32UExemptions and concessions

32U Exemptions and concessions S. 32U(1) amended by No. 28/2017 s. 36(1). (1) Duty is not chargeable under section 32Q(1)(a) if the option would be exempt from duty under a specified Chapter 2 exemption if it were a transfer of dutiable property to the first purchaser. (2) If the first purchaser would be entitled to a concession under this Chapter if the option were a transfer to the first purchaser, the first purchaser is entitled to that concession in respect of duty charged under section 32Q(1)(a). S. 32U(3) amended by Nos 84/2008 s. 6(7), 28/2017 s. 36(2). (3) Duty is not chargeable under section 32Q(1)(b) or (c) if the subsequent transaction would be exempt from duty under a specified Chapter 2 exemption if it were a transfer of dutiable property to the subsequent purchaser who obtains or assumes the transfer right under the subsequent transaction. S. 32U(4) amended by No. 84/2008 s. 6(7). (4) If a subsequent purchaser would be entitled to a concession under this Chapter if the subsequent transaction were a transfer to the subsequent purchaser, the subsequent purchaser is entitled to that concession in respect of duty charged under section 32Q(1)(b) or (c). S. 32U(5) inserted by No. 38/2023 s. 7. (5) If the first purchaser would be entitled to a concession under Part 2 of Chapter 11 if the option were a transfer to the first purchaser, the first purchaser is entitled to that concession in respect of duty charged under section 32Q(1)(a). S. 32U(6) inserted by No. 38/2023 s. 7. (6) Subject to subsection (7), a subsequent purchaser is entitled to a concession under Part 2 of Chapter 11 in respect of duty charged under section 32Q(1)(b) or (c) if— (a) the subsequent purchaser would be entitled to a concession under Part 2 of Chapter 11 if the subsequent transaction were a transfer to the subsequent purchaser; and (i) a first purchaser who is liable to pay the amount of duty charged under section 32Q(1)(a); or (ii) another subsequent purchaser who is liable to pay the amount of duty charged under section 32Q(1)(c). S. 32U(7) inserted by No. 38/2023 s. 7. (7) If a subsequent purchaser would be entitled to an exemption under section 250B(2) if the subsequent transaction were a transfer to the subsequent purchaser, the subsequent purchaser is entitled to that exemption in respect of duty charged under section 32Q(1)(b) or (c).