Australian Capital Territory
Taxation Administration (Amounts Payable—Thresholds—Home Buyer Concession Scheme) Determination 2009 (No 2)
Disallowable instrument DI2009–247
made under the  
Taxation Administration Act 1999, s 139 (Determination of amounts payable under tax laws)
EXPLANATORY STATEMENT

Introduction
1.	This instrument is the Taxation Administration (Amounts Payable—Thresholds —Home Buyer Concession Scheme) Determination 2009 (No 2).  
2.	This instrument commences on 1 January 2010.  
3.	This 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 (the Act) by an eligible home buyer under the Home Buyer Concession Scheme commencing on 1 January 2010.  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 Act is a tax law specified in section 4 of the Taxation Administration Act 1999.
Thresholds and calculation
5.	The property value threshold amounts applicable to the calculation of concessional duty for eligible property are as follows:
(a)	the lower threshold is the highest sale price of the lowest 20% of all sale prices for ACT residential properties for the 2 quarters between April 2009 and September 2009.  The determined value for the lower threshold is $349,800, which is an increase of 3.03% from the previous threshold of $339,500; and
(b)	the upper threshold is equal to the median of all sale prices for ACT residential properties for the 2 quarters between April 2009 and September 2009.  The determined value for the upper threshold is $422,000, which is an increase of 1.69% from the previous threshold of $415,000. 
6.	The land value threshold amounts applicable to the calculation of concessional duty for an eligible vacant block have been determined using the same percentage changes as those applying to the property value threshold for eligible property in paragraph 5.  They are as follows:
(a)	the lower threshold is determined at $194,800.  It reflects a 3.03% increase from the previous threshold of $189,000; and
(b)	the upper threshold is determined at $233,300.  It reflects a 1.69% increase from the previous threshold of $229,400.  
7.	For eligible properties and eligible vacant blocks at or below the lower threshold, duty of $20 is payable.  The amount of the concession reduces for eligible properties and eligible vacant blocks up to the higher threshold, where the concession is zero.
8.	The concessional rate of duty per $100 has been calculated using the formula in the Eligibility Disallowable instrument
Application of this instrument and changes
9.	This instrument revokes Disallowable Instrument DI2009-112.  However, DI2009-112 continues to apply for transactions that occurred for the period 1 July 2009 to 31 December 2009 inclusive.

Authorised by the Treasurer
Katy Gallagher