Revenue Legislation Amendment Bill 2023 (Qld)

An Act to amend the Duties Act 2001, the Land Tax Act 2010, the Land Tax Regulation 2021, the Payroll Tax Act 1971 and the Taxation Administration Act 2001 for particular purposes The Parliament of Queensland enacts—

Part 1 Preliminary

1 Short title This Act may be cited as the Revenue Legislation Amendment Act 2023.

2 Commencement This Act, other than part 6, commences on 1 July 2023.

Part 2 Amendment of Duties Act 2001

3 Act amended This part amends the Duties Act 2001.

4 Insertion of new ch 4 , pt 4AA Chapter 4, before part 4A— insert—

Part 4AA Concessions for eligible BTR developments

Division 1 Preliminary

245B Application of part (1) This part applies in relation to a relevant transaction that— (a) is the transfer, or agreement for the transfer, of dutiable property that is AFAD residential land; and (b) is entered into on or after 1 July 2023. (2) However, this part does not apply in relation to a relevant transaction mentioned in subsection (1) if— (a) the transfer or agreement replaces a transfer, or an agreement for transfer, that— (i) included the dutiable property; and (ii) was made before 1 July 2023; or (b) the transferee had an option to purchase the dutiable property, or the transferor had an option to require the transferee to purchase the dutiable property, that was granted before 1 July 2023 and exercised on or after 1 July 2023; or (c) another arrangement was made before 1 July 2023 the sole or main purpose of which was to defer the making of the transfer or agreement until 1 July 2023 or later so a concession under this part would apply in relation to the relevant transaction.