sec.687Application of concession provisions to transactions

### sec.687 Application of concession provisions to transactions The former concession provisions apply in relation to a dutiable transaction if liability for transfer duty arose before 1 May 2025. Subject to subsection (3), the new concession provisions apply in relation to a dutiable transaction if liability for transfer duty arises on or after 1 May 2025. Despite the Revenue Legislation Amendment Act 2025 , the former concession provisions apply in relation to a dutiable transaction if— the transaction is the transfer, or agreement for the transfer, of residential land or vacant land; and the land is transferred, or the agreement is made, on or after 1 May 2025; and any of the following applies— the transaction replaces a transfer, or agreement for transfer, that included the land and was made before 1 May 2025; the transferee had an option to purchase the land, or the transferor had an option to require the transferee to purchase the land, granted before 1 May 2025 and exercised on or after 1 May 2025; another arrangement was made before 1 May 2025 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 May 2025 or later so the new concession provisions would apply in relation to the transaction. In this section— former concession provisions means chapter 2, parts 9 and 14, division 1 and schedules 4A and 4B as in force from time to time before the commencement. new concession provisions means chapter 2, parts 9 and 14, division 1 and schedule 4A as in force from the commencement. s 687 ins 2025 No. 1 s 22 (sec.687-ssec.1) The former concession provisions apply in relation to a dutiable transaction if liability for transfer duty arose before 1 May 2025. (sec.687-ssec.2) Subject to subsection (3), the new concession provisions apply in relation to a dutiable transaction if liability for transfer duty arises on or after 1 May 2025. (sec.687-ssec.3) Despite the Revenue Legislation Amendment Act 2025 , the former concession provisions apply in relation to a dutiable transaction if— the transaction is the transfer, or agreement for the transfer, of residential land or vacant land; and the land is transferred, or the agreement is made, on or after 1 May 2025; and any of the following applies— the transaction replaces a transfer, or agreement for transfer, that included the land and was made before 1 May 2025; the transferee had an option to purchase the land, or the transferor had an option to require the transferee to purchase the land, granted before 1 May 2025 and exercised on or after 1 May 2025; another arrangement was made before 1 May 2025 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 May 2025 or later so the new concession provisions would apply in relation to the transaction. (sec.687-ssec.4) In this section— former concession provisions means chapter 2, parts 9 and 14, division 1 and schedules 4A and 4B as in force from time to time before the commencement. new concession provisions means chapter 2, parts 9 and 14, division 1 and schedule 4A as in force from the commencement. - (a) the transaction is the transfer, or agreement for the transfer, of residential land or vacant land; and - (b) the land is transferred, or the agreement is made, on or after 1 May 2025; and - (c) any of the following applies— (i) the transaction replaces a transfer, or agreement for transfer, that included the land and was made before 1 May 2025; (ii) the transferee had an option to purchase the land, or the transferor had an option to require the transferee to purchase the land, granted before 1 May 2025 and exercised on or after 1 May 2025; (iii) another arrangement was made before 1 May 2025 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 May 2025 or later so the new concession provisions would apply in relation to the transaction. - (i) the transaction replaces a transfer, or agreement for transfer, that included the land and was made before 1 May 2025; - (ii) the transferee had an option to purchase the land, or the transferor had an option to require the transferee to purchase the land, granted before 1 May 2025 and exercised on or after 1 May 2025; - (iii) another arrangement was made before 1 May 2025 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 May 2025 or later so the new concession provisions would apply in relation to the transaction. - (i) the transaction replaces a transfer, or agreement for transfer, that included the land and was made before 1 May 2025; - (ii) the transferee had an option to purchase the land, or the transferor had an option to require the transferee to purchase the land, granted before 1 May 2025 and exercised on or after 1 May 2025; - (iii) another arrangement was made before 1 May 2025 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 May 2025 or later so the new concession provisions would apply in relation to the transaction.