Duties Act 2001

This section applies if—

the AFAD exemption applies to the extent of a relevant acquirer’s interest in dutiable property that is AFAD residential land under a relevant transaction; and

the relevant acquirer occupies a residence on the land within the relevant period for the residence; and

the relevant acquirer disposes of the acquirer’s interest in the property within 1 year after the day the acquirer occupies the residence.

Subject to section 246AJ, the commissioner must make a reassessment to impose AFAD on the relevant transaction to the extent of the relevant acquirer’s interest in dutiable property under the transaction, worked out using the following formula—where—A means the AFAD payable on the reassessment.E means the AFAD that would have been imposed to the extent of the relevant acquirer’s interest if the AFAD exemption had not applied. D means the number of days between the day the relevant acquirer occupied the residence and the day of disposal of the acquirer’s interest in the dutiable property, both days inclusive.