Div 7Young farmers

Division 7—Young farmers S. 69AA inserted by No. 28/2011 s. 19. 69AA Definitions ***capital beneficiary*** of a discretionary trust means a person, or a member of a class of person, in whom, by the terms of the trust, the whole or any part of the capital of the trust estate may be vested or remain vested— (a) in the event of the exercise of a power or discretion in favour of the person (whether or not that power is presently exercisable); or ***disqualifying interest*** has the meaning given by section 69AB; ***farmland*** means land used, or intended to be used, primarily for the business of primary production; ***fixed trust*** means a trust under which the identity of the beneficiaries and the quantum of their interests are ascertained; S. 69AA def. of *nominee for a young farmer* inserted by No. 46/2019 s. 3(a). ***nominee for a young farmer*** means a person who holds farmland on trust for a young farmer but has no other active powers in respect of that land; ***primary production requirement*** means the requirement referred to in section 69AC; S. 69AA def. of *young farmer* substituted by No. 46/2019 s. 3(b). ***young farmer*** means a natural person (not acting in the capacity of a trustee under a trust) who is engaged in, or intends to engage in, primary production on farmland; S. 69AA def. of *young farmer business entity* amended by No. 46/2019 s. 3(c). ***young farmer business entity*** means— (a) a nominee for a young farmer; or (b) a company (not acting in the capacity of a trustee under a trust) all the shares in which are owned by a young farmer, or the young farmer and the young farmer's partner; or (c) a trustee under a discretionary trust, the capital beneficiaries of which are limited to a young farmer, or the young farmer and the young farmer's partner; or (d) a trustee under a fixed trust, the beneficiaries of which are limited to a young farmer, or the young farmer and the young farmer's partner. S. 69AB inserted by No. 28/2011 s. 19. 69AB Disqualifying interest For the purposes of this Division, ***disqualifying interest*** means— (a) in respect of a young farmer or the young farmer's partner— (i) an estate in fee simple in farmland held or previously held by the young farmer or the young farmer's partner; or (ii) shares in a company— (A) currently held by the young farmer or the young farmer's partner, if the company holds or has previously held an estate in fee simple in farmland; or (B) previously held by the young farmer or the young farmer's partner, if those shares were held at the same time that the company held an estate in fee simple in farmland; or (iii) if the young farmer or the young farmer's partner— (A) is a beneficiary of a fixed trust and the trust property includes or has previously included an estate in fee simple in farmland; or (B) was previously a beneficiary of a fixed trust and, while the young farmer or the young farmer's partner was a beneficiary, the trust property included an estate in fee simple in farmland; or (iv) if the young farmer or the young farmer's partner— (A) is a capital beneficiary of a discretionary trust and the trust property includes or has previously included an estate in fee simple in farmland; or (B) was previously a capital beneficiary of a discretionary trust and, while the young farmer or young farmer's partner was a capital beneficiary, the trust property included an estate in fee simple in farmland; (b) in respect of a young farmer business entity that is— S. 69AB(b)(i) amended by No. 46/2019 s. 4. (i) a nominee for a young farmer—if the nominee holds or has previously held an estate in fee simple in farmland on trust for that young farmer; or (ii) a company (not acting in the capacity of a trustee under a trust)—if the company holds or has previously held an estate in fee simple in farmland; or (iii) a trustee under a discretionary trust—if the trustee holds or has previously held an estate in fee simple in farmland on trust for that discretionary trust; or (iv) a trustee under a fixed trust—if the trustee holds or has previously held an estate in fee simple in farmland on trust for that fixed trust. S. 69AC inserted by No. 28/2011 s. 19, substituted by No. 46/2019 s. 5. 69AC Primary production requirement (1) The concession and exemption under this Division are subject to the requirements in this section (the ***primary production requirement***). (2) If the transferee of the dutiable property is a young farmer or a nominee for a young farmer, by the end of the relevant period the young farmer— (a) must carry on the business of primary production on the farmland; and (b) must normally be engaged in a substantially full-time capacity in that business. (3) If the transferee of the dutiable property is a company (not acting in the capacity of a trustee under a trust), by the end of the relevant period— (a) the principal business of the company must be primary production on the farmland; and (b) the young farmer must normally be engaged in a substantially full-time capacity in that business. (4) If the transferee of the dutiable property is a trustee under a trust, by the end of the relevant period— (a) the principal business of the trust must be primary production on the farmland; and (b) the young farmer must normally be engaged in a substantially full-time capacity in that business. ***relevant period*** means the period of 5 years from the date the transferee entered the contract for the transfer of the dutiable property. S. 69AD inserted by No. 28/2011 s. 19. 69AD Exemption or concession for young farmers (1) A transferee who is a young farmer or a young farmer business entity is entitled to an exemption or concession from duty under this Chapter in respect of one or more transfers of dutiable property, if— (a) the dutiable property the subject of each transfer is an estate in fee simple in farmland; and (b) at the time that the contract or contracts for the transfer or transfers of the dutiable property is or are entered into— (i) if the transferee is a young farmer—the young farmer is under the age of 35; or (ii) if the transferee is a young farmer business entity—the young farmer in respect of that entity is under the age of 35; and (i) a young farmer— (A) who does not have a disqualifying interest; and (B) whose partner does not have a disqualifying interest; or (ii) a young farmer business entity— (A) that does not have a disqualifying interest; and (B) where the young farmer or the young farmer's partner in respect of that young farmer business entity does not have a disqualifying interest; and (d) the dutiable value of the dutiable property— S. 69AD (1)(d)(i) amended by No. 41/2013 s. 19. (i) in the case of one transfer of dutiable property—does not exceed $750 000; or S. 69AD (1)(d)(ii) amended by No. 22/2018 s. 14. (ii) in the case of two or more transfers of dutiable property—for one of those transfers, does not exceed $600 000; and (e) the transferee is a young farmer or young farmer business entity who meets the primary production requirement in relation to the dutiable property. (2) An exemption or concession from duty under subsection (1) will apply in respect of two or more transfers of dutiable property only if those transfers arise from— (a) a single contract of sale; or (b) two or more contracts of sale entered into at the same time. S. 69AE inserted by No. 28/2011 s. 19, substituted by No. 41/2013 s. 20. 69AE Calculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land (1) This section applies for the purposes of section 69AD in the case of one transfer of dutiable property. S. 69AE(2) amended by No. 22/2018 s. 15(1). (2) If the dutiable value of the dutiable property does not exceed $600 000, the young farmer or young farmer business entity (as the case requires) is entitled to an exemption from duty in respect of the dutiable value of the dutiable transaction. Examples to s. 69AE(2) substituted as Example by No. 22/2018 s. 15(2). A young farmer enters into a dutiable transaction with a dutiable value of $275 000. No duty is payable as the young farmer is entitled to an exemption in respect of the whole dutiable value (as it is less than $600 000). S. 69AE(3) substituted by No. 22/2018 s. 15(3). (3) If the dutiable value of the dutiable property exceeds $600 000 but does not exceed $750 000, the young farmer or young farmer business entity (as the case requires) is entitled to pay a concessional amount of duty that is calculated in accordance with the following formula— **B** is the amount of duty paid or payable (but for this section) on the transfer of the dutiable property. S. 69AF inserted by No. 28/2011 s. 19. 69AF Calculation of exemption on transfer of multiple parcels and partial interests of land (1) For the purposes of section 69AD, in the case of two or more transfers of dutiable property— (a) the exemption from duty on the dutiable transactions is calculated as if section 24 applies to aggregate the dutiable transactions (whether or not section 24 applies to aggregate the dutiable transactions); and S. 69AF(1)(b) amended by No. 22/2018 s. 16(1). (b) the young farmer or young farmer business entity (as the case requires) is entitled to an exemption from duty in respect of $600 000 of the aggregated dutiable value of the dutiable transactions; and (c) once paragraph (b) has applied, the duty payable on the dutiable transactions is calculated— (i) in accordance with section 24; and (ii) as if the dutiable values of the dutiable transactions do not include any amount in respect of which an exemption has been applied under paragraph (b). (2) The exemption from duty under subsection (1)(c) is applied against the dutiable values of the dutiable transactions in the order of ascending dutiable values of the dutiable transactions. Example to S. 69AF(2) substituted by No. 22/2018 s. 16(2). A young farmer enters into 3 dutiable transactions with dutiable values of $200 000 (Transaction A), $300 000 (Transaction B) and $500 000 (Transaction C). An exemption in respect of $600 000 of the aggregated dutiable value of the dutiable transactions is first applied to the dutiable transaction with the lowest dutiable value, and then to the dutiable transaction with the next lowest dutiable value. This means that a full exemption from duty applies to Transaction A and Transaction B, with a partial exemption applied to Transaction C in respect of $100 000 of its dutiable value. S. 69AG inserted by No. 28/2011 s. 19. 69AG Election to receive young farmer exemption/concession or principal place of residence concession (1) This section applies to a young farmer who, but for this section, in respect of a transfer of an estate in fee simple in farmland, would be entitled— (a) to an exemption or concession from duty under section 69AD; and (b) to a concession from duty under section 57J. (2) The young farmer, by notice in writing to the Commissioner, must elect to receive— (a) the exemption or concession under section 69AD; or (b) the concession from duty under section 57J. (3) If the young farmer elects to receive a concession under section 57J, or does not make an election under this section, he or she is not entitled to the exemption under section 69AD in respect of the transfer. S. 69AH inserted by No. 28/2011 s. 19. 69AH Liability for duty if primary production requirement not complied with (1) If a young farmer or young farmer business entity has received an exemption or concession from duty under this Division and the primary production requirement is not complied with— (a) the transfer is chargeable with duty at the rate set out in section 28(1) as if section 69AD does not apply, subject to any exemption or concession other than in this Division; and (b) the Commissioner may reassess duty on the transfer accordingly (giving an allowance for any duty already paid on the transfer). (2) A liability for duty imposed because of subsection (1) on a transfer arises when the primary production requirement for that transfer is not complied with. Note to s. 69AH(2) amended by No. 69/2011 s. 10. Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises. (3) A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made. Section 9(3)(c) of the **Taxation Administration Act 1997** allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law. S. 69AI inserted by No. 28/2011 s. 19. 69AI Farmer to notify Commissioner of change in circumstances (1) A young farmer or a young farmer business entity who has received an exemption or concession under this Division must lodge a written notice with the Commissioner within 30 days of becoming aware of any circumstances that may result in the primary production requirement not being complied with. (2) A failure of a young farmer or young farmer business entity to comply with subsection (1) does not affect the Commissioner's power to reassess duty under section 69AH. Ch. 2 Pt 5 Div. 8 (Heading and ss 69AJ–69AM) inserted by No. 22/2018 s. 5. Division 8—Exemption from additional duty for foreign purchasers S. 69AJ inserted by No. 22/2018 s. 5. 69AJ Certain foreign purchasers exempt from additional duty under section 28A A foreign purchaser is entitled to an exemption from additional duty chargeable under section 28A in respect of a dutiable transaction in which a land-related interest in residential property is transferred to the foreign purchaser if— (a) the foreign purchaser is a foreign natural person who is the spouse or domestic partner of a natural person who is not a foreign natural person; and (b) the land-related interest in residential property is transferred jointly to the foreign purchaser and the foreign purchaser's spouse or domestic partner; and (c) subject to section 69AK, the foreign purchaser occupies the residential property as the foreign purchaser's principal place of residence for a continuous period of at least 12 months commencing within the 12 month period immediately after the foreign purchaser becomes entitled to possession of the residential property. S. 69AK inserted by No. 22/2018 s. 5. 69AK Variation of residence requirement for exemption (1) If satisfied there is a good reason for doing so, the Commissioner may— (a) reduce the period of residence required by section 69AJ(c); or (b) determine that a temporary absence from residence does not break the continuity of residence for the purposes of section 69AJ(c); or (c) extend the period in which the residence required by section 69AJ(c) must commence. (2) If the Commissioner determines that a temporary absence from residence does not break the continuity of residence, the foreign purchaser is not entitled to an exemption under section 69AJ in respect of any other dutiable transaction of a kind referred to in that section during the period of temporary absence unless the foreign purchaser pays additional duty on the original dutiable transaction calculated at the rate set out in section 28A(2). (3) If a foreign purchaser who is occupying residential property that is the subject of a dutiable transaction to which an exemption under section 69AJ applies as the foreign purchaser's principal place of residence, or who is temporarily absent from the land in accordance with a determination under subsection (1), dies, the requirement under section 69AJ(c) is taken to have been complied with. S. 69AL inserted by No. 22/2018 s. 5. 69AL Liability for additional duty if residence requirement not complied with (1) If the period of residence required by section 69AJ(c) for an exemption under section 69AJ is not complied with— (a) the dutiable transaction is chargeable with additional duty at the rate set out in section 28A(2); and (2) A liability for additional duty imposed because of subsection (1) on the dutiable transaction arises when the required period of residence is not complied with. Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises. (3) A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made. Section 9(3)(c) of the **Taxation Administration Act 1997** allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law. (4) If the period of residence required by section 69AJ(c) for an exemption under section 69AJ is not complied with, the foreign purchaser is not entitled to an exemption under that section in respect of any other dutiable transaction of a kind referred to in that section until the foreign purchaser has paid additional duty for which the person is liable because of this section. S. 69AM inserted by No. 22/2018 s. 5. 69AM Foreign purchasers must notify Commissioner of change in circumstance (1) A foreign purchaser who has received an exemption under section 69AJ must lodge a written notice with the Commissioner within 30 days after becoming aware of any circumstances that may result in the requirement under section 69AJ(c) not being complied with. (2) A failure of the foreign purchaser to comply with subsection (1) does not affect the Commissioner's power to exercise a discretion under section 69AK or to reassess duty under section 69AL. Ch. 2 Pt 5 Div. 9 (Heading and ss 69AN–69AT) inserted by No. 16/2024 s. 37. Division 9—Tax reform scheme transactions S. 69AN (Heading) amended by No. 50/2024 s. 4(1). S. 69AN inserted by No. 16/2024 s. 37, amended by No. 50/2024 s. 4(2)(a)(3) (ILA s. 39B(1). 69AN Tax reform scheme transactions (1) For the purposes of this Division, a dutiable transaction is a ***standard transaction*** if— (a) the transaction is a dutiable transaction described in section 7(1)(a) or (b), other than— (i) a dutiable transaction described in section 7(1)(b)(v) or (va); or S. 69AN (1)(a)(ia) inserted by No. 50/2024 s. 4(2)(b). (ia) a surrender of a lease of a kind referred to in section 7(1)(b)(v) or (va); or S. 69AN (1)(a)(ii) amended by No. 50/2024 s. 4(2)(c). (ii) the acquisition of an economic entitlement; and (b) the dutiable property the subject of the dutiable transaction is an estate or interest in land in Victoria described in section 10(1)(a); and (c) the land is tax reform scheme land; and (d) on the date of the dutiable transaction, the land has a qualifying use. S. 69AN(2) inserted by No. 50/2024 s. 4(3). (2) For the purposes of this Division, a dutiable transaction is a ***non-standard transaction*** if— (a) the dutiable transaction is— (i) the granting of a lease referred to in section 7(1)(b)(v) over tax reform scheme land; or (ii) the transfer or assignment of a lease referred to in section 7(1)(b)(va) over tax reform scheme land; or (iii) the surrender of a lease of a kind referred to in section 7(1)(b)(v) or (va) over tax reform scheme land; or (iv) a dutiable transaction that relates to dutiable property referred to in section 10(1)(ad) located on tax reform scheme land; or (v) the acquisition of an economic entitlement in relation to tax reform scheme land; and (b) on the date of the dutiable transaction, the tax reform scheme land has a qualifying use. S. 69AO inserted by No. 16/2024 s. 37, substituted by No. 50/2024 s. 5. 69AO Exemption—3 years after entry transaction (1) No duty is chargeable under this Chapter on a standard transaction if a period of at least 3 years has elapsed between— (a) the entry date for the tax reform scheme land to which the standard transaction relates; and (b) the date on which a contract or other agreement or arrangement for the standard transaction is entered into. (2) No duty is chargeable under this Chapter on a non-standard transaction if— (a) a period of at least 3 years has elapsed between— (i) the entry date for the tax reform scheme land to which the non-standard transaction relates; and (ii) the date on which a contract or other agreement or arrangement for the non-standard transaction is entered into; and (b) the value of the tax reform scheme land, for the purposes of calculating the duty payable on the entry transaction and on the acquisition of any further interests in the land— (ii) did not exclude the value of an interest in fixtures referred to in section 10(1)(ad) located on the land; and (3) In this section, ***further interest*** has the same meaning as it has in section 69AP. S. 69AP (Heading) amended by No. 50/2024 s. 6(1). S. 69AP inserted by No. 16/2024 s. 37. 69AP Exemption—tax reform scheme land fully assessed for duty S. 69AP(1) amended by No. 50/2024 s. 6(2). (1) No duty is chargeable under this Chapter on a standard transaction if the entry interest for the land to which the standard transaction relates was a 100% interest. S. 69AP(2) amended by No. 50/2024 s. 6(3). (2) No duty is chargeable under this Chapter on a standard transaction if the entry interest for the land to which the standard transaction relates and any further interest obtained in the land before the standard transaction amount to a 100% interest in the land. S. 69AP(2A) inserted by No. 50/2024 s. 6(4). (2A) No duty is chargeable under this Chapter on a non-standard transaction if— (a) either— (i) the entry interest for the land to which the non-standard transaction relates was a 100% interest; or (ii) the entry interest for the land to which the non-standard transaction relates and any further interest obtained in the land before the non-standard transaction amount to a 100% interest; and (b) the value of the tax reform scheme land, for the purposes of calculating the duty payable on the entry transaction and on the acquisition of any further interests in the land— (ii) did not exclude the value of an interest in fixtures referred to in section 10(1)(ad) located on the land; and (3) For the purposes of subsection (2), a ***further interest*** in land means an interest that is— (a) obtained under a qualifying dutiable transaction or a qualifying landholder transaction, other than the relevant entry transaction for the land; and (b) a different interest to the entry interest for the land and any other further interest for the land. S. 69AQ (Heading) amended by No. 50/2024 s. 7(1). S. 69AQ inserted by No. 16/2024 s. 37. 69AQ Exemption—tax reform scheme land partially assessed for duty S. 69AQ(1) amended by No. 50/2024 s. 7(2). (1) No duty is chargeable under this Chapter on a standard transaction to the extent that the dutiable property the subject of the transaction is the same or substantially the same as either or both of the following— (a) the entry interest for the land; S. 69AQ(1)(b) amended by No. 50/2024 s. 7(2). (b) any further interest acquired in the land before the standard transaction. (2) The Commissioner may treat an interest in land as substantially the same as a qualifying interest in the land if the Commissioner is satisfied that it is appropriate to do so in the circumstances. S. 69AQ(2) (Examples) amended as (Example) by No. 24/2025 s. 9. Person A acquires a 50% interest in land under a transfer of land which occurs on 1 January 2026. This is a qualifying interest in the land and the dutiable transaction is an entry transaction. Person A acquires another 30% interest in the land on 1 January 2027 under a qualifying dutiable transaction. Person B is the beneficial owner of the remaining 20% interest in the land. On 1 July 2027, Person C purchases the land from Person A and Person B. No duty is chargeable on this tax reform scheme transaction to the extent that the interest acquired by Person C is the same, or substantially the same, as the entry interest for the land (50%) and the further interest acquired in the land (30%). Duty is assessed on the remaining 20% interest in the land acquired by Person C. (3) In this section, a ***further interest*** in land means an interest that is— (a) obtained under a qualifying dutiable transaction or a qualifying landholder transaction, other than the relevant entry transaction for the land; and (b) a different interest to the entry interest for the land and any other further interest obtained in the land. S. 69AQA inserted by No. 50/2024 s. 8. 69AQA Exemption or duty reduction—non-standard transaction (1) The Commissioner may reduce the duty payable on a non-standard transaction relating to tax reform scheme land that is not exempt from duty under section 69AO(2) or 69AP(2A) or determine that the non-standard transaction is exempt from duty if the Commissioner, having regard to the matters in subsection (2), is satisfied that it is appropriate to do so. (2) For the purposes of subsection (1), the Commissioner must have regard to the following matters— (a) the quantum of the entry interest and any further interests acquired in the tax reform scheme land; and (b) the extent to which the value of the tax reform scheme land, for the purposes of calculating the duty payable on the entry transaction and on the acquisition of any further interests in the land— (i) was reduced by a lease over the land or part of the land; and (ii) excluded the value of an interest in fixtures referred to in section 10(1)(ad) located on the land; and (iii) was reduced by an economic entitlement in relation to the land; and (c) if a specified transaction occurred on or after 1 July 2024 but before the entry transaction for the land, the period of time that elapsed between the specified transaction and the entry transaction occurring; and (d) if a specified transaction occurred after the entry transaction for the land but before the non-standard transaction that is being assessed, the duty that was paid on the specified transaction; and (e) any other matter that the Commissioner considers relevant. ***further interest*** has the same meaning as it has in section 69AP; ***specified transaction***, in relation to land, means— (a) the granting, transfer, assignment or surrender of a lease of a kind referred to in section 7(1)(b)(v) or (va) over the land; or (b) a dutiable transaction relating to dutiable property referred to in section 10(1)(ad) located on the land; or (c) the acquisition of an economic entitlement in relation to the land; or (d) a relevant acquisition in a landholder, the land holdings of which were comprised wholly or partly of— (i) a lease of a kind referred to in section 7(1)(b)(v) or (va) over the land; or (ii) an interest in dutiable property referred to in section 10(1)(ad) located on the land; or (iii) an interest in the land that is taken to be beneficially owned under section 32XD. S. 69AQB inserted by No. 50/2024 s. 8. 69AQB Exemption—dutiable goods No duty is chargeable under this Chapter on a dutiable transaction to the extent that— (a) the dutiable property to which the dutiable transaction relates is goods described in section 10(1)(d); and (b) the goods are the subject of an arrangement that includes a tax reform scheme transaction; and (c) the tax reform scheme transaction is exempt from duty under this Division. S. 69AQC inserted by No. 24/2025 s. 10. 69AQC Application of Division to subdivided tax reform scheme land (1) For the purposes of this Division, if tax reform scheme land is a lot (a ***child lot***) in a registered plan of subdivision of tax reform scheme land (the ***parent lot***)— (a) the child lot is taken to have an entry interest of the same quantum as the entry interest for the parent lot; and (b) if a further interest was acquired in the parent lot, the child lot is taken to have been the subject of the acquisition of a further interest of the same quantum as the further interest in the parent lot; and (c) the entry interest and any further interest in the child lot is taken— (i) to have been subject to the same duty consequences as the entry interest or further interest in the parent lot; and (ii) to otherwise have the same characteristics, as far as practicable, as the entry interest or further interest in the parent lot. ***further interest*** has the same meaning as in section 69AP; 1. Person A acquires a 100% interest in land under a transfer of land. This is a qualifying interest in the land and the dutiable transaction is an entry transaction. Person A registers a plan of subdivision to subdivide the land (the ***parent lot***) into 4 lots (the ***child lots***). Person B acquires the child lots under 4 transfers of land. No duty is chargeable on these tax reform scheme transactions under section 69AP on the basis that the entry interest for each child lot is taken to be a 100% interest. 2. Person A acquires a 50% interest in land under a transfer of land which occurs on 1 January 2026. This is a qualifying interest in the land and the dutiable transaction is an entry transaction. Person B is the beneficial owner of the remaining 50% interest in the land. Person A and Person B register a plan of subdivision to subdivide the land (the ***parent lot***) into 2 lots (the ***child lots***). On 1 July 2027, Person C purchases a 50% interest in each child lot from Person B. Duty is chargeable on these tax reform scheme transactions as the entry interest for each child lot is taken to have the same quantum (50%), characteristics (acquired by Person A) and duty consequences as the entry interest for the parent lot, and the interest acquired by Person C is not the same, nor substantially the same, as the entry interest for each child lot. S. 69AR inserted by No. 16/2024 s. 37. 69AR Liability for duty if change of land use after tax reform scheme land exemption S. 69AR(1) amended by No. 50/2024 s. 9(1)(a). (1) A tax reform scheme transaction relating to tax reform scheme land is chargeable with duty in accordance with this section if— S. 69AR(1)(a) amended by No. 50/2024 s. 9(1)(a)(b). (a) an exemption from duty or a partial exemption from duty applied to the tax reform scheme transaction under section 69AO, 69AP, 69AQ, 69AQA or 69AQB; and S. 69AR(1)(b) amended by No. 50/2024 s. 9(1)(a). (b) after the tax reform scheme transaction, there is a change of use of the tax reform scheme land; and (c) as a result of the change of use, the land no longer has a qualifying use; and S. 69AR(1)(d) amended by No. 50/2024 s. 9(1)(a), substituted by No. 50/2024 s. 9(1)(c). (d) when the change of use occurs— (i) in the case of a standard transaction, the transferee under the standard transaction continues to hold an interest in the tax reform scheme land; or (ii) in the case of a non-standard transaction that is the grant of a lease referred to in section 7(1)(b)(v) or the assignment or transfer of a lease referred to in section 7(1)(b)(va), the lessee continues to lease the tax reform scheme land or part of the tax reform scheme land; or (iii) in the case of a non-standard transaction that is the surrender of a lease of a kind referred to in section 7(1)(b)(v) or (va), the person to whom the lease is surrendered continues to hold an interest in the tax reform scheme land or part of the tax reform scheme land; or (iv) in the case of a non-standard transaction that relates to dutiable property referred to in section 10(1)(ad) located on tax reform scheme land, the transferee continues to hold an interest in the dutiable property; or (v) in the case of a non-standard transaction that is the acquisition of an economic entitlement, the arrangement under which the economic entitlement was obtained is still in effect and the person who acquired the economic entitlement continues to be a party to the arrangement. S. 69AR(2) amended by No. 50/2024 s. 9(2). (2) Duty is payable on the tax reform scheme transaction to the extent that the tax reform scheme transaction relates to the estate, interest or right described in subsection (1)(d)(i), (ii), (iii) or (iv) (as the case requires). S. 69AR(3) amended by No. 50/2024 s. 9(3). (3) The Commissioner must assess the tax reform scheme transaction at the rate set out in section 28(1), subject to any exemption or concession under this Chapter other than an exemption under section 69AO, 69AP, 69AQ, 69AQA or 69AQB. (4) The amount of duty calculated under subsection (3) is to be reduced by 10% for each calendar year that has elapsed since the date of the dutiable transaction that is being assessed for duty. (5) A liability for duty imposed under this section arises on the date of the change of use. Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises. S. 69AS inserted by No. 16/2024 s. 37. 69AS Apportionment of duty imposed on change of land use if land has been subdivided (1) This section applies for the purposes of a calculation of duty imposed on a dutiable transaction under section 69AR if a plan of subdivision of land is registered in respect of the land referred to in that section (the ***parent lot***) before the date of the change of use of the land. (2) The duty chargeable on the dutiable transaction under section 69AR is to be apportioned to each lot that has had a change of use by reference to the area that lot bears to the parent lot. S. 69AT inserted by No. 16/2024 s. 37. 69AT Duty imposed on change of land use if land has been consolidated For the purposes of the calculation of duty chargeable under section 69AR, it does not matter whether the dutiable property the subject of the dutiable transaction has been consolidated with other dutiable property in the period between the date of the dutiable transaction and the change of use. Ch. 2 Pt 6 (Heading and ss 69A–69D) inserted by No. 46/2004 s. 11.