Australian Capital Territory
Taxation Administration (Amounts Payable- Thresholds– Home Buyer Concession Scheme) Determination 2008 (No 1)
Disallowable instrument DI2008–80
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 –Home Buyer 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 home buyer under the Home Buyer 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 highest sale price in the lowest 20% of all 	sale prices for residential properties for the two quarters between 	October 2007 and March 2008 and the determined value is $333,000, 	which is an increase of 7.42% from the previous threshold of 	$310,000. 
	(2)		The upper threshold represents the median of all sale prices for 	residential properties for the two quarters between October 2007 and 	March 2008 and the determined value is $412,000, which is an 	increase of 5.64% from the previous threshold of $390,000. 
6.		The land value threshold amounts for the calculation of concessional duty for 	an eligible vacant block reflect the same percentage changes as calculated 	from sales data for eligible property and are as follows:
	(1)		The lower threshold reflects a 7.42% increase from the previous 	threshold of $172,500 for which the determined value is $185,300. 
	(2)		The upper threshold reflects a 5.64% increase from the previous 	threshold of $215,400 for which the determined value is $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 method of calculating the concession are 	determined in a separate Disallowable Instrument and remain unchanged.
9.		The instrument revokes Disallowable Instrument DI2007-313. 

Authorised by the Treasurer
Jon Stanhope MLA