For the purposes of this Division, an eligible transaction means a transfer of land on which a home is situated if that transfer meets the following requirements:

(a) a transferee is an eligible pensioner;

(b) the Commissioner is satisfied that the eligible pensioner intends to occupy the home as his or her principal place of residence for a continuous period of at least 6 months commencing within –

(i) the 12-month period immediately after the transfer; or

(ii) such longer period as is approved by the Commissioner;

(c) the dutiable value of the dutiable property does not exceed the prescribed amount or, if no amount is prescribed, $600 000.