sec.245GConcession—land used for eligible BTR development

### sec.245G Concession—land 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— the land is land used for an eligible BTR development; and if the eligible BTR development is a staged development—each stage of the development is a completed stage; and the transferor obtained a BTR land tax concession in relation to the land for the financial year before the acquisition year; and the acquirer is a foreign acquirer; and the acquirer will use the land and the eligible BTR 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 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 245G ins 2023 No. 18 s 4 (sec.245G-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— the land is land used for an eligible BTR development; and if the eligible BTR development is a staged development—each stage of the development is a completed stage; and the transferor obtained a BTR land tax concession in relation to the land for the financial year before the acquisition year; and the acquirer is a foreign acquirer; and the acquirer will use the land and the eligible BTR 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 at least 5 consecutive financial years. (sec.245G-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— (i) the land is land used for an eligible BTR development; and (ii) if the eligible BTR development is a staged development—each stage of the development is a completed stage; and - (i) the land is land used for an eligible BTR development; and - (ii) if the eligible BTR development is a staged development—each stage of the development is a completed stage; and - (b) the transferor obtained a BTR land tax concession in relation to the land for the financial year before the acquisition year; and - (c) the acquirer is a foreign acquirer; and - (d) the acquirer will use the land and the eligible BTR 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 - (e) 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 at least 5 consecutive financial years. - (i) the land is land used for an eligible BTR development; and - (ii) if the eligible BTR development is a staged development—each stage of the development is a completed stage; and