63Eligible first home owner exemption or concession where dwelling is constructed after transfer

63 Eligible first home owner exemption or concession where dwelling is constructed after 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 not a dwelling on the land; and (b) a dwelling is constructed on the land within 3 years after that time; and S. 63(1)(c) amended by No. 29/2002 s. 4(3)(c)(i). (c) the aggregate of the dutiable value of the dutiable property and the cost of the construction of the dwelling does not exceed $150 000. (2) An eligible first home owner is entitled to a concession from or partial refund of duty under this Chapter in respect of a transfer to the 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 not a dwelling on the land; and (b) a dwelling is constructed on the land within 3 years after that time; and S. 63(2)(c) amended by No. 29/2002 s. 4(3)(c)(ii). (c) the aggregate of the dutiable value of the dutiable property and the cost of the construction of the dwelling exceeds $150 000 but does not exceed $200 000. S. 63(3) amended by Nos 29/2002 s. 4(3)(c)(iii), 86/2006 s. 4(d), 31/2008 s. 11(1)(c), 40/2016 s. 10(3). (3) The concession or refund 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)(c). S. 63A inserted by No. 46/2004 s. 10.