62Eligible first home owner exemption or concession where dwelling exists at the time of transfer

62 Eligible first home owner exemption or concession where dwelling exists at the time of transfer (1) No duty is chargeable under this Chapter in respect of a transfer to an eligible first home owner of dutiable property being an estate in fee simple in land, if— (a) at the time of the transfer there is a dwelling on the land; and S. 62(1)(b) amended by No. 29/2002 s. 4(3)(b)(i). (b) the dutiable value of the dutiable property does not exceed $150 000. (2) An eligible first home owner is entitled to a concession from duty under this Chapter in respect of a transfer to the eligible home owner of dutiable property being an estate in fee simple in land, if at the time of the transfer there is a dwelling on the land, and— S. 62(2)(a) amended by No. 29/2002 s. 4(3)(b)(ii). (a) if there was a dwelling on the land at the time the contract of sale of the land was entered into—the dutiable value of the dutiable property exceeds $150 000 but does not exceed $200 000; or S. 62(2)(b) amended by No. 29/2002 s. 4(3)(b)(ii). (b) if the dwelling was constructed after the time the contract of sale of the land was entered into—the aggregate of the dutiable value of the dutiable property and the cost of construction of the dwelling exceeds $150 000 but does not exceed $200 000. S. 62(3) amended by Nos 29/2002 s. 4(3)(b)(iii), 86/2006 s. 4(c), 31/2008 s. 11(1)(a). (3) If subsection (2)(a) applies, the concession is an amount calculated in accordance with the formula— where P is the dutiable value of the property. S. 62(4) amended by Nos 29/2002 s. 4(3)(b)(iv), 86/2006 s. 4(d), 31/2008 s. 11(1)(b), 40/2016 s. 10(2). (4) If subsection (2)(b) applies, the concession is an amount calculated in accordance with the formula— D is the amount of duty paid or payable (but for this Division) on the transfer; P is the aggregate amount referred to in subsection (2)(b).