50Transitional provision—Purchaser may deduct growth areas infrastructure contribution from purchase price

50 Transitional provision—Purchaser may deduct growth areas infrastructure contribution from purchase price

(1) This section applies to a contract for the sale of land in respect of which there is a GAIC recording (within the meaning of Part 9B of the Planning and Environment Act 1987) entered into on or after the relevant day for that land (within the meaning of that Part) and before 1 December 2009 if—

(a) the land is to be transferred after the commencement of section 9 of the Planning and Environment Amendment (Growth Areas Infrastructure Contribution) Act 2010; and

(b) a growth areas infrastructure contribution is to be imposed in respect of the transfer; and

(c) the contract contains a term requiring the vendor to pay any growth areas infrastructure contribution that may be imposed in respect of the transfer.

(2) The purchaser under the contract for the sale of the land, on the settlement of the contract, may deduct from the purchase price the amount of the growth areas infrastructure contribution that the purchaser is liable to pay in respect of the transfer of the land at the time of the settlement.

(3) The purchaser may deduct an amount from the purchase price despite any term of the contract that is inconsistent with the deduction of such an amount.

(4) In this section settlement in relation to a contract for the sale of land, means the time at which the purchaser becomes entitled to possession or to the receipt of rents and profits.

Note

Under Part 9B of the Planning and Environment Act 1987, the vendor, before settlement of a contract for the sale of land to which this section applies, may apply to the Growth Areas Infrastructure Contribution Hardship Relief Board established under that Part for relief for the purchaser from any liability to pay a growth areas infrastructure contribution to be imposed in respect of the transfer of the land. If this relief is provided, then at the time of settlement the amount of the contribution that the purchaser is liable to pay may have been partly or wholly reduced or the purchaser may have been exempted from paying the whole of the contribution. In that case the purchaser will only have the right to deduct the amount of the contribution remaining to be paid (if any) at the time of settlement.

S. 51 inserted by No. 63/2010 s. 60(2) (as amended by No. 29/2011 s. 3(Sch. 1 item 17.2)).