Australian Capital Territory
Taxation Administration (Amounts Payable – Home Buyer Concession Scheme) Determination 2004 (No 6)
Disallowable instrument DI2004—263
made under the
Taxation Administration Act 1999, s 139 Determination of amounts payable under tax laws

EXPLANATORY STATEMENT

The purpose of this instrument is to revoke Disallowable Instrument DI2004‑78, which was notified on the ACT Legislation Register dated 31 May 2004, and to determine the property value thresholds for eligible property and the land value thresholds for eligible vacant block for the purposes of the calculation of duty payable under the Home Buyer Concession Scheme.

Property value threshold amounts for the calculation of concessional duty for eligible property are as follows:
•	The lower threshold is the highest sale price in the lowest 25% of all sale prices for residential properties for the two quarters between April 2004 and September 2004.  I have determined this value to be $282,500.
•	The upper threshold is the highest sale price in the lowest 65% of all sale prices for residential properties for the two quarters between April 2004 and September 2004.  I have determined this value to be $386,000.

Land value threshold amounts for the calculation of concessional duty for eligible vacant block are as follows:
•	The lower threshold is the highest sale price in the lowest 25% of all sale prices for residential land for the two quarters between April 2004 and September 2004.  I have determined this value to be $122,000.
•	The upper threshold is the highest sale price in the lowest 65% of all sale prices for residential land for the two quarters between April 2004 and September 2004.  I have determined this value to be $185,000.

For eligible property and eligible vacant land at or below the lower threshold, the minimum duty of $20 is payable.  The amount of the concession reduces for eligible property and eligible vacant land up to the higher threshold where the concession is zero.

Under section 139 of the Taxation Administration Act 1999 the Minister has authority to determine, in writing by disallowable instrument, amounts payable under the tax laws as specified in section 4 of the Taxation Administration Act 1999.  The Duties Act 1999 is such a tax law.

The thresholds in Disallowable Instrument DI2004-78 continue to apply to grants and transfers or agreements to transfer which occur between 1 July 2004 and 31 December 2004.  

This determination takes effect on and from 1 January 2005.  

Authorised by the Treasurer, Ted Quinlan MLA