(1) A transferee is entitled to an exemption from duty under this Chapter in respect of a PPR transfer if—
(a) at the time of the transfer, the transferee satisfies the requirements specified in section 57JB in respect of the PPR transfer; and
(b) the dutiable value of the dutiable property the subject of the PPR transfer is not more than $600 000.
(2) A transferee is entitled to a concession from duty under this Chapter in respect of a PPR transfer if—
(a) at the time of the transfer, the transferee satisfies the requirements specified in section 57JB in respect of the PPR transfer; and
(b) the dutiable value of the dutiable property the subject of the PPR transfer is more than $600 000 but not more than $750 000.
S. 57JA(3) amended by No. 67/2017 s. 6.
(3) For the purposes of subsection (2), the concessional amount of duty payable is an amount calculated in accordance with the formula—
where—
A is the dutiable value of the property;
B is the amount of duty paid or
payable
(but for this section) on the PPR transfer.
S. 57JB inserted by No. 28/2017 s. 11, amended by No. 47/2020 s. 9(2) (ILA s. 39B(1)).