sec.246Exemption—specified foreign retirees

### sec.246 Exemption—specified foreign retirees AFAD is not imposed on a relevant transaction to the extent of a relevant acquirer’s interest in dutiable property under the transaction if— the transaction is the transfer, or agreement for transfer, of the property; and at the time the liability for transfer duty on the transaction arises— the relevant acquirer is a specified foreign retiree; and the property is AFAD residential land; and the relevant acquirer’s interest in the property is not held on trust; and the relevant acquirer will occupy a residence on the land as the acquirer’s principal place of residence— for a residence on the land at the time the liability for transfer duty on the transaction arises—within 1 year after the day on which the acquirer is entitled to possession of the land under the transaction; or otherwise—within 2 years after the day on which the acquirer is entitled to possession of the land under the transaction. In this section— class of visa means a class of visa under the Migration Act 1958 (Cwlth) , section 31 . interest , of a relevant acquirer in dutiable property under a relevant transaction, means the proportion that the share of the acquirer under the transaction bears to the total of the shares of all acquirers under the transaction. relevant acquirer , of dutiable property, means— for the transfer, or agreement for the transfer, of dutiable property under a dutiable transaction—a transferee of the property; or for an agreement for the transfer of dutiable property entered into by an agent on behalf of a principal within the meaning of section 240 (2) (a) —the principal for the property. specified foreign retiree means— a foreign individual who holds a class of visa referred to as a Subclass 405 (Investor Retirement) visa or Subclass 410 (Retirement) visa; or a foreign individual— who applied on or after 8 May 2018 for a class of visa referred to as a Subclass 103 (Parent) visa or Subclass 143 (Contributory Parent) visa; and whose last substantive visa, held before making the application, was the class of visa mentioned in paragraph (a) ; and whose application has not been decided. substantive visa see the Migration Act 1958 (Cwlth) , section 5 . s 246 ins 2022 No. 14 s 12 (sec.246-ssec.1) AFAD is not imposed on a relevant transaction to the extent of a relevant acquirer’s interest in dutiable property under the transaction if— the transaction is the transfer, or agreement for transfer, of the property; and at the time the liability for transfer duty on the transaction arises— the relevant acquirer is a specified foreign retiree; and the property is AFAD residential land; and the relevant acquirer’s interest in the property is not held on trust; and the relevant acquirer will occupy a residence on the land as the acquirer’s principal place of residence— for a residence on the land at the time the liability for transfer duty on the transaction arises—within 1 year after the day on which the acquirer is entitled to possession of the land under the transaction; or otherwise—within 2 years after the day on which the acquirer is entitled to possession of the land under the transaction. (sec.246-ssec.2) In this section— class of visa means a class of visa under the Migration Act 1958 (Cwlth) , section 31 . interest , of a relevant acquirer in dutiable property under a relevant transaction, means the proportion that the share of the acquirer under the transaction bears to the total of the shares of all acquirers under the transaction. relevant acquirer , of dutiable property, means— for the transfer, or agreement for the transfer, of dutiable property under a dutiable transaction—a transferee of the property; or for an agreement for the transfer of dutiable property entered into by an agent on behalf of a principal within the meaning of section 240 (2) (a) —the principal for the property. specified foreign retiree means— a foreign individual who holds a class of visa referred to as a Subclass 405 (Investor Retirement) visa or Subclass 410 (Retirement) visa; or a foreign individual— who applied on or after 8 May 2018 for a class of visa referred to as a Subclass 103 (Parent) visa or Subclass 143 (Contributory Parent) visa; and whose last substantive visa, held before making the application, was the class of visa mentioned in paragraph (a) ; and whose application has not been decided. substantive visa see the Migration Act 1958 (Cwlth) , section 5 . - (a) the transaction is the transfer, or agreement for transfer, of the property; and - (b) at the time the liability for transfer duty on the transaction arises— (i) the relevant acquirer is a specified foreign retiree; and (ii) the property is AFAD residential land; and (iii) the relevant acquirer’s interest in the property is not held on trust; and - (i) the relevant acquirer is a specified foreign retiree; and - (ii) the property is AFAD residential land; and - (iii) the relevant acquirer’s interest in the property is not held on trust; and - (c) the relevant acquirer will occupy a residence on the land as the acquirer’s principal place of residence— (i) for a residence on the land at the time the liability for transfer duty on the transaction arises—within 1 year after the day on which the acquirer is entitled to possession of the land under the transaction; or (ii) otherwise—within 2 years after the day on which the acquirer is entitled to possession of the land under the transaction. - (i) for a residence on the land at the time the liability for transfer duty on the transaction arises—within 1 year after the day on which the acquirer is entitled to possession of the land under the transaction; or - (ii) otherwise—within 2 years after the day on which the acquirer is entitled to possession of the land under the transaction. - (i) the relevant acquirer is a specified foreign retiree; and - (ii) the property is AFAD residential land; and - (iii) the relevant acquirer’s interest in the property is not held on trust; and - (i) for a residence on the land at the time the liability for transfer duty on the transaction arises—within 1 year after the day on which the acquirer is entitled to possession of the land under the transaction; or - (ii) otherwise—within 2 years after the day on which the acquirer is entitled to possession of the land under the transaction. - (a) for the transfer, or agreement for the transfer, of dutiable property under a dutiable transaction—a transferee of the property; or - (b) for an agreement for the transfer of dutiable property entered into by an agent on behalf of a principal within the meaning of section 240 (2) (a) —the principal for the property. - (a) a foreign individual who holds a class of visa referred to as a Subclass 405 (Investor Retirement) visa or Subclass 410 (Retirement) visa; or - (b) a foreign individual— (i) who applied on or after 8 May 2018 for a class of visa referred to as a Subclass 103 (Parent) visa or Subclass 143 (Contributory Parent) visa; and (ii) whose last substantive visa, held before making the application, was the class of visa mentioned in paragraph (a) ; and (iii) whose application has not been decided. - (i) who applied on or after 8 May 2018 for a class of visa referred to as a Subclass 103 (Parent) visa or Subclass 143 (Contributory Parent) visa; and - (ii) whose last substantive visa, held before making the application, was the class of visa mentioned in paragraph (a) ; and - (iii) whose application has not been decided. - (i) who applied on or after 8 May 2018 for a class of visa referred to as a Subclass 103 (Parent) visa or Subclass 143 (Contributory Parent) visa; and - (ii) whose last substantive visa, held before making the application, was the class of visa mentioned in paragraph (a) ; and - (iii) whose application has not been decided.