Victorian Numbered Acts

STATE TAX LAWS AMENDMENT (BUDGET AND OTHER MEASURES) ACT 2013 (NO. 41 OF 2013) - SECT 20

For section 69AE of the Duties Act 2000 substitute —

        " 69AE     Calculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land

    (1)     This section applies for the purposes of section 69AD in the case of one transfer of dutiable property.

    (2)     If the dutiable value of the dutiable property does not exceed $600 000, the young farmer or young farmer business entity (as the case requires) is entitled to an exemption from duty in respect of $300 000 of the dutiable value of the dutiable transaction.

Examples

1     A young farmer enters into a dutiable transaction with a dutiable value of $275 000. No duty is payable as the young farmer is entitled to an exemption in respect of the whole dutiable value (as it is less than $300 000).

2     A young farmer enters into a dutiable transaction with a dutiable value of $550 000. The young farmer is entitled to an exemption from duty in respect of $300 000 of the dutiable value. For the purposes of assessing the young farmer's duty liability, duty is chargeable at the rate set out in section 28(1) on a dutiable transaction of $550 000 and reduced by the amount of duty that would be chargeable on a dutiable transaction of $300 000.

    (3)     If the dutiable value of the dutiable property exceeds $600 000 but does not exceed $750 000, the young farmer or young farmer business entity (as the case requires) is entitled to a concession from duty of an amount calculated in accordance with the following formula—

where P is the dutiable value of the dutiable property.".