18AForeign purchasers—duty in respect of change of use of land

18A Foreign purchasers—duty in respect of change of use of land (a) on or after 1 July 2015, under a dutiable transaction, a land-related interest in property that is not residential property is transferred to a foreign purchaser; and S. 18A(1)(b) substituted by No. 40/2016 s. 5(1). (b) after the land-related interest is transferred, it becomes a land-related interest in residential property when the foreign purchaser forms an intention referred to in section 3G(1)(b) or (c). (2) Within 14 days after the foreign purchaser forms the intention, the foreign purchaser must lodge with the Commissioner a statement of the foreign purchaser's intention. S. 18A(3) substituted by No. 40/2016 s. 5(2). (3) Within 30 days after the foreign purchaser forms the intention, the foreign purchaser must pay duty in relation to the land-related interest in residential property at the following rates— (a) if the foreign purchaser forms the intention on or after 1 July 2015 but before 1 July 2016—3% of the dutiable value of the interest at the time that it was transferred; or S. 18A(3)(b) amended by No. 17/2019 s. 14(a). (b) if the foreign purchaser forms the intention on or after 1 July 2016 but before 1 July 2019—7% of the dutiable value of the interest at the time that it was transferred; or S. 18A(3)(c) inserted by No. 17/2019 s. 14(b). (c) if the foreign purchaser forms the intention on or after 1 July 2019—8% of the dutiable value of the interest at the time that it was transferred.