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DUTIES ACT 1997 - SECT 32C
Rate for large parcels of residential land
(1) If a dutiable transaction in respect of residential land that is a parcel
of land has a dutiable value exceeding $3,040,000, and the area of the parcel
of land exceeds 2 hectares, 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 multiplied 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 the proportion that 2 hectares bears to
the total area of the parcel of land in hectares.
(4) 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.
(4A) This section does not apply in respect of
residential land if section 32B applies to the land.
(5) In this section--
"residential land" has the same meaning as in section 32A.
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