43Marriage and domestic relationships—transfer of principal place of residence

43 Marriage and domestic relationships—transfer of principal place of residence

(1) No duty is chargeable under this Chapter in respect of a transfer of dutiable property from one person to another person, or from 2 persons to 1 of them, or from one person to themselves and another person if—

(a) the persons are spouses or domestic partners of each other; and

(b) the transaction meets the requirements set out in subsection (2).

(2) For the purposes of subsection (1), the requirements are—

(a) no person (other than a person referred to in subsection (1)) takes or is entitled to take an interest in the dutiable property the subject of the transfer; and

(b) there is no consideration for the transfer; and

(c) the property is residential property.

S. 43AA inserted by No. 22/2018 s. 11.

43AA Circumstances in which consideration does not include a mortgage

(1) Despite section 21, for the purposes of section 43, the consideration for a transfer does not include the amount or value of a mortgage to which the dutiable property is subject if—

(a) the dutiable property that is the subject of the transfer is subject to a mortgage immediately before the transfer and the transferee, at the time of or immediately after the transfer—

(i) gives a mortgage to secure the same or a greater amount as that outstanding under the mortgage immediately before the transfer; or

(ii) assumes the liabilities under the mortgage; and

(b) the Commissioner is satisfied that the giving of the mortgage or the assumption of the liability is not part of a sale or other arrangement designed to take advantage of the exemption under section 43.

(2) Without limiting the ways in which the Commissioner may be satisfied for the purposes of subsection (1)(b), the Commissioner is taken to be satisfied if—

(a) the mortgage was created at or before the time of the transfer; or

(b) the mortgage was part of a genuine re‑financing of a mortgage created at or before the time of the transfer; or

(c) the mortgage was created to secure borrowings that have been applied to the improvement of the property.

S. 43A inserted by No. 28/2017 s. 41.