Duties Act 2001

This section applies for calculating the amount of AFAD imposed under this chapter on a relevant transaction if—

at the time the liability for transfer duty on the relevant transaction arises, a build to rent development is not located on the land; and

the acquirer is a foreign acquirer; and

the acquirer will—

construct a build to rent development on the land on or before 30 June 2030; andNote—See the Land Tax Act 2010, section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development.

use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and

the acquirer will not transfer or subdivide the land before the acquirer—

has obtained a BTR land tax concession in relation to the land for any financial year; or

has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years.

To the extent of the foreign acquirer’s interest under the relevant transaction, the dutiable value of the dutiable property must be discounted by 100%.