21What is the consideration for the transfer of dutiable property?

21 What is the consideration for the transfer of dutiable property?

(1) The consideration for the transfer of dutiable property is taken to include the amount or value of all encumbrances, whether certain or contingent, subject to which the dutiable property is transferred.

S. 21(2) repealed by No. 36/2005 s. 7, new s. 21(2) inserted by No. 28/2017 s. 4(1), amended by No. 22/2018 s. 17.

(2) The consideration for a transfer of dutiable property is to be adjusted under subsection (3) or (4) only for the following purposes—

(a) calculating duty under section 57J;

S. 21(2)(b) amended by No. 18/2023 s. 11(a).

(b) applying an exemption or concession under section 57JA;

S. 21(2)(c) inserted by No. 18/2023 s. 11(b).

(c) applying an exemption or concession under section 60, if the dutiable value of the property is not more than the maximum amount specified in section 57J.

S. 21(2A) inserted by No. 22/2021 s. 5.

(2A) Despite subsection (2) but subject to subsection (2B), the consideration for a transfer of dutiable property is also to be adjusted under subsection (3) or (4) if—

(a) the adjustment would result in the consideration being not more than $1 000 000; and

(b) the transfer meets all the requirements to receive a concessional rate of duty under section 57J other than the requirement that the dutiable value of the dutiable property is not more than $550 000; and

(c) the contract for purchase of the dutiable property is entered into on or after 1 July 2021 but before 1 July 2023.

S. 21(2B) inserted by No. 22/2021 s. 5.

(2B) Subsection (2A) does not apply if the Commissioner determines that the contract for purchase of the dutiable property replaces a previous contract for the purchase of the same property entered into before 1 July 2021.

S. 21(3) amended by No. 28/2017 s. 4(2).

(3) The consideration for the transfer of land on the sale of that land is to be adjusted to exclude any amount paid or payable in respect of the construction of a building to be constructed on that land on or after the date on which the contract of sale was entered into.

S. 21(4) amended by Nos 31/2008 s. 3(1)(a), 28/2017 s. 4(3).

(4) The consideration for the transfer of land that is a lot on a plan of subdivision within the meaning of the Subdivision Act 1988 on a sale of that lot is to be adjusted to exclude an amount, attributable to that lot, in respect of refurbishment of that lot carried out on or after the date on which the contract of sale was entered into and before the date of the transfer if—