14Eligible transfers

14 Eligible transfers

14 Eligible transfers

(1) A transfer is an eligible transfer if—

(a) it is for the acquisition of—

(i) residential land, or

(ii) vacant land the Chief Commissioner is satisfied will be residential land, and

(b) it is for the whole of the land, and

(c) the dutiable value of the land is not more than—

(i) for vacant land—$800,000, or

(ii) otherwise—$1,500,000, and

(d) it is not for the transfer of—

(i) business premises, or

(ii) a business, or

(iii) land used for primary production within the meaning of the Land Tax Management Act 1956, section 10AA, or

(iv) a holiday home, and

(e) all transferees are eligible transferees, and

(f) the transfer of land occurs—

(i) before 1 July 2023, or

(ii) on or after 1 July 2023 but relates to, or is made in conformity with, an agreement for sale or transfer entered into before 1 July 2023.

(2) Subsection (1)(e) does not apply if—

(a) more than 1 transferee will own the land other than under an approved shared equity scheme, and

(b) at least 1 transferee is an eligible transferee, and

(c) eligible transferees will own at least 50% of the land, and

(d) no transferee is a company, unless the Chief Commissioner is reasonably satisfied the transfer should be an eligible transfer despite the transferee being a company.

s 14: Am 2023 No 4, Sch 2.