Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actsinsert
Part 2.6A Deferred payments—home buyers
75AA Definitions—pt 2.6A
In this part:
"deferral arrangement"—see section 75AC (2).
"eligible person" means a person who—
(a) is an eligible home buyer under the home buyer concession scheme; or
(b) is eligible for a first home owner grant under the First Home Owner Grant Act 2000 .
"eligible property" means a residential lease the value of which is not more than the upper property value threshold under the home buyer concession scheme.
"home buyer concession scheme" means the home buyer concession scheme under the Taxation Administration Act 1999 .
"residential lease" means a lease granted for residential purposes only.
75AB Application to defer payment of duty
(1) An eligible person may apply to the commissioner to defer payment of duty payable by the person on a dutiable transaction that is—
(a) the transfer of an eligible property; or
(b) an agreement for the sale or transfer of an eligible property.
Note If a form is approved under the Taxation Administration Act, s 139C for this provision, the form must be used.
(2) The application must be made before the duty is payable.
(3) If there is more than 1 transferee or purchaser of the property, each transferee or purchaser—
(a) must be an eligible person; and
(b) must sign the application.
(4) An applicant must provide the commissioner with any information the commissioner reasonably requires to decide the application.
75AC Approval to defer payment of duty
(1) The commissioner must, on receipt of an application under section 75AB, approve the deferral of payment of duty payable by the applicant if—
(a) the applicant is an eligible person; and
(b) the duty is, or would be, payable on—
(i) the transfer of an eligible property; or
(ii) an agreement for the sale or transfer of an eligible property.
(2) However, an approval under subsection (1) is subject to the person entering into an arrangement with the commissioner under the Taxation Administration Act 1999 , section 52 (Arrangements for payment of tax) about payment of the amount of deferred duty and interest (a deferral arrangement ).
75AD Conditions of deferral arrangement
(1) The conditions of a deferral arrangement include the following:
(a) that payment, or the first instalment of payment, of the duty may be deferred for not more than 5 years after the day of the dutiable transaction;
(b) that the duty, and any accrued interest, must be paid not later than 10 years after the day of the dutiable transaction;
(c) that the amount of duty deferred must be at least—
(i) $500; or
(ii) if a greater amount is declared under subsection (2) (b)—the amount declared;
(d) any other condition determined under subsection (2).
(2) The Minister may determine other conditions, consistent with subsection (1) (a) to (c), to which a deferral arrangement is subject, including conditions to fix—
(a) the rate of interest charged on the amount payable under the arrangement; and
(b) an amount for subsection (1) (c) (ii).
(3) A determination is a disallowable instrument.
Note A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.
(4) This section does not limit the Taxation Administration Act 1999 , section 52 but any arrangement under that section about deferred payment of duty under this part must not be inconsistent with conditions under subsection (1).
75AE Unpaid duty and interest a debt and charge on property
(1) The amount payable under a deferral arrangement is a debt owing to the Territory.
(2) The liability of a person under a deferral arrangement is a first charge on the person's interest in the property to which the deferred payment of duty relates.