57SResidence requirement

57S Residence requirement (1) It is a requirement for the purposes of an exemption from duty under section 57P that the transferee, or each of the transferees if there is more than one transferee, occupies the land as their principal place of residence for a continuous period— (a) of at least 12 months; and (b) commencing within the 12 month period immediately after the transferee or transferees became entitled to possession of the land. (2) 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. 57T inserted by No. 18/2023 s. 9.