sec.245FConcession—land to be used for eligible BTR development

### sec.245F Concession—land to be used for eligible BTR development This section applies for calculating the amount of AFAD imposed under this chapter on a relevant transaction if— at the time the liability for transfer duty on the relevant transaction arises, a build to rent development is not located on the land; and the acquirer is a foreign acquirer; and the acquirer will— construct a build to rent development on the land on or before 30 June 2030; and See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and the acquirer will not transfer or subdivide the land before the acquirer— has obtained a BTR land tax concession in relation to the land for any financial year; or has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. To the extent of the foreign acquirer’s interest under the relevant transaction, the dutiable value of the dutiable property must be discounted by 100%. s 245F ins 2023 No. 18 s 4 (sec.245F-ssec.1) This section applies for calculating the amount of AFAD imposed under this chapter on a relevant transaction if— at the time the liability for transfer duty on the relevant transaction arises, a build to rent development is not located on the land; and the acquirer is a foreign acquirer; and the acquirer will— construct a build to rent development on the land on or before 30 June 2030; and See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and the acquirer will not transfer or subdivide the land before the acquirer— has obtained a BTR land tax concession in relation to the land for any financial year; or has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. (sec.245F-ssec.2) To the extent of the foreign acquirer’s interest under the relevant transaction, the dutiable value of the dutiable property must be discounted by 100%. - (a) at the time the liability for transfer duty on the relevant transaction arises, a build to rent development is not located on the land; and - (b) the acquirer is a foreign acquirer; and - (c) the acquirer will— (i) construct a build to rent development on the land on or before 30 June 2030; and Note— See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. (ii) use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and - (i) construct a build to rent development on the land on or before 30 June 2030; and Note— See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. - (ii) use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and - (d) the acquirer will not transfer or subdivide the land before the acquirer— (i) has obtained a BTR land tax concession in relation to the land for any financial year; or (ii) has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. - (i) has obtained a BTR land tax concession in relation to the land for any financial year; or - (ii) has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years. - (i) construct a build to rent development on the land on or before 30 June 2030; and Note— See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development. - (ii) use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and - (i) has obtained a BTR land tax concession in relation to the land for any financial year; or - (ii) has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years.