Duties Act 2001

This section applies if, under part 3, AFAD relating to transfer duty is imposed on a dutiable transaction.

AFAD is imposed at the rate of 8% on the following amount—

for a dutiable transaction under section 9(1)(a) to (e) or (h) for dutiable property other than an existing right—the dutiable value of the transaction to the extent of the foreign acquirer’s interest in the AFAD residential land that is the subject of the transaction;

for a dutiable transaction under section 9(1)(a) to (e) or (h) for dutiable property that is an existing right—the dutiable value of the transaction to the extent of the foreign acquirer’s interest in the existing right mentioned in section 241(2)(b) that is the subject of the transaction;

for a dutiable transaction under section 9(1)(f)—the dutiable value of the transaction to the extent of the foreign acquirer’s interest in the new right mentioned in section 241(2)(c) that is the subject of the transaction;

for a dutiable transaction under section 9(1)(g) or (i)—the dutiable value of the transaction—

to the extent the partnership acquisition, trust acquisition or trust surrender relates to AFAD residential land; and

to the extent of the foreign acquirer’s interest in the partnership acquisition, trust acquisition or trust surrender.

However, if AFAD is imposed on a dutiable transaction under section 240(2) or 241A, AFAD is imposed at the rate of 8% on the dutiable value of the transaction to the extent of the acquirer’s interest in—

the AFAD residential land that is the subject of the transaction; or

the existing right mentioned in section 241(2)(b) that is the subject of the transaction.