Australian Capital Territory
Duties (Affordable House and Land Packages) Declaration 2007 (No 1)
Disallowable instrument DI2007–249
made under the
Duties Act 1999, section 16B (Declaration of affordable house and land packages)
EXPLANATORY STATEMENT

Purpose
1.	The purpose of this instrument is to determine which house and land packages will be defined as an ‘affordable house and land package’ for the purposes of the Duties Act 1999 (the Duties Act).
Summary
2.	Section 16B of the Duties Act allows the Minister to declare by disallowable instrument an affordable house and land package.
3.	A declared affordable house and land package is a package comprising an agreement to purchase undeveloped land, and an agreement to have a dwelling built on that land, the cost of which, taken together is equal to or less than $300,000.
4.	For purchasers of an affordable house and land package, the liability for duty arises at the time of gaining a Certificate of Occupancy and Use from ACTPLA, on sale of the property, or up to two years after entering into the agreement, whichever occurs first.  At that time, duty will be assessed based upon the dutiable value of the land only.  That value will be the lesser of the market value of the land at the time duty is payable, or the market value of the land at the time the agreement was entered into.
New Determination
5.	This instrument is the first instrument contained under a new provision, section 16B of the Duties Act.

Authorised by the Treasurer