sec.92Concession—first home other than new home—residential land

### sec.92 Concession—first home other than new home—residential land This section applies if— a dutiable transaction is 1 of the following— the transfer, or agreement for the transfer, of residential land; the acquisition, mentioned in section 85 (b) , of a lease of residential land; the vesting, mentioned in section 85 (c) , of residential land; and the residence is not a new home; and either of the following applies— the transferees, lessees or vested persons are all individuals of at least 18 years of age on the day the liability for transfer duty arises, the residence will be the first home of all of the transferees, lessees or vested persons and none of the transferees, lessees or vested persons are trustees; the transferees, lessees or vested persons are trustees of a trust, other than a discretionary or unit trust, the beneficiaries are individuals all of whom are under a legal disability and the residence would be the first home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and either— the unencumbered value of the residential land is not more than $700,000; or if the unencumbered value of the residential land is more than the amount stated in subparagraph (i) , the consideration for the dutiable transaction is at least the unencumbered value of the land. However, if subsection (1) (b) (ii) applies and 1 or more of the beneficiaries is under a legal disability only because the beneficiary is not at least 18 years of age, this section applies in relation to the dutiable transaction only if the commissioner is satisfied there is no avoidance scheme in relation to the transaction. The transfer duty imposed on the dutiable transaction is the amount of transfer duty worked out under section 91 less the concession amount stated in schedule 4A . The commissioner may exempt a transferee, lessee or vested person from the requirement under subsection (1) (b) (i) that the transferee, lessee or vested person be at least 18 years of age if the commissioner is satisfied there is no avoidance scheme in relation to the dutiable transaction. s 92 amd 2004 No. 2 s 4 ; 2006 No. 44 ss 12 , 26 ; 2008 No. 39 s 5 ; 2008 No. 75 s 16 (retro); 2010 No. 11 s 20 ; 2011 No. 8 ss 23 , 122 sch ; 2011 No. 20 s 135 ; 2012 No. 8 s 20 ; 2024 No. 35 s 4 (retro); 2025 No. 1 s 12 (sec.92-ssec.1) This section applies if— a dutiable transaction is 1 of the following— the transfer, or agreement for the transfer, of residential land; the acquisition, mentioned in section 85 (b) , of a lease of residential land; the vesting, mentioned in section 85 (c) , of residential land; and the residence is not a new home; and either of the following applies— the transferees, lessees or vested persons are all individuals of at least 18 years of age on the day the liability for transfer duty arises, the residence will be the first home of all of the transferees, lessees or vested persons and none of the transferees, lessees or vested persons are trustees; the transferees, lessees or vested persons are trustees of a trust, other than a discretionary or unit trust, the beneficiaries are individuals all of whom are under a legal disability and the residence would be the first home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and either— the unencumbered value of the residential land is not more than $700,000; or if the unencumbered value of the residential land is more than the amount stated in subparagraph (i) , the consideration for the dutiable transaction is at least the unencumbered value of the land. (sec.92-ssec.1A) However, if subsection (1) (b) (ii) applies and 1 or more of the beneficiaries is under a legal disability only because the beneficiary is not at least 18 years of age, this section applies in relation to the dutiable transaction only if the commissioner is satisfied there is no avoidance scheme in relation to the transaction. (sec.92-ssec.2) The transfer duty imposed on the dutiable transaction is the amount of transfer duty worked out under section 91 less the concession amount stated in schedule 4A . (sec.92-ssec.3) The commissioner may exempt a transferee, lessee or vested person from the requirement under subsection (1) (b) (i) that the transferee, lessee or vested person be at least 18 years of age if the commissioner is satisfied there is no avoidance scheme in relation to the dutiable transaction. - (a) a dutiable transaction is 1 of the following— (i) the transfer, or agreement for the transfer, of residential land; (ii) the acquisition, mentioned in section 85 (b) , of a lease of residential land; (iii) the vesting, mentioned in section 85 (c) , of residential land; and - (i) the transfer, or agreement for the transfer, of residential land; - (ii) the acquisition, mentioned in section 85 (b) , of a lease of residential land; - (iii) the vesting, mentioned in section 85 (c) , of residential land; and - (aa) the residence is not a new home; and - (b) either of the following applies— (i) the transferees, lessees or vested persons are all individuals of at least 18 years of age on the day the liability for transfer duty arises, the residence will be the first home of all of the transferees, lessees or vested persons and none of the transferees, lessees or vested persons are trustees; (ii) the transferees, lessees or vested persons are trustees of a trust, other than a discretionary or unit trust, the beneficiaries are individuals all of whom are under a legal disability and the residence would be the first home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and - (i) the transferees, lessees or vested persons are all individuals of at least 18 years of age on the day the liability for transfer duty arises, the residence will be the first home of all of the transferees, lessees or vested persons and none of the transferees, lessees or vested persons are trustees; - (ii) the transferees, lessees or vested persons are trustees of a trust, other than a discretionary or unit trust, the beneficiaries are individuals all of whom are under a legal disability and the residence would be the first home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and - (c) either— (i) the unencumbered value of the residential land is not more than $700,000; or (ii) if the unencumbered value of the residential land is more than the amount stated in subparagraph (i) , the consideration for the dutiable transaction is at least the unencumbered value of the land. - (i) the unencumbered value of the residential land is not more than $700,000; or - (ii) if the unencumbered value of the residential land is more than the amount stated in subparagraph (i) , the consideration for the dutiable transaction is at least the unencumbered value of the land. - (i) the transfer, or agreement for the transfer, of residential land; - (ii) the acquisition, mentioned in section 85 (b) , of a lease of residential land; - (iii) the vesting, mentioned in section 85 (c) , of residential land; and - (i) the transferees, lessees or vested persons are all individuals of at least 18 years of age on the day the liability for transfer duty arises, the residence will be the first home of all of the transferees, lessees or vested persons and none of the transferees, lessees or vested persons are trustees; - (ii) the transferees, lessees or vested persons are trustees of a trust, other than a discretionary or unit trust, the beneficiaries are individuals all of whom are under a legal disability and the residence would be the first home of all the beneficiaries if they were the transferees or lessees of, or vested persons for, the land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and - (i) the unencumbered value of the residential land is not more than $700,000; or - (ii) if the unencumbered value of the residential land is more than the amount stated in subparagraph (i) , the consideration for the dutiable transaction is at least the unencumbered value of the land.