Duties Act 1997

The rate of duty chargeable on a dutiable transaction in respect of residential land that has a dutiable value exceeding $3,040,000 is the premium base amount plus $7 for every $100, or part, by which the dutiable value of the residential land exceeds $3,040,000.

The premium base amount is the amount of duty chargeable in respect of a dutiable transaction involving dutiable property that has a dutiable value of $3,040,000, determined in accordance with section 32.

The rate of duty chargeable on a dutiable transaction in respect of residential land that has a dutiable value not exceeding $3,040,000 is as provided for by section 32.

If the dutiable property subject to a dutiable transaction comprises 2 or more individual items of residential land and 1 or more of those items has a dutiable value exceeding $3,040,000, the rate of duty chargeable on the dutiable transaction is as follows—

for each item of residential land that has a dutiable value exceeding $3,040,000—the premium base amount plus $7 for every $100, or part, by which the dutiable value of the item exceeds $3,040,000,

for the rest of the dutiable property—the rate provided for by section 32.

The amount of $3,040,000 specified in any provision of this section is an adjustable amount for the purposes of Division 3.

For the purposes of this section, residential land means—

a parcel of land on which there is one single dwelling or one flat, or a parcel of land on which there is a building under construction that, when completed, will constitute one single dwelling or one flat, or

a strata lot, if it is lawfully occupied as a separate dwelling, or suitable for lawful occupation as a separate dwelling, or

a land use entitlement, if it entitles the holder of the land use entitlement to occupy a building, or part of a building, as a separate dwelling, or

a parcel of vacant land that is zoned or otherwise designated for use under an environmental planning instrument (within the meaning of the Environmental Planning and Assessment Act 1979) for residential or principally for residential purposes.

For the purpose of subsection (3) (a), land does not cease to be regarded as land on which there is one single dwelling, or one flat, merely because the land is also used or is capable of being used for the purpose of one other residential occupancy, if that residential occupancy is an excluded residential occupancy.

This section does not apply to a case in which section 32B or 32C applies.

In this section—

one room, or

one suite of rooms (not being a flat) each room of which all occupants of the suite are entitled to occupy, or

one flat, or

one suite of rooms (not being a flat) each room of which all occupants of the suite are entitled to occupy, and one room, or

one flat and one room, or

2 rooms, each of which is separately occupied.

occupied or used as a separate dwelling, or

so constructed, designed or adapted as to be capable of being occupied or used as a separate dwelling,

occupied or used as a separate dwelling, or

so constructed, designed or adapted as to be capable of being occupied or used as a separate dwelling,