Australian Capital Territory
Taxation Administration (Amounts Payable – Home Buyer Concession Scheme) Determination 2006 (No 1)
Disallowable instrument DI2006—105
made under the
Taxation Administration Act 1999, s 139 Determination of amounts payable under tax laws

EXPLANATORY STATEMENT

1.	The purpose of this instrument is to revoke disallowable instrument DI2005-295, and to determine the property value thresholds for an eligible property and the land value thresholds for an eligible vacant block for the purposes of the calculation of duty payable under the Home Buyer Concession Scheme.  

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

3.	Property value threshold amounts for the calculation of concessional duty for eligible property are as follows:

a.	The lower threshold is the highest sale price in the lowest 20% of all sale prices for residential properties for the two quarters between October 2005 and March 2006.  I have determined this value to be $285,000.

b.	The upper threshold is the highest sale price in the lowest 40% of all sale prices for residential properties for the two quarters between October 2005 and March 2006.  I have determined this value to be $326,000.

4.	The land value threshold amounts for the calculation of concessional duty for an eligible vacant block are as follows:

a.	The lower threshold is the highest sale price in the lowest 20% of all sales prices for vacant land for the two quarters between October 2005 and March 2006.  I have determined this value to be $158,400. 

b.	The upper threshold is the highest sale price in the lowest 40% of all sales prices for vacant land for the two quarters between October 2005 and March 2006.  I have determined this value to be $180,000.  

5.	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.

6.	This determination commences on 1 July 2006.  

Authorised by the Treasurer
Jon Stanhope MLA