Duties Act 1997 No 123
Historical version for 1 October 2009 to 2 November 2009 (accessed 20 December 2014 at 22:32) Current version
Chapter 2Part 8

Part 8 Exemption, discounts and instalment payment schemes

Division 1 First Home Plus

Subdivision 1 Agreements and associated mortgages

69   The nature of the scheme

This scheme is intended to help people who are acquiring their first home. Under the scheme, the acquisition and any mortgage given to assist the financing of the acquisition is subject to a concession or exemption from duty.

70   Commencement

The following transactions and instruments are eligible for consideration under the scheme:
(a)  agreements for sale or transfer entered into on or after 4 April 2004,
(b)  transfers that occur on or after 4 April 2004 (other than transfers made in conformity with an agreement for sale or transfer entered into before 4 April 2004),
(c)  mortgages over land the subject of those agreements or transfers.

71   Restrictions on eligibility—previous ownership of residential property or first home concession

(1)  A purchaser or transferee under an agreement or transfer may apply under the scheme, but will be eligible only if the purchaser or transferee is a first home owner.
(2)  A first home owner is an individual:
(a)  who has not at any time owned residential property in Australia (either solely or with someone else) and has not previously been a party to an application under the scheme that was approved by the Chief Commissioner, and
(b)  whose spouse (if any) has not at any time owned residential property in Australia (either solely or with someone else) and has not previously been a party to an application under the scheme that was approved by the Chief Commissioner.
(3)  (Repealed)
(4)  For the purpose of this section, a person is the spouse of another person if:
(a)  they are legally married, or
(b)  they are living together as a couple in a de facto relationship.
(5)  If the Chief Commissioner is satisfied that, at the time of making an application under the scheme, a purchaser or transferee:
(a)  is legally married but not cohabiting with the person to whom the applicant is legally married, and
(b)  has no intention of resuming cohabitation,
the person to whom the purchaser or transferee is legally married is not to be regarded as the applicant’s spouse.
(6)  For the purpose of determining eligibility, the ownership at any time of another residential property, or a previous application under the scheme, is to be disregarded if the other residential property owned by the purchaser or transferee is or was vested in the purchaser or transferee on trust, or as an executor under a will, or the application was made by the purchaser or transferee in his or her capacity as trustee or executor.
(7)  The fact that a purchaser or transferee under an agreement or transfer is not a first home owner does not prevent the agreement or transfer from being eligible under the scheme if:
(a)  one or more of the purchasers or transferees under the agreement or transfer is a first home owner, and
(b)  the total ownership share in the property to which the application relates that is being acquired by purchasers or transferees who are not first home owners does not exceed 5%.
Note. A purchaser or transferee is not considered to be a first home owner unless both the purchaser or transferee, and his or her spouse (if any), have not owned residential property before. See subsection (2).
(8)  For the purposes of this section, a person who is, or has at any time been, the holder of a leasehold interest granted by the Commonwealth in residential property in the Australian Capital Territory is taken to own or have owned that residential property.

72   (Repealed)

73   Ineligible persons

(1)  Companies, partnerships, and persons in their capacity as trustees, are not eligible.
(2)  However, a trustee is eligible if:
(a)  the trustee is the guardian of a person under a legal disability and the person under a legal disability is a first home owner who will be occupying the home to which the agreement or transfer relates as a principal place of residence in accordance with the residence requirement under section 76, or
(b)  the trustee is an apparent purchaser of a kind referred to in section 55 and the real purchaser is a first home owner.
(3)  A purchaser or transferee under an agreement or transfer who is under 18 years of age is not eligible.
(4)  Despite subsection (3), the Chief Commissioner may determine that a purchaser or transferee under 18 years of age is eligible if the Chief Commissioner is satisfied that:
(a)  the home to which the agreement or transfer relates will be occupied by the purchaser or transferee as his or her principal place of residence in accordance with the residence requirement under section 76, and
(b)  the application does not form part of a scheme to circumvent limitations on, or requirements affecting, eligibility under the scheme.
(5)  A purchaser or transferee under an agreement or transfer is not eligible unless the person is an Australian citizen or a permanent resident, subject to subsection (6).
(6)  If there is more than one purchaser or transferee under an agreement or transfer and at least one of them is a first home owner who is an Australian citizen or permanent resident, the other purchasers or transferees are exempt from compliance with subsection (5).
(7)  In this section:

Australian citizen has the same meaning as in the Australian Citizenship Act 2007 of the Commonwealth.

permanent resident means:

(a)  the holder of a permanent visa within the meaning of section 30 of the Migration Act 1958 of the Commonwealth, or
(b)  a New Zealand citizen who holds a special category visa within the meaning of section 32 of the Migration Act 1958 of the Commonwealth.

73A   Application of eligibility criteria to joint purchasers and transferees

(1)  If there is more than one purchaser or transferee under an agreement or transfer, they may apply under the scheme, but the agreement or transfer will be eligible under the scheme only if all of the purchasers or transferees are eligible under the scheme.
(2)  This section is subject to section 78B.
Note. Section 78B allows a limited duty concession under the scheme to be claimed in respect of residential property that is purchased subject to a shared equity arrangement between a first home owner and a person who is not a first home owner.

74   Eligible agreements or transfers

(1)  The agreement or transfer must be for the acquisition of a first home or for the acquisition of a vacant block of residential land intended to be used as the site of a first home.
(2)  The agreement or transfer must be for the whole of the property or, if the property is a parcel of land on which 2 or more homes are built, or are being built, for that part of the land that is an exclusive occupancy.
(3)  The dutiable value of the dutiable property that is the subject of the agreement or transfer must be less than:
(a)  $600,000 if the property has a private dwelling built on it, or
(b)  $450,000 if the property comprises a vacant block of residential land.
Note. The dutiable value of dutiable property is the greater of:
(a)  the consideration (if any) for the dutiable transaction (being the amount of a monetary consideration or the value of a non-monetary consideration), and
(b)  the unencumbered value of the dutiable property.
(4)  For the purposes of this section, land is an exclusive occupancy only if the Chief Commissioner is satisfied that the person acquiring the land will be entitled to occupy a home that is built, or being built, on the land as a place of residence to the exclusion of other persons who occupy or are to occupy the other home or homes built or being built on the parcel of land.

75   Ineligible agreements and transfers

(1)  An agreement or transfer is not eligible if it involves the acquisition of a business or business premises. However, an agreement for the purchase, or a transfer, of a farming property on which there is a private dwelling is not excluded.
(2)  An agreement for the purchase, or a transfer, of a holiday home is not eligible.
(3)  (Repealed)

76   Residence requirement

(1)  The home must be occupied by the first home owner or one of the first home owners who is acquiring it as a principal place of residence for a continuous period of at least 6 months, with that occupation starting within 12 months (or such longer period as the Chief Commissioner may approve) after completion of the agreement or transfer. This requirement is referred to as the residence requirement.
(2)  The Chief Commissioner may, if satisfied there are good reasons to do so in a particular case:
(a)  modify the residence requirement by approving a shorter period of occupation by a first home owner, or
(b)  exempt a first home owner from the requirement to comply with the residence requirement.
(3)  In the case of an agreement or transfer for the acquisition of a vacant block of residential land, it is sufficient that the Chief Commissioner is satisfied that the vacant block is intended to be used as the site of a home to be occupied by the first home owner or one of the first home owners who is acquiring it as a principal place of residence.
(4)  (Repealed)
(5)  For the purpose of this section, an agreement or transfer is completed when a purchaser or transferee becomes entitled to possession of the home and, if the interest in the land acquired by the purchaser or transferee is registrable under a law of the State, the interest is so registered.
(6)  (Repealed)

76A   Approval of application in advance of satisfaction of residence requirement

(1)  The Chief Commissioner may approve an application in anticipation of compliance with the residence requirement under section 76 if the Chief Commissioner is satisfied that each applicant required to comply with the residence requirement intends to occupy the home as his or her principal place of residence for a continuous period of at least 6 months, with that occupation starting within 12 months after completion of the agreement or transfer or within a longer period approved by the Chief Commissioner.
(2)  If an application is approved in anticipation of compliance with the residence requirement, the approval is given on condition that, if the residence requirement is not complied with, the applicant must within 14 days after the end of the period allowed for compliance:
(a)  give written notice of that fact to the Chief Commissioner, and
(b)  pay the relevant duty to the Chief Commissioner.
(3)  The relevant duty is the difference between the total amount of duty that would have been payable on the transactions and instruments the subject of the application, if they had not been eligible under the scheme, and the total amount of duty (if any) paid in respect of those transactions and instruments.
(4)  A person who fails to comply with the condition prescribed by this section is guilty of an offence.

Maximum penalty: 50 penalty units.

(5)  A failure to comply with the condition prescribed by this section is a tax default for the purposes of the Taxation Administration Act 1996.

77   Eligible mortgages

(1)  A mortgage is eligible if:
(a)  it is given to assist the financing of a purchase under an agreement or transfer that is eligible under the scheme, and
(b)  the purchaser or purchasers under the agreement or transfer are eligible under the scheme (including if the agreement or transfer is eligible under the scheme for a shared equity concession).
(2)  The mortgage must be over the property purchased.
(3)  In the case of a property that has a private dwelling built on it, the amount of advances secured must not be more than the amount of the dutiable value permitted under section 74 (3) (a).
(4)  In the case of a property that comprises a vacant block of residential land, the amount of advances secured must not be more than the amount of the dutiable value permitted under section 74 (3) (b), unless the amount of advances secured under the mortgage includes provision for the building of a private dwelling on the property. In such a case, the amount of advances secured must not be more than the amount of the dutiable value permitted under section 74 (3) (a).
Note. See also section 221B, which extends a general mortgage duty exemption to all mortgages associated with owner occupied housing, and takes effect on and from 1 September 2007.

78   Making of applications

(1)  An application is made to the Chief Commissioner by completing a statutory declaration in an approved form.
(2)  (Repealed)
(3)  The Chief Commissioner may at any time (whether before or after the approval of an application) require the applicant or applicants to provide such further information as the Chief Commissioner may consider necessary for the proper administration of the scheme.

78A   Duty payable if application approved

(1)  If an application concerning an eligible agreement or transfer is approved and the dutiable value of the dutiable property that is the subject of the agreement or transfer is not more than the following amounts, no duty is chargeable on the agreement or transfer:
(a)  $500,000 if the property has a private dwelling built on it, or
(b)  $300,000 if the property comprises a vacant block of residential land.
(2)  If an application concerning an eligible agreement or transfer is approved and subsection (1) does not apply to the agreement or transfer, duty is chargeable on the agreement or transfer as follows:
(a)  if the property has a private dwelling built on it—at the rate of 22.49% of the dutiable value of the dutiable property that is the subject of the agreement or transfer, less $112,450, or
(b)  if the property comprises a vacant block of residential land—at the rate of 10.49% of the dutiable value of the dutiable property that is the subject of the agreement or transfer, less $31,470.
(3)  This section does not apply in respect of an agreement or transfer that is eligible under the scheme only for a shared equity concession.

78B   Special concession for shared equity arrangements

(1)  If there is more than one purchaser or transferee under an agreement or transfer, and one or more of them is a first home owner, but the agreement or transfer is not eligible under the scheme because one or more of the other purchasers or transferees is not eligible under the scheme, the agreement or transfer may still be eligible for a duty concession under the scheme (a shared equity concession).
(2)  In order to be eligible for a shared equity concession:
(a)  the purchasers or transferees who are first home owners must acquire not less than a 50% share in the ownership of the property, and
(b)  the agreement or transfer must be an agreement or transfer that would be eligible under the scheme if the first home owners were the sole purchasers or transferees under the agreement or transfer.
(3)  If an application concerning an agreement or transfer that is eligible under the scheme for a shared equity concession is approved, duty is chargeable as follows:


where:

D is the duty chargeable.

R is the duty that would be chargeable on the dutiable value of the property if this Subdivision did not apply in respect of the agreement or transfer.

E is the ownership share in the property of the first home owner or owners, expressed as a percentage.

C is the duty (if any) that would be chargeable under section 78A on the agreement or transfer if that section applied in respect of the agreement or transfer.

(4)  Despite anything to the contrary in this section, an agreement or transfer under which one or more of the purchasers or transferees is a company is not eligible under the scheme for a shared equity concession if the Chief Commissioner is satisfied that the application relating to that agreement or transfer should not be approved for any good reason.
(5)  To avoid doubt, a reference in this Subdivision (except section 78A) to an application that has been approved under the scheme includes an application that has been approved under the scheme because of eligibility for a shared equity concession.

79   Reassessment of duty payable where duty concession wrongly applied

(1)  The Chief Commissioner may reassess the duty chargeable in respect of an agreement or transfer that is initially approved under the scheme if the Chief Commissioner forms the opinion that the agreement or transfer is not eligible under the scheme (because of failure to comply with the residence requirement or otherwise).
(2)  The Chief Commissioner may issue a notice of assessment, based on the reassessment, for the duty chargeable in respect of the agreement or transfer.

80   Charge on land for duty liability of applicant

(1)  Any duty liability that an applicant has under the scheme in respect of an agreement or transfer is a charge on the applicant’s interest in the land that is the subject of the agreement or transfer.
(2)  An applicant has a duty liability under the scheme in respect of an agreement or transfer if the applicant is required to pay an amount of duty to the Chief Commissioner, in respect of an agreement or transfer that is initially approved under the scheme:
(a)  under a condition of approval referred to in section 76A, or
(b)  under a notice of assessment referred to in section 79.
(3)  The charge created by this section gives the Chief Commissioner an interest in the land and, accordingly, the Chief Commissioner may lodge a caveat in respect of the land under the Real Property Act 1900 to protect that interest.
(4)  The caveat must be withdrawn when the amount of the duty liability has been paid.
(5)  The amount of the duty liability is the amount of duty that the applicant is required to pay to the Chief Commissioner in respect of the relevant agreement or transfer, together with any interest or penalty tax payable.
(6)  In this section:

applicant includes a former applicant.

80AA   (Renumbered as sec 78B)

80A   Definitions

In this Subdivision:

first home owner has the meaning given by section 71.

guardian of a person under a legal disability includes a trustee who holds property on trust for the person under an instrument of trust or by order or direction of a court or tribunal.

notice of assessment means a notice of assessment under the Taxation Administration Act 1996.

residence requirement—see section 76.

residential property means:

(a)  land on which there is a building that is lawfully occupied as a place of residence or suitable for occupation as a place of residence, or
(b)  a company title dwelling.

shared equity concession has the meaning given by section 78B.

Subdivision 1A Payment of instalments under First Home Purchase Scheme prior to 1 August 1998

81   Payment of instalments

(1)  Where instalments of duty are to be paid in accordance with an undertaking given under section 78 (2) as in force before 1 August 1998, the first instalment is to be paid by a date which is 1 year after the date of exchange of the agreement.
(2)  Although instalments are payable annually, payments may be made at more frequent intervals.

82   Payment of interest

(1)  No interest is payable unless an instalment is overdue. An instalment is overdue if it is not paid within 21 days after the date fixed for its payment in the undertaking.
(2)  Interest on an instalment that is overdue is payable as on a tax default by a taxpayer under the Taxation Administration Act 1996.
(3)  A person having the benefit of the scheme is not liable, in that capacity, for any penalty under this Act or any interest other than as provided by this section.

83   Overdue instalments

As well as attracting interest, if an instalment is overdue for more than 3 months, the Chief Commissioner (or the Chief Commissioner’s agent) may sue the defaulter to recover, as a debt, the whole of the outstanding balance of the duty and any accrued interest and may, in addition, lodge and maintain a caveat over the subject property until all duty has been paid.

84   Sale or leasing of home or land before all instalments are paid

(1)  If the home or land is sold, leased (wholly or in part) or otherwise disposed of, or if for some other reason the home ceases to be the principal place of residence of the person or both of the persons having the benefit of the scheme:
(a)  any entitlement to a discount under section 87 ceases immediately the home or land is sold, leased or otherwise disposed of or the home so ceases to be the principal place of residence, and
(b)  the whole of the outstanding balance of the duty and any accrued interest becomes immediately payable.
(2)  The Chief Commissioner (or the Chief Commissioner’s agent) may sue the person or persons owing the duty and any interest to recover, as a debt, the amount involved.

85   (Repealed)

Subdivision 2 Discount for full payment of remaining duty

86   Application of Subdivision 2

This Subdivision applies to a person or persons having the benefit of the scheme set out in Subdivision 1 or a first home purchase scheme that operated under the Stamp Duties Act 1920.

87   Discount for full payment of remaining duty

(1)  A person or persons to whom this Subdivision applies may choose at any time to pay out, at a discount of 50%, the total of all instalments of duty remaining at that time.
(2)  There is no entitlement to a discount under this section at any time when an instalment is overdue or any interest payable on an overdue instalment remains unpaid.

Division 1A NSW Housing Construction Acceleration Plan (Budget 2009–10)

87A   Nature of the scheme

The scheme established by this Division is intended to provide a reduction in duty in respect of the purchase or construction of new homes by persons who are not eligible for an exemption or reduction under the First Home Plus scheme in Division 1 or a grant under the First Home Owner Grant Act 2000.

87B   Relevant dates for eligibility

(1)  The following agreements or transfers are eligible for consideration under the scheme:
(a)  agreements for sale or transfer of dutiable property entered into on or after 1 July 2009 and before 1 January 2010,
(b)  transfers of dutiable property that occur on or after 1 July 2009 and before 1 January 2010 (other than transfers made in conformity with an agreement for sale or transfer entered into before 1 July 2009).
(2)  An agreement for the sale or transfer of dutiable property is not eligible if:
(a)  it replaces an agreement made before 1 July 2009, and
(b)  the replaced agreement was an agreement for the sale or transfer of substantially the same dutiable property.

87C   Agreements or transfers must be for acquisition of new home

(1)  An agreement for the sale or transfer of dutiable property is eligible under the scheme if:
(a)  it is an agreement for the acquisition of a new home that is complete and ready for occupation, or
(b)  it is an agreement for the sale or transfer of land on which a new home is to be built before completion of the sale or transfer (an off the plan purchase agreement).
(2)  A transfer is eligible under the scheme if the transfer is for the acquisition of a new home that is complete and ready for occupation.
(3)  For the purposes of this Division, a new home is a home that has not been previously occupied or sold as a place of residence, and includes a substantially renovated home.
(4)  An off the plan purchase agreement is eligible only if the agreement states that the sale or transfer must be completed before 30 June 2011 or, in any other case, the agreement is completed before 30 June 2011 or by such later date as the Chief Commissioner may allow for delay caused by circumstances beyond the control of the parties.
(5)  In any case, the agreement or transfer must be for the whole of the land or, if the land is a parcel of land on which 2 or more homes are built, or are being built, for that part of the land that is an exclusive occupancy.
(6)  For the purposes of this section, land is an exclusive occupancy only if the Chief Commissioner is satisfied that the person acquiring the land will be entitled to occupy a home that is built, or being built, on the land as a place of residence to the exclusion of other persons who occupy or are to occupy the other home or homes built or being built on the parcel of land.
(7)  The Chief Commissioner may approve an application in relation to an off the plan purchase agreement in anticipation of compliance with the eligibility requirements of this section.

87D   Restrictions on eligibility

(1)  An agreement or transfer is not eligible if:
(a)  the agreement or transfer is eligible under the First Home Plus scheme in Division 1, or
(b)  the transferee, or any of the transferees, is eligible for or has been paid a grant under the First Home Owner Grant Act 2000 in respect of the purchase or construction of the new home on the land.
(2)  An agreement or transfer is not eligible if the new home, or the land on which the new home is located or to be built, is intended to be used, or made available for use, for any purpose that is not ancillary to the use and occupation of the land for residential purposes (such as a commercial, industrial or professional purpose).
(3)  However, an agreement for the purchase, or a transfer, of a farming property on which there is a new home or on which a new home is to be constructed is not excluded.

87E   Cap on dutiable value of transaction

The dutiable value of the dutiable property that is the subject of the agreement or transfer must not exceed $600,000.

87F   Duty payable if application approved

(1)  If an application concerning an eligible agreement or transfer is approved, the amount of ad valorem duty chargeable on the agreement or transfer is to be reduced by 50%.
(2)  If an eligible agreement or transfer is aggregated with other dutiable transactions, and treated as a single dutiable transaction under section 25, the 50% reduction is to be applied only to the ad valorem duty that would be chargeable (in the absence of aggregation) on the approved agreement or transfer.

87G   Making of applications

(1)  An application under this Division is to be made to the Chief Commissioner in an approved form.
(2)  The Chief Commissioner may at any time (whether before or after the approval of an application) require the applicant or applicants to provide such further information as the Chief Commissioner may consider necessary for the proper administration of the scheme.

87H   Reassessment of duty payable where duty concession wrongly applied

(1)  The Chief Commissioner may reassess the duty chargeable in respect of an agreement or transfer that is initially approved under the scheme if the Chief Commissioner forms the opinion that the agreement or transfer is not eligible under the scheme, including in a case where approval was given in anticipation of compliance with any eligibility requirements that have not been met.
(2)  The Chief Commissioner may issue a notice of assessment, based on the reassessment, for the duty chargeable in respect of the agreement or transfer.

87I   Charge on land for duty liability of applicant

(1)  Any duty liability that an applicant has under the scheme in respect of an agreement or transfer is a charge on the applicant’s interest in the land that is the subject of the agreement or transfer.
(2)  An applicant has a duty liability under the scheme in respect of an agreement or transfer if the applicant is required to pay an amount of duty to the Chief Commissioner, in respect of an agreement or transfer that is initially approved under the scheme, under a notice of assessment referred to in section 87H.
(3)  The charge created by this section gives the Chief Commissioner an interest in the land and, accordingly, the Chief Commissioner may lodge a caveat in respect of the land under the Real Property Act 1900 to protect that interest.
(4)  The caveat must be withdrawn when the amount of the duty liability has been paid.
(5)  The amount of the duty liability is the amount of duty that the applicant is required to pay to the Chief Commissioner in respect of the relevant agreement or transfer, together with any interest or penalty tax payable.
(6)  In this section:

applicant includes a former applicant.

87J   Definitions

(1)  In this Division:

home means a building (affixed to land) that:

(a)  may lawfully be used as a place of residence, and
(b)  is, in the Chief Commissioner’s opinion, a suitable building for use as a place of residence.

new home—see section 87C.

(2)  For the purposes of this Division, a home is a substantially renovated home if:
(a)  the home is new residential premises within the meaning of section 40-75 (1) (b) of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth, and
(b)  the home, as renovated, has not been previously occupied or sold as a place of residence.

Division 2 Flood-prone housing scheme

88   The nature of the scheme

This scheme is intended to assist a person who, as an owner of a home on flood-prone land, has entered into an agreement for the sale of the land to the council of the local government area in which the land is situated and then purchases another home. The scheme enables such a person to choose to pay duty on the agreement for the purchase of the new home by instalments over a period of 5 years (instead of at the time of purchase).

89   Commencement

Agreements for sale or transfer entered into on or after the commencement of this Division are eligible for consideration under the scheme.

90   Eligible persons

A person may apply under the scheme if:
(a)  the person was the owner of at least 50% of the beneficial interest in the land sold or being sold to the council, and
(b)  the person has entered into an agreement for the purchase of a home intended to be occupied as the person’s principal place of residence.

91   Eligible agreements

The agreement for the purchase of the new home is eligible for consideration under the scheme if the amount paid for the home is the full market value. Wholly or partially gifted property is not eligible.

92   Other provisions

(1)  Section 76 applies to this scheme in the same way as it applies to First Home Plus.
(2)  Sections 78 and 81–84 apply to this scheme in the same way as they applied to the First Home Purchase Scheme before 1 August 1998.

Division 3 Exemption from or reduction in duty for certain transfers

93   The nature of the scheme

The scheme is intended to provide an exemption from or reduction in duty in respect of:
(a)  the transfer of a principal place of residence from a corporation or special trust to certain persons, or
(b)  the transfer of any land owned as at 31 December 1986 by a special trust from the trust to certain persons.

94   Definitions

In this Division:

corporation has the same meaning as in the Corporations Act 2001 of the Commonwealth.

land includes any estate or interest in land.

land tax has the same meaning as in the Land Tax Management Act 1956.

principal shareholder in a corporation means:

(a)  any person (other than a corporation) whose voting entitlement (whether or not through the holding of shares) in the corporation is 50% or more, or
(b)  any person (other than a corporation) who has a voting entitlement (whether or not through the holding of shares) in the corporation where all the persons who have a voting entitlement in the corporation have an equal voting entitlement.

shareholder includes member.

special trust has the same meaning as in the Land Tax Management Act 1956.

voting entitlement has the meaning given by section 95.

95   Meaning of “voting entitlement”

(1)  A person’s voting entitlement in a corporation is that proportion of the total voting rights of all shareholders entitled to vote at general meetings of the corporation which the person is entitled to exercise, as a shareholder, at general meetings of the corporation.
(2)  A person is to be considered to have a voting entitlement in a corporation (corporation A) if the person has a voting entitlement in another corporation (corporation B) which itself has a voting entitlement in corporation A.
(3)  In a case to which subsection (2) applies, the person’s voting entitlement in corporation A is the proportion which results from multiplying the person’s voting entitlement in corporation B by corporation B’s voting entitlement in corporation A.
(4)  If a person has a voting entitlement in the same corporation under different provisions of this section, or under different applications of the same provision of this section, the person’s voting entitlement in the corporation is the aggregate of those entitlements.
(5)  In determining a person’s voting entitlement for the purposes of this section, proxies and other authorities to vote held by a shareholder are to be disregarded.

96   Transfer by corporation of principal place of residence to principal shareholder or spouse

(1)  A transfer of land by a corporation is eligible for exemption under this Division if:
(a)  the corporation owned the land on 11 September 1990, and
(b)  the transferee or each of the transferees is a principal shareholder in the corporation or the spouse of such a principal shareholder (whether or not the principal shareholder is one of the transferees), and
(c)  had the transferee or each of the transferees been an owner of the land within the meaning of the Land Tax Management Act 1956 on 31 December that last preceded the date of the transfer, the land would, by the operation of section 10 (1) (r) of the Land Tax Management Act 1956, be exempt from land tax in respect of the year in which the transfer took effect.
(2)  If land is transferred by a corporation to two or more persons jointly, each of those persons is, for the purposes of this section (but without affecting any entitlement to be considered to be a principal shareholder apart from this subsection), to be considered to be a principal shareholder in the corporation if:
(a)  each of the persons has a voting entitlement in the corporation, and
(b)  the aggregate of the voting entitlements in the corporation of each of those persons would be sufficient to qualify any one person as a principal shareholder in the corporation.

97   Transfer of principal place of residence by special trust to beneficiary etc

A transfer of land subject to a special trust is eligible for exemption under this Division if:
(a)  the land was subject to the special trust on 11 September 1990, and
(b)  the transferee or each of the transferees was:
(i)  the settler of the land or the person who actually paid the purchase money for the land when the land was acquired by the trustee under the trust, or
(ii)  a beneficiary of the special trust immediately before the transfer took effect and a beneficiary of the trust when the land was acquired by the trustee under the trust, or
(iii)  the spouse of a person referred to in subparagraph (i) or (ii), and
(c)  the transferee or each of the transferees will hold the land beneficially, and
(d)  had the transferee or each of the transferees been an owner of the land within the meaning of the Land Tax Management Act 1956 on 31 December that last preceded the date of the transfer, the land transferred would, by the operation of section 10 (1) (r) of the Land Tax Management Act 1956, be exempt from land tax in respect of the year in which the transfer took effect.

98   Transfer of principal place of residence by corporation to beneficiary of special trust

A transfer of land by a corporation (not acting in the capacity of a trustee) is eligible for exemption under this Division if:
(a)  the corporation owned the land on 11 September 1990, and
(b)  the transferee or each of the transferees is a person, or the spouse of a person, who is a beneficiary under a special trust and was a beneficiary under the trust when the land was acquired by the corporation, and
(c)  the trustee under the special trust is a principal shareholder in the corporation (or would, if the trustee were not a corporation, be a principal shareholder in the corporation) at the time of the transfer, and
(d)  had the transferee or each of the transferees been the owner within the meaning of the Land Tax Management Act 1956 on 31 December that last preceded the date of the transfer, the land transferred would, by the operation of section 10 (1) (r) of the Land Tax Management Act 1956, be exempt from land tax in respect of the year in which the transfer took effect.

99   Transfer by special trust to corporation

(1)  A transfer of land to a corporation by a person in the person’s capacity as trustee of a special trust is eligible for exemption under this Division if:
(a)  the land was subject to the special trust on, and at all times between, 31 December 1986 and 11 September 1990, and
(b)  Division 122 of Part 3-3 of the Commonwealth Income Tax Assessment Act 1997 applies to the disposal of land effected by the transfer, and
(c)  pursuant to that section, Part IIIA (Capital Gains and Capital Losses) of that Act (except that section) does not apply to that disposal.
(2)  Chapter 3 (Certain transactions treated as transfers) and Chapter 4 (Acquisition of interests in landholders) do not apply to the issue or allotment of shares in a corporation pursuant to a transfer for which an exemption from the payment of duty is granted under this Division.

100   Transfer of land not used and occupied solely as a principal place of residence

If:
(a)  a transfer of land would be eligible for exemption under section 96, 97 or 98 but for the fact that the land is not land to which section 96 (1) (c), 97 (d) or 98 (d) applies because it was not used and occupied solely as a principal place of residence at the relevant time, and
(b)  the land value of the land was entitled to be reduced under section 9C or 9D of the Land Tax Management Act 1956 at the relevant time,
the amount on which the transfer is to be charged with ad valorem duty is to be reduced in the same proportion as the land value was entitled to be reduced under section 9C or 9D of the Land Tax Management Act 1956.

101   Making of applications

(1)  An application under this Division is to be made to the Chief Commissioner in an approved form.
(2)  If the land to which the transfer relates is or includes land under the Real Property Act 1900, the application must be accompanied by an undertaking from the transferee in an approved form that:
(a)  the duty that would be payable on the transfer but for the granting of an exemption under this Division will be paid if the transferee does not become the registered proprietor of the land within 3 months (or such longer period as the Chief Commissioner may at any time determine and notify in writing to the transferee) after the transfer is stamped as exempt from the payment of duty, and
(b)  the transferee will, within 1 month after becoming the registered proprietor of the land (or such longer period as the Chief Commissioner may at any time determine and notify in writing to the transferee), provide evidence of that fact to the satisfaction of the Chief Commissioner.

102   Determination of applications

(1)  (Repealed)
(2)  An application is not to be granted unless the Chief Commissioner is satisfied that all land tax payable in respect of the land (including any additional land tax payable by way of penalty or otherwise) has been paid.
(3)  If the application is granted, the Chief Commissioner is to stamp the transfer as exempt from the payment of duty.

103   Reassessment of duty if undertaking not met

If a requirement of an undertaking from a transferee is not met, the Chief Commissioner may reassess the duty payable on the transfer as if this Division does not apply.

104   Application of scheme to company titles

This Division applies to the transfer of shares in a private company or units in a private unit trust scheme, the ownership of which entitles the owner to the exclusive possession, or substantially exclusive possession, of a dwelling in a building containing more than one separate dwelling, in the same way as it applies to a transfer of land, with such modifications as may be necessary.
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