Contravening conditions in relation to residential land
96 Contravening conditions in relation to residential land
Conditions in no objection notifications
A person who is given a no objection notification under section 74 (no objection notification imposing conditions) relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97) specified in the notification.
Examples of conditions that may be included in a no objection notification under section 74 are:
a condition requiring a temporary resident to sell an established dwelling when the dwelling ceases to be the temporary resident’s principal place of residence; and
a condition prohibiting a temporary resident from leasing an established dwelling; and
a condition requiring a purchaser of vacant land to begin to build a dwelling before a particular time.
Conditions in notice imposing conditions
A person who is given a notice imposing conditions relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97) specified in the notice.
Conditions in exemption certificates
A person who is specified in an exemption certificate relating to an interest in residential land must not contravene a condition (other than a condition mentioned in section 97) specified in the certificate.
Civil penalty provisions
A person who contravenes subsection (1), (1A) or (2) is liable to a civil penalty.
The maximum penalty for the contravention is the greatest of the following:
double the amount of the capital gain that was made or would be made on the disposal of the interest in the relevant residential land;
50% of the consideration for the acquisition of that interest;
50% of the market value of that interest.
For how to work out the capital gain, see section 98.
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