Refund of duty on conveyance or transfer of vacant land in certain circumstances
10C Refund of duty on conveyance or transfer of vacant land in certain circumstances
Pursuant to section 60D of the Act, if—
duty is paid on a conveyance or transfer of land that the Commissioner determines is, at the time of the conveyance or transfer, vacant or vacant with only minor improvements; and
a party who paid the duty, within the prescribed period after the conveyance or transfer (the relevant period)—
applies to the Commissioner for a refund of the duty in the manner and form determined by the Commissioner; and
provides the Commissioner with evidence that the land has been, within the relevant period, developed for a predominant purpose that would result in it being qualifying land (a qualifying purpose);
and
the
Commissioner is satisfied that—
the land has been, within the relevant period, developed for a qualifying purpose; and
the qualifying purpose is the first new predominant purpose for which the land is developed following the conveyance or transfer, the
Commissioner must refund the duty paid on the conveyance or transfer.
For the purposes of subregulation (1), land will only be taken to have been developed for a qualifying purpose within the relevant period if the development has been completed within that period.
In this regulation—
development does not include the following:
a change in the use of land;
the
division of land;
prescribed period means—
3 years; or
if the Commissioner so determines on application in the manner and form determined by the Commissioner—5 years.
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