2008
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)
(Mr Zed Seselja)
Duties (First Home Owner Exemption) Amendment Bill 2008

A Bill for
An Act to amend the Duties Act 1999 to provide concessions for certain people in relation to home ownership

    

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1	Name of Act
This Act is the Duties (First Home Owner Exemption) Amendment Act 2008.
2	Commencement
This Act commences on the day after its notification day.
Note	The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).
3	Legislation amended
This Act amends the Duties Act 1999.
4	New sections 73B and 73C
insert
73B	Transfers to certain first home buyers—homes
	(1)	This section applies to a transfer of dutiable property if—
	(a)	the transfer is to a person who meets the eligibility criteria for a first home owner grant under the First Home Owner Grant Act 2000; and
	(b)	the property forms part of a transaction to which the First Home Owner Grant Act 2000, section 13 (1) (a) or (b) applies.
Note	The First Home Owner Grant Act 2000, s 13 (1) (a) and (b) covers a contract for the purchase of a home in the ACT and a contract to have a home built by the owner of land in the ACT, or a person who will on completion of the contract be the owner of land in the ACT, to have a home built on the land.
	(2)	No duty is chargeable on the transfer if the dutiable value of the property is less than $500 000.
	(3)	If the dutiable value of the property is $500 000 or more but less than $600 000, duty is chargeable at the rate mentioned in table 73B.
Note	The rate of duty determined under s 31 applies to dutiable transfers valued at $600 000 or more.
Table 73B	Concessional rate of duty—homes
column 1
item	column 2
dutiable value	column 3
rate of duty	
1	property valued at $500 000 or more but less than $600 000	$26.25 for every $100, or part of $100 by which the dutiable value exceeds $499 999	
	(4)	In this section:
home—see the First Home Owner Grant Act 2000, section 4.
73C	Transfers to certain first home buyers—land
	(1)	This section applies to a transfer of dutiable property if—
	(a)	the transfer is to a person who meets the eligibility criteria for a first home owner grant under the First Home Owner Grant Act 2000; and
	(b)	the property is the subject of a contract for the purchase of land in the ACT.
	(2)	No duty is chargeable on the transfer if the dutiable value of the property is less than $300 000.
	(3)	If the dutiable value of the property is $300 000 or more but less than $450 000, duty is chargeable at the rate mentioned in table 73C.
Note	The rate of duty determined under s 31 applies to dutiable transfers valued at $450 000 or more.
Table 73C	Concessional rate of duty—land
column 1
item	column 2
dutiable value	column 3
rate of duty	
1	property valued at $300 000 or more but less than $450 000	$11.83 for every $100, or part of $100 by which the dutiable value exceeds $299 999	
	(4)	In this section:
land does not include a home within the meaning of the First Home Owner Grant Act 2000 affixed to the land.

Endnotes
1	Presentation speech
	Presentation speech made in the Legislative Assembly on	2008.
2	Notification
	Notified under the Legislation Act on	2008.
3	Republications of amended laws
	For the latest republication of amended laws, see www.legislation.act.gov.au.

© Australian Capital Territory 2008