South Australian Consolidated Acts South Australian Consolidated Acts71C—Concessional rates of duty in respect of purchase of first home etc
(1) Where upon an
application made on or after 9 August, 1989, in a manner and form determined
by the Commissioner and supported by such evidence as he may require the
Commissioner is satisfied—
(a) that
the applicant or applicants—
(i)
are natural persons; and
(ii)
on or after the fifteenth day of September, 1979, entered
into a contract for the purchase of a relevant interest in land or for the
purchase of shares in a company that confer a right to occupy land of the
company; and
(iii)
are the sole purchasers of the land or the shares; and
(A) have entered into a contract for the
construction of a dwelling house on the land and intend to occupy the
dwelling house as their principal place of residence within 12 months of
completion of construction; or
(B) where there is presently a
dwelling house on the land—were occupying that dwelling house as their
principal place of residence at the date of the conveyance, or intend to so
occupy the dwelling house within 12 months of the date of the conveyance; and
(ab)
where the relevant contract is entered into on or after 1 September
1992—that the amount by reference to which duty would, apart from this
section, be calculated does not exceed the prescribed maximum; and
(b) that
no party to the application has previously—
(i)
occupied a dwellinghouse (except as a minor) either in
the State or elsewhere in pursuance of a relevant interest of that party in
the dwellinghouse (other than an interest arising under an agreement with the
South Australian Housing Trust relating to the purchase of the dwelling house
to which the application relates) or any interest of that party in shares
conferring a right to occupy the dwellinghouse; or
(ii)
received the benefit of this section,
this section applies to a conveyance under which the land or shares are
conveyed to the purchaser or purchasers.
(1a)
Subsection (1)(b)(ii) does not apply to an applicant who is the occupier
of a Housing Trust home and who is purchasing the home under an agreement with
the South Australian Housing Trust if the Commissioner is satisfied—
(a) that
the conveyance to which the application relates arises from that agreement;
and
(b) that
the applicant previously received the benefit of this section only in relation
to another conveyance arising from the same agreement.
(1b) If the
Commissioner is satisfied on an application under this section—
(a) that
the conveyance relates to a genuine farm; and
(b) that
the conveyance would be one to which this section applies if it related only
to the relevant component of the genuine farm,
this section applies to a notional conveyance of the relevant component of the
genuine farm.
(2) The duty payable
upon a conveyance or notional conveyance to which this section applies will,
if it gives effect to a relevant contract entered into before 27 May 2004, be
as follows:
(a)
where the amount by reference to which the duty would, apart from this
section, be calculated does not exceed the prescribed amount—no duty
will be payable; or
(b)
where the amount by reference to which the duty would, apart from this
section, be calculated exceeds the prescribed amount—
(i)
where the relevant contract was entered into before 1
September 1992—the duty payable will be the amount payable apart from
this section less $2 130;
(ii)
where the relevant contract is entered into on or after 1
September 1992—the duty payable will be an amount calculated in
accordance with the following formula:
where
"A" is the amount of duty payable
"B" is the amount of duty payable apart from this section
"C" is—
where the relevant contract is entered into during the period commencing on 1
February 1997 and ending on 31 January 1998—$2 830;
in any other case—$2 130
"D" is—
where the relevant contract is entered into during the period commencing on 1
February 1997 and ending on 31 January 1998—56;
in any other case—42
"E" is the amount by reference to which duty would, apart from this section,
be calculated (any fractional part of $1 000 being rounded up to the next
multiple of $1 000)
"F" is the prescribed amount.
(3) The duty payable
upon a conveyance or notional conveyance to which this section applies will,
if it gives effect to a relevant contract entered into on or after 27 May
2004, be as follows:
(a)
where the amount by reference to which the duty would, apart from this
section, be calculated (the "property value") does not exceed $80 000—no
duty will be payable;
(b)
where the property value exceeds $80 000 but does not exceed $100
000—the duty payable is the relevant percentage of the duty that would,
apart from this section, be payable;
In paragraph (b), the "relevant percentage" is a percentage in a range
beginning at 2.5% for a property value of $81 000, increasing in steps of 2.5%
for each additional $1 000 of property value, and ending at 50% for a
property value of $100 000.
(c)
where the property value exceeds $100 000 but does not exceed
$150 000—the duty payable will be 50% of the duty that would, apart
from this section, be payable;
(d) the
maximum concession under this subsection ($2 415) is reached at a
property value of $150 000 and where the property value exceeds
$150 000 but does not exceed $250 000 the amount of duty payable is
the amount that would, apart from this section, be payable less a concession
calculated by reducing the maximum concession by $24 for each additional $1
000 by which the property value exceeds $150 000;
(e)
where the property value exceeds $250 000—no concession applies.
(3a) For the purposes
of subsection (3), property values are to be expressed to the nearest
multiple of $1 000 and if a property value lies exactly at the mid point
between 2 multiples of $1 000, the property value is to be rounded
down to the lower of those multiples.
(4) Where the
Commissioner is satisfied by such evidence as the Commissioner may require
that—
(a) a
person or persons who have paid stamp duty on a conveyance would have been
entitled to the benefit of this section in respect of the conveyance if when
it was submitted for stamping the requirements of subsection (1)(a)(iv)
had been satisfied; and
(b) the
person or persons occupied, as their principal place of residence, a
dwelling house constructed subsequent to the conveyance, on the land comprised
in the conveyance, or under rights conferred by shares comprised in the
conveyance, within 2 years of the date of the conveyance,
the Commissioner must refund to that person or those persons any duty in
excess of the amount that would have been payable if the conveyance had been
stamped under this section.
(5) Where, on the
conveyance of a genuine farm, the amount by reference to which duty would,
apart from this section, be calculated exceeds the prescribed maximum, the
duty payable on the conveyance is calculated as follows:
(a)
first, calculate the duty on the conveyance apart from this section;
(b)
then, subtract from this amount the duty that would be payable apart from this
section on a notional conveyance of the relevant component of the farm;
(c)
finally, add to this amount the duty calculated on the notional conveyance in
accordance with this section.
(6) In this
section—
"dwelling house" does not include residential premises that form part of
industrial or commercial premises;
"genuine farm" means land as to which the Commissioner is satisfied—
(a) the
land is to be used for primary production by the person seeking the benefit of
this section; and
(b) the
land is, by itself, or in conjunction with other land owned by that person,
capable of supporting economically viable primary production operations;
"Housing Trust home" means residential premises owned by the South Australian
Housing Trust;
"perpetual lease" means a perpetual lease under the Crown Lands Act 1929
;
"prescribed amount" means—
(a)
where the relevant contract is entered into during the period commencing on 1
February 1997 and ending on 31 January 1998—$100 000;
(b) in
any other case—$80 000;
"prescribed maximum" means—
(a)
where the relevant contract is entered into during the period commencing on 1
February 1997 and ending on 31 January 1998—$150 000;
(b) in
any other case—$130 000;
"relevant component" of a genuine farm means the part of the farm constituted
by the dwelling house and its curtilage, or the part of the land that is to
constitute the site and curtilage of a dwelling house that is to be
constructed;
"relevant contract" means the contract relied on by an applicant under this
section to satisfy the requirements of subsection (1)(a)(ii);
"relevant interest", in relation to land or a dwelling house, means any estate
or interest conferring a right to possession, including any such estate or
interest arising under a perpetual lease but not including any other leasehold
estate or interest.
(7) This section
applies to a conveyance first lodged with the Commissioner for stamping on or
after 9 August, 1989.
(8) This section does
not apply to a conveyance—
(a) if
the conveyance gives effect to a contract entered into on or after
5 June 2008; or
(b) if
the conveyance relates to land where a party to the conveyance has, on or
after 5 June 2008, entered into a contract for the construction of a
dwelling house on the relevant land (as described in
subsection (1)(a)(iv)(A)); or
(c) if
the conveyance relates to land where the construction of a dwelling house has
commenced on or after 5 June 2008.