Victorian Numbered Acts Victorian Numbered ActsAfter Division 7 of Part 5 of Chapter 2 of the Duties Act 2000 insert —
A foreign purchaser is entitled to an exemption from additional duty chargeable under section 28A in respect of a dutiable transaction in which a land-related interest in residential property is transferred to the foreign purchaser if—
(a) the foreign purchaser is a foreign natural person who is the spouse or domestic partner of a natural person who is not a foreign natural person; and
(b) the land-related interest in residential property is transferred jointly to the foreign purchaser and the foreign purchaser's spouse or domestic partner; and
(c) subject to section 69AK, the foreign purchaser occupies the residential property as the foreign purchaser's principal place of residence for a continuous period of at least 12 months commencing within the 12 month period immediately after the foreign purchaser becomes entitled to possession of the residential property.
(1) If satisfied there is a good reason for doing so, the Commissioner may—
(a) reduce the period of residence required by section 69AJ(c); or
(b) determine that a temporary absence from residence does not break the continuity of residence for the purposes of section 69AJ(c); or
(c) extend the period in which the residence required by section 69AJ(c) must commence.
(2) If the Commissioner determines that a temporary absence from residence does not break the continuity of residence, the foreign purchaser is not entitled to an exemption under section 69AJ in respect of any other dutiable transaction of a kind referred to in that section during the period of temporary absence unless the foreign purchaser pays additional duty on the original dutiable transaction calculated at the rate set out in section 28A(2).
(3) If a foreign purchaser who is occupying residential property that is the subject of a dutiable transaction to which an exemption under section 69AJ applies as the foreign purchaser's principal place of residence, or who is temporarily absent from the land in accordance with a determination under subsection (1), dies, the requirement under section 69AJ(c) is taken to have been complied with.
(1) If the period of residence required by section 69AJ(c) for an exemption under section 69AJ is not complied with—
(a) the dutiable transaction is chargeable with additional duty at the rate set out in section 28A(2); and
(b) the Commissioner may reassess duty on the transfer accordingly.
(2) A liability for additional duty imposed because of subsection (1) on the dutiable transaction arises when the required period of residence is not complied with.
Note
Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises.
(3) A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made.
Note
Section 9(3)(c) of the Taxation Administration Act 1997 allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law.
(4) If the period of residence required by section 69AJ(c) for an exemption under section 69AJ is not complied with, the foreign purchaser is not entitled to an exemption under that section in respect of any other dutiable transaction of a kind referred to in that section until the foreign purchaser has paid additional duty for which the person is liable because of this section.
(1) A foreign purchaser who has received an exemption under section 69AJ must lodge a written notice with the Commissioner within 30 days after becoming aware of any circumstances that may result in the requirement under section 69AJ(c) not being complied with.
(2) A failure of the foreign purchaser to comply with subsection (1) does not affect the Commissioner's power to exercise a discretion under section 69AK or to reassess duty under section 69AL.".