Queensland Consolidated Acts Queensland Consolidated Acts(1) This section applies if—
(a) a dutiable transaction is 1 of the following (each a relevant transaction)—
(i) the transfer, or agreement for the transfer, of residential land;
(ii) the acquisition, mentioned in section 85(b), of a lease of residential land;
(iii) the vesting, mentioned in section 85(c), of residential land; and
(b) there is more than 1 transferee or lessee of, or vested person for, the residential land to which the transaction relates; and
(c) the residence is the first home of 1 or more of the transferees, 1 or more of the lessees or 1 or more of the vested persons (each relevant persons) but not all the transferees, all the lessees or all the vested persons; and
(d) the relevant persons are individuals.
(2) Also, this section applies if—
(a) a dutiable transaction is a relevant transaction in relation to residential land on which more than 1 residence is constructed; and
(b) 1 or more of the residences is, for 1 or more of the transferees, 1 or more of the lessees or 1 or more of the vested persons (each also relevant persons), a first home; and
(c) the relevant persons are individuals.
(3) In addition, this section applies if a dutiable transaction is a relevant transaction in relation to a part interest in residential land that, if it were in relation to the whole interest in the land, would be a dutiable transaction to which this section applies under subsection (1) or (2), other than the requirement for more than 1 transferee, lessee or vested person for the land.
(4) For subsections (1)(c) and (2)(b), a residence may be treated as the first home of a relevant person only if the relevant person is at least 18 years of age on the day the liability for transfer duty arises.
(5) The commissioner may exempt a relevant person from the requirement that the relevant person be at least 18 years of age if the commissioner is satisfied there is no avoidance scheme in relation to the dutiable transaction.
(6) The transfer duty imposed on a dutiable transaction to which this section applies is the amount worked out by deducting, from transfer duty on the dutiable value of the transaction, the lesser of the following amounts—
(a) the total amount worked out, for each relevant person, by applying the relevant person's interest to the concession amount stated in schedule 4A opposite the dutiable value of the residential land;
(b) the total amount worked out, for each relevant person, by applying the relevant person's interest to transfer duty on the dutiable value of the residential land.
(7) For subsection (6)—
(a) the relevant person's interest is the proportion that the share of the person in the whole dutiable property bears to the total of the shares of—
(i) for a dutiable transaction to which this section applies under subsection (3)—all the co-owners, or the owner, on completion of the transaction; or
(ii) for another dutiable transaction—all the relevant persons; and
(b) the value of a relevant person's interest is worked out by applying the person's interest to the dutiable value of the residential land.
(8) For working out the transfer duty under subsection (6) for a relevant person under subsection (2), the residential land mentioned in subsection (6) and schedule 4A is the part of the residential land relating to the person's first home.
(9) For a relevant person under subsection (2), the residential land mentioned in subsection (7)(b) is the part of the residential land relating to the person's first home.