Exemption or concession for new homes in City of Melbourne
57FC Exemption or concession for new homes in City of Melbourne
Subject to subsections (3) and (4), no duty is chargeable under this Chapter on a transfer of eligible property if—
the transferee, or each transferee if there are more than one, is a bona fide purchaser of the eligible property for adequate consideration; and
an occupancy permit for the new home affixed to the eligible property was issued at least 12 months before the date of the contract for the purchase of the eligible property; and
the contract for the purchase of the eligible property was entered into on or after 21 May 2021 but before 1 July 2022.
Subject to subsections (1), (3) and (4), the duty otherwise chargeable under this Chapter on a transfer of eligible property is to be reduced by 50% if—
the transferee, or each transferee if there are more than one, is a bona fide purchaser of the eligible property for adequate consideration; and
the contract for the purchase of the eligible property was entered into on or after 1 July 2021 but before 1 July 2022.
Subsection (1) or (2) does not apply if the Commissioner determines that the contract for purchase of the eligible property replaces a previous contract for the purchase of the same eligible property entered into before—
21 May 2021 in the case of a contract referred to in subsection (1); or
1 July 2021 in the case of a contract referred to in subsection (2).
S. 57FC(4) substituted by No. 18/2023 s. 12.
No account is to be taken of this section in determining any duty chargeable under section 28A(2) on a transfer to a foreign purchaser of a land-related interest in residential property.
Despite section 89D or 89E, nothing in this section applies for the purposes of determining any duty payable under Part 2 of Chapter 3.
If the transfer is of a partial interest in dutiable property, the dutiable value of the dutiable property for the purpose of determining if it is eligible property is the unencumbered value of the whole of the dutiable property at the time of the transfer.
In this section—
City of Melbourne has the meaning given by section 3 of the City of Melbourne Act 2001;
eligible property means dutiable property referred to in section 10(1)(a) or (ab) that—
is residential property wholly within the City of Melbourne to which a new home is affixed; and
subject to subsection (6), has a dutiable value of no more than $1 000 000;
new home has the meaning given by section 3 of the First Home Owner Grant and Home Buyer Schemes Act 2000;
occupancy permit has the same meaning as in the Building Act 1993.
Ch. 2 Pt 5 Div. 4A (Heading) amended by No. 28/2011 s. 3, substituted by No. 28/2017 s. 7.
Ch. 2 Pt 5 Div. 4A (Heading and ss 57G–57O) inserted by No. 86/2006 s. 3.
Division 4A—Principal places of residence and first home buyers
S. 57G inserted by No. 86/2006 s. 3, amended by No. 39/2009 s. 14 (ILA s. 39B(1)).
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