sec.92BConcession—first home—vacant land

### sec.92B Concession—first home—vacant land This section applies if— a dutiable transaction is 1 of the following— the transfer, or agreement for the transfer, of vacant land; the acquisition, mentioned in section 85 (b) , of a lease of vacant land; the vesting, mentioned in section 85 (c) , of vacant land; 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 vacant land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and the consideration for the dutiable transaction is at least the unencumbered value of the vacant 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 worked out by deducting, from transfer duty on the dutiable value of the dutiable transaction, the amount worked out by applying the relevant rate to the dutiable value of the residential vacant land. For subsection (3) , the relevant rate is the rate of transfer duty stated in schedule 3 , column 2 opposite the dutiable value of the residential vacant land as stated in schedule 3 , column 1. 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 92B ins 2025 No. 1 s 13 (sec.92B-ssec.1) This section applies if— a dutiable transaction is 1 of the following— the transfer, or agreement for the transfer, of vacant land; the acquisition, mentioned in section 85 (b) , of a lease of vacant land; the vesting, mentioned in section 85 (c) , of vacant land; 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 vacant land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and the consideration for the dutiable transaction is at least the unencumbered value of the vacant land. (sec.92B-ssec.2) 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.92B-ssec.3) The transfer duty imposed on the dutiable transaction is the amount worked out by deducting, from transfer duty on the dutiable value of the dutiable transaction, the amount worked out by applying the relevant rate to the dutiable value of the residential vacant land. (sec.92B-ssec.4) For subsection (3) , the relevant rate is the rate of transfer duty stated in schedule 3 , column 2 opposite the dutiable value of the residential vacant land as stated in schedule 3 , column 1. (sec.92B-ssec.5) 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 vacant land; (ii) the acquisition, mentioned in section 85 (b) , of a lease of vacant land; (iii) the vesting, mentioned in section 85 (c) , of vacant land; and - (i) the transfer, or agreement for the transfer, of vacant land; - (ii) the acquisition, mentioned in section 85 (b) , of a lease of vacant land; - (iii) the vesting, mentioned in section 85 (c) , of vacant land; 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 vacant 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 vacant land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and - (c) the consideration for the dutiable transaction is at least the unencumbered value of the vacant land. - (i) the transfer, or agreement for the transfer, of vacant land; - (ii) the acquisition, mentioned in section 85 (b) , of a lease of vacant land; - (iii) the vesting, mentioned in section 85 (c) , of vacant 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 vacant land and other residential land or vacant land previously the subject of a trust of which they were beneficiaries; and