New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 32B

32B Rate for residential land used for other purposes

(1) If a dutiable transaction in respect of residential land has a dutiable value exceeding $3,040,000, and the Chief Commissioner is satisfied that the residential land is used for purposes other than residential purposes, duty is to be charged at the rate of $7 for every $100, or part, of the premium value of the residential land.

(2) The
"premium value" of the residential land is the amount (if any) by which the dutiable value of the residential land, when reduced by the apportionment factor, exceeds $3,040,000.

(2A) The amount of $3,040,000 specified in subsections (1) and (2) is an adjustable amount for the purposes of Division 3.

(3) The apportionment factor is--

(a) if the land is mixed development land or mixed use land and there is an apportionment factor entered in the Register of Land Values in respect of the land value of the land under Division 5 or 5A of Part 1B of the Valuation of Land Act 1916 --that apportionment factor, or

(b) if paragraph (a) is not applicable--such other apportionment factor as the Chief Commissioner considers fair and reasonable to reflect the use of the land for non-residential purposes, subject to subsections (4) and (5).

(4) If there is no apportionment factor entered in the Register of Land Values in respect of the land value of the land, and the land is mixed development land or mixed use land, the Chief Commissioner may request the Valuer-General to determine the apportionment factor in respect of the land concerned.

(5) If a request is made under subsection (4)--

(a) the Valuer-General must determine the apportionment factor concerned and enter it in the Register of Land Values under the Valuation of Land Act 1916 , and

(b) that apportionment factor is to be applied in respect of the residential land.

Note : Divisions 5 and 5A of Part 1B of the Valuation of Land Act 1916 allow objections to be made against the amount of an apportionment factor.

(6) Duty is to be charged, at the rate set out in section 32, in respect of the dutiable value of the dutiable property transferred reduced by the premium value of the residential land.

(7) In this section--

"mixed development land" has the same meaning as in Division 5 of Part 1B of the Valuation of Land Act 1916 .

"mixed use land" has the same meaning as in Division 5A of Part 1B of the Valuation of Land Act 1916 .

"residential land" has the same meaning as in section 32A.