Australian Capital Territory
Taxation Administration (Amounts Payable—Thresholds—Pensioner Duty Concession Scheme) Determination 2011 (No 2)
Disallowable instrument DI2011–313
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—Pensioner Duty Concession Scheme) Determination 2011 (No2).
2.	This instrument commences on 1 January 2012.
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 pensioner under the Pensioner Duty Concession Scheme commencing on 1 January 2012.  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 for the calculation of concessional duty for eligible property are as follows:
(a)	the lower threshold is equal to the median sale price of all sale prices for ACT residential properties for the 2 quarters between April 2011 and September 2011.  The determined value for the lower threshold is $470,000, which is a increase of 2.1739% from the previous threshold of $460,000; and
(b)	the upper threshold is the lowest sale price of the highest 25% of all sale prices for ACT residential properties for the 2 quarters between April 2011 and September 2011.  The determined value for the upper threshold is $595,000, which is an increase of 1.1905% from the previous threshold of $588,000.
6.	The land value threshold amounts for the calculation of concessional duty for an eligible vacant block are the same as the land value thresholds calculated for the Home Buyer Concession Scheme.  From 1 January 2012 they are as follows:
(a)	the lower threshold is determined at $208,900;  and
(b)	the upper threshold is determined at $260,000.
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.	This instrument does not determine the concessional rates, they are calculated using the formula in the eligibility Disallowable Instrument and are shown in this instrument for convenience.
Application of this instrument and changes
9.	This instrument revokes Disallowable Instrument DI2011-137.  However, DI2011-137 continues to apply to transactions that occurred for the period 1 July 2011 to 31 December 2011 inclusive.

Authorised by Treasurer
Andrew Barr MLA