57KResidence requirement

57K Residence requirement S. 57K(1) amended by No. 28/2011 s. 8, substituted by Nos 28/2017 s. 12, 47/2020 s. 10(1). (1) It is a requirement for the purposes of the matters specified in subsection (1A) that the transferee occupies the land as the transferee's principal place of residence— (a) in the case of land referred to in section 57H(1)(a), for a continuous period of at least 12 months commencing within the 12 month period immediately after the transferee became entitled to possession of the land; or (b) in the case of land referred to in section 57H(1)(b), for a continuous period of at least 12 months commencing within the 12 month period immediately after the earlier of— (i) the date on which the transferee was lawfully first able to use the building as a place of residence; or (ii) the date that is 24 months after the transferee became entitled to possession of the land. S. 57K(1A) inserted by No. 47/2020 s. 10(1). (1A) For the purposes of subsection (1), the following are specified— (a) a PPR concessional rate; (b) an exemption or concession from duty under section 57JA; S. 57K(2) amended by No. 47/2020 s. 10(2). (2) If there are 2 or more transferees, the residence requirement is complied with if the land is occupied for the period referred to in subsection (1) as the principal residence of at least one of them (whether separately or together with any of the others and whether or not the same transferee occupies the land for the whole period). S. 57K(2A) inserted by No. 47/2020 s. 10(3). (2A) In determining whether land is occupied as the principal place of residence of a transferee, account must be taken of every place of residence of the transferee, whether in Victoria or elsewhere. S. 57K(3) substituted by No. 50/2024 s. 20. (3) In this section, a reference to a transferee is— (a) in the case of a guardian who holds property on behalf of a person under a legal disability, a reference to the person under the legal disability; or (b) in the case of a trustee of a special disability trust who holds property on behalf of the principal beneficiary of that trust, a reference to the principal beneficiary. S. 57K(4) inserted by No. 22/2018 s. 13. (4) A transferee is exempted from compliance with the residence requirement in relation to an exemption or concession from duty under section 57JA if, at the time of the PPR transfer— (a) if there is only one transferee, the transferee is a member of the Defence Force and is enrolled on the register of electors; or (b) if there are 2 or more transferees— (i) at least one of the transferees is a member of the Defence Force; and (ii) each of the transferees is enrolled on the register of electors. S. 57K(5) inserted by No. 22/2018 s. 13. ***member of the Defence Force*** means a member of the Permanent Forces within the meaning of the Defence Act 1903 of the Commonwealth; ***register of electors*** has the same meaning as in the **Electoral Act 2002**. S. 57L inserted by No. 86/2006 s. 3.