New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 76

76 Residence requirement

(1) The home must be occupied by the first home owner or one of the first home owners who is acquiring it as a principal place of residence for a continuous period of at least 12 months, with that occupation starting within 12 months (or such longer period as the Chief Commissioner may approve) after completion of the agreement or transfer. This requirement is referred to as
"the residence requirement" .

(2) The Chief Commissioner may, if satisfied there are good reasons to do so in a particular case--

(a) modify the residence requirement by approving a shorter period of occupation by a first home owner, or

(b) exempt a first home owner from the requirement to comply with the residence requirement.

(2A) The Chief Commissioner may give an approval or exemption under this section at any time, even if--

(a) the period of 12 months after completion of the agreement or transfer has already expired, or

(b) the first home owner's occupation of the home as a principal place of residence has already ceased.

(3) In the case of an agreement or transfer for the acquisition of a vacant block of residential land, it is sufficient that the Chief Commissioner is satisfied that the vacant block is intended to be used as the site of a home to be occupied by the first home owner or one of the first home owners who is acquiring it as a principal place of residence.

(5) For the purpose of this section, an agreement or transfer is
"completed" when a purchaser or transferee becomes entitled to possession of the home and, if the interest in the land acquired by the purchaser or transferee is registrable under a law of the State, the interest is so registered.

(6) The residence requirement does not apply to an application under the scheme if, on the date of the agreement or transfer--

(a) the applicant or, if there are 2 or more of them, at least one of the applicants is a member of the Permanent Forces of the Australian Defence Force (within the meaning of the Defence Act 1903 of the Commonwealth), and

(b) the applicant or, if there are 2 or more of them, each of the applicants is enrolled to vote in State elections (under the Electoral Act 2017 ).