Australian Capital Territory
Taxation Administration (Amounts Payable- Thresholds – Pensioner Duty Concession Scheme) Determination 2008 (No 1)
Disallowable instrument DI2008–79
made under the  
Taxation Administration Act 1999, s 139 (Determination of amounts payable under tax laws)
EXPLANATORY STATEMENT

1.		This instrument is the Taxation Administration (Amounts Payable-		Thresholds-Pensioner	Duty Concession Scheme) Determination 2008 (No 1).
2.		The instrument commences on 1 July 2008.
3.		The instrument determines 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 section 31 of the Duties Act 	1999 by an eligible Pensioner under the Pensioner Duty Concession Scheme 	commencing on 1 July 2008.  The duty is payable to the Territory.

4.		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.

5.		Property value threshold amounts for the calculation of concessional duty for 	eligible property are as follows:
(1)	The lower threshold is the median of all sale prices for residential properties for the two quarters between October 2007 and March 2008.  This value is determined to be $412,000.
(2)	The upper threshold represents the lowest sale price in the highest 25% of all sale prices for residential properties for the two quarters between October 2007 and March 2008.  This value is determined to be $516,000.	

6.		The land value threshold amounts for the calculation of concessional duty for 	an eligible vacant block are reflective of the thresholds calculated for the 	Home Buyer Concession Scheme.  They are as follows:

	(1)	The lower threshold is determined to be $185,300
	
	(2)	The upper threshold is determined to be $227,600

7.		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.

8.		The eligibility criteria and the method of calculation of the concession are 	determined in a separate Disallowable Instrument.

Authorised by the Treasurer
Jon Stanhope MLA