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—

the land is land used for an eligible BTR development; and

if the eligible BTR development is a staged development—each stage of the development is a completed stage; and

the transferor obtained a BTR land tax concession in relation to the land for the financial year before the acquisition year; and

the acquirer is a foreign acquirer; and

the acquirer will use the land and the eligible BTR 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 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%.