Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 245F

245F Concession—land to be used for eligible BTR development

(1) This section applies for calculating the amount of AFAD imposed under this chapter on a relevant transaction if—

(a) at the time the liability for transfer duty on the relevant transaction arises, a build to rent development is not located on the land; and

(b) the acquirer is a foreign acquirer; and

(c) the acquirer will—

(i) construct a build to rent development on the land on or before 30 June 2030; and

Note—

See the Land Tax Act 2010 , section 58D for the period during which a building must become suitable for occupation to be a build to rent development and for the modification of that requirement for a staged development.

(ii) use the land and the build to rent development in a way that makes the acquirer eligible to obtain a BTR land tax concession in relation to the land for at least 5 consecutive financial years; and

(d) the acquirer will not transfer or subdivide the land before the acquirer—

(i) has obtained a BTR land tax concession in relation to the land for any financial year; or

(ii) has obtained a BTR land tax concession in relation to the land for at least 5 consecutive financial years.

(2) To the extent of the foreign acquirer’s interest under the relevant transaction, the dutiable value of the dutiable property must be discounted by 100%.