15Residence requirement

15 Residence requirement

15 Residence requirement

(1) If an application to subject transferred land to property tax is approved by the Chief Commissioner, at least 1 first home buyer who is a transferee must occupy the transferred land as a principal place of residence for a continuous period of at least 6 months.

(2) The occupation must start within 12 months after the land is transferred.

(3) The Chief Commissioner may, if satisfied there are good reasons to do so—

(a) approve a shorter period of occupation by a first home buyer, or

(b) approve a later day on which occupation by a first home buyer must start, or

(c) exempt a first home buyer from the occupation requirement.

(4) The Chief Commissioner may give the approval or exemption even if—

(a) it is more than 12 months after the land is transferred, or

(b) the first home buyer no longer occupies the land as a principal place of residence.

(5) This section does not apply to transferred land that is vacant land if the Chief Commissioner is satisfied—

(a) the land is intended to be used as the site of a home, and

(b) the home will be occupied by a first home buyer as a principal place of residence.

(6) This section does not apply if at the time the application is made—

(a) at least 1 of the first home buyers is a member of the Permanent Forces of the Australian Defence Force, within the meaning of the Defence Act 1903 of the Commonwealth, and

(b) each first home buyer is enrolled to vote in State elections under the Electoral Act 2017.