Queensland Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2025 - SECT 20

20 Insertion of new s 154A

After section 154 —
insert—

154A Reassessment—decrease in dutiable value of residential vacant land

(1) This section applies if—

(a) transfer duty on a dutiable transaction that is 1 of the following is assessed on the basis of a concession under section 92B or 93B—

(i) the transfer, or agreement for the transfer, of vacant land;

(ii) the acquisition, mentioned in section 85(b), of a lease of vacant land;

(iii) the vesting, mentioned in section 85(c), of vacant land; and

(b) when the residence is constructed—

(i) for transfer duty assessed on the basis that all of the vacant land is residential vacant land—only part of the vacant land is residential land; or

(ii) for transfer duty assessed on the basis that part of the vacant land is residential vacant land—the part of the vacant land that is residential land is different to the part of the vacant land on which the transfer duty was assessed; and

(c) the amount of transfer duty that would have been imposed on the transaction if the residential land had been used for assessing the concession is more than the amount of transfer duty assessed on the transaction.

(2) The commissioner must make a reassessment to impose transfer duty on the dutiable transaction on the basis that a reference in section 92B or 93B to residential vacant land were a reference to the residential land.