Frequent questions
- What is residential land?
Residential land includes:
land on which there is a single dwelling or flat, or where a single dwelling or flat is being constructed
a strata lot that is lawfully occupied as a separate dwelling or suitable for that purpose
a land use entitlement, if it confers an entitlement to occupy a building, or part of a building, as a separate dwelling
vacant land that is zoned or designated for residential or principally for residential purposes.
- How to calculate premium property duty?
Where the dutiable value of residential land exceeds $3 million, the duty payable is $150 490 plus $7 for every $100, or part by which the dutiable value exceeds $3 million.
Conditions apply where residential land is used for other purposes (e.g. mixed development and mixed use land). Conditions also apply for parcels of residential land exceeding two hectares.
For more information about how these conditions apply, read the premium property duty factsheet.
- When is the premium property duty payable?
Duty must be paid within three months of the date of exchange of contracts, except in the case of off-the-plan purchases. Where a property is purchased off-the-plan, duty must be paid within three months from the date of:
completion of the agreement, or
the assignment of the whole or any part of the purchaser's interest under the agreement, or
12 months from the date of the agreement,
whichever occurs first.
