sec.246AIReassessment of AFAD exemption for disposal after occupation

### sec.246AI Reassessment of AFAD exemption for disposal after occupation This section applies if— the AFAD exemption applies to the extent of a relevant acquirer’s interest in dutiable property that is AFAD residential land under a relevant transaction; and the relevant acquirer occupies a residence on the land within the relevant period for the residence; and the relevant acquirer disposes of the acquirer’s interest in the property within 1 year after the day the acquirer occupies the residence. Subject to section 246AJ , the commissioner must make a reassessment to impose AFAD on the relevant transaction to the extent of the relevant acquirer’s interest in dutiable property under the transaction, worked out using the following formula— where— A means the AFAD payable on the reassessment. E means the AFAD that would have been imposed to the extent of the relevant acquirer’s interest if the AFAD exemption had not applied. D means the number of days between the day the relevant acquirer occupied the residence and the day of disposal of the acquirer’s interest in the dutiable property, both days inclusive. s 246AI ins 2022 No. 14 s 13 (sec.246AI-ssec.1) This section applies if— the AFAD exemption applies to the extent of a relevant acquirer’s interest in dutiable property that is AFAD residential land under a relevant transaction; and the relevant acquirer occupies a residence on the land within the relevant period for the residence; and the relevant acquirer disposes of the acquirer’s interest in the property within 1 year after the day the acquirer occupies the residence. (sec.246AI-ssec.2) Subject to section 246AJ , the commissioner must make a reassessment to impose AFAD on the relevant transaction to the extent of the relevant acquirer’s interest in dutiable property under the transaction, worked out using the following formula— where— A means the AFAD payable on the reassessment. E means the AFAD that would have been imposed to the extent of the relevant acquirer’s interest if the AFAD exemption had not applied. D means the number of days between the day the relevant acquirer occupied the residence and the day of disposal of the acquirer’s interest in the dutiable property, both days inclusive. - (a) the AFAD exemption applies to the extent of a relevant acquirer’s interest in dutiable property that is AFAD residential land under a relevant transaction; and - (b) the relevant acquirer occupies a residence on the land within the relevant period for the residence; and - (c) the relevant acquirer disposes of the acquirer’s interest in the property within 1 year after the day the acquirer occupies the residence.