (i) the rate of interest charged on the amount payable under the arrangement; and (ii) an amount for section 75AJ (1) (a) (ii). 75AH Duty deferral schemes—application to defer payment of duty (1) An eligible person for a duty deferral scheme may apply to the commissioner to defer payment of duty payable by the person on an eligible transaction for the scheme. (2) The application must be made— (a) in accordance with any requirements under the duty deferral scheme; and (b) at the same time as the instrument effecting the dutiable transaction is lodged with the registrar-general under the Land Titles Act 1925, section 47C (Registration of instruments effecting dutiable transaction). (3) The eligible person must provide the commissioner with any information the commissioner reasonably requires to decide the application.