57PExemption for transfer of principal place of residence to person with a disability

57P Exemption for transfer of principal place of residence to person with a disability (1) A transferee is entitled to an exemption from duty under this Chapter in respect of a transfer of dutiable property if— (a) the transferee meets the qualifying requirement in section 57Q; and (b) the transferor is an immediate family member of the transferee; and (c) no consideration is provided for the transfer; and (d) the dutiable value of the dutiable property the subject of the transfer is not more than $1 500 000; and (e) the dutiable property is an estate or interest in land and meets the building requirement in section 57R; and (f) the transferee intends to occupy the land as their principal place of residence. The residence requirement must also be met after the transfer of dutiable property or the transfer can be reassessed for duty—see sections 57S to 57V. (2) If there is more than one transferee in respect of the transfer, each of the transferees must be individually entitled to receive the exemption under subsection (1) for all of the transferees to receive the exemption. (3) A transferee is not entitled to an exemption under subsection (1) if, after the transfer, a person who does not meet the qualifying requirement in section 57Q is also an owner of the land. S. 57Q inserted by No. 18/2023 s. 9.