Definitions of Terms
Click on the below terms to view the definitions.
'Approved agent'
'actual rent'
Lease duty is payable on the total cost under the terms of the lease or occupancy right.
The cost of a lease is the rent payable for the lease.
The cost of an occupancy right is the consideration payable for the occupancy right.
Where all or part of the cost was not ascertainable at the time of initial assessment, the lessor or grantor must, at the time stated in section 239(3) of the Duties Act, lodge a statement disclosing the unascertainable amount and pay any further lease duty applicable. However, the lessor or grantor does not have to comply as above if the unascertainable amount is not more than $10,000.
The cost of a lease includes any increase provided for by an agreement or deed of variation of the lease. See section 241(8) of the Duties Act.
'Australian citizen'
'Australian citizen' means an Australian citizen under the Australian Citizenship Act 1948 (Cwlth), part 3.
'agreement for lease'
Lease duty is payable on the total cost under the terms of the lease or occupancy right.
The cost of a lease is the rent payable for the lease.
The cost of an occupancy right is the consideration payable for the occupancy right.
Where all or part of the cost was not ascertainable at the time of initial assessment, the lessor or grantor must, at the time stated in section 239(3) of the Duties Act, lodge a statement disclosing the unascertainable amount and pay any further lease duty applicable. However, the lessor or grantor does not have to comply as above if the unascertainable amount is not more than $10,000.
The cost of a lease includes any increase provided for by an agreement or deed of variation of the lease. See section 241(8) of the Duties Act.
'ascertainable amount'
The cost of a lease or occupancy right is ascertainable if the lease or right states the amount or provides how it is to be worked out and all factors necessary to work out the amount are known when the liability arises. If only part of the cost is ascertainable, lease duty is initially assessed on that part. Duty is assessed on the unascertainable part when the period is reviewed.
'assessment due date'
When an assessment is issued, the standard time allowed for payment before recovery action commences is 33 days. The TAA provides that at least 30 days must be allowed from the date of service of the notice of assessment. Administratively, three days are allowed for service. The assessment due date is also used to determine the UTI start date.
'assessed interest'
Assessed interest is the component of unpaid tax interest (UTI) that had already accrued and was included in the notice of assessment when the assessment was made.
'Building'
'Building' includes part of a building.
'balance owing'
Means the amount owing under the previous mortgage immediately before the home refinance mortgage secures the total amount secured.
'base rent'
Base rent is the rent that is payable for the lease (or consideration for an occupancy right) - usually for the first year of the term.
'Bulk end user '
You are a bulk end user (BEU) to the extent that you use BEU fuel.
'Bulk end user fuel'
BEU fuel is fuel that is purchased by a person as non-retail fuel, to the extent that it is delivered in bulk end user quantities (up to 2000 litres in a day) from the person's Queensland storage site, or by a distributor in Queensland, directly into the running tank of a vehicle or equipment operated by the person.
BEU fuel includes diesel used on a public road by a diesel engine road vehicle and motor spirit used for any purpose.
'Bulk end user quantity '
The bulk end user quantity of fuel is 2 000 litres or less, whether the fuel is delivered in one quantity or several quantities over a 24-hour period.
'Commencement date'
'Commencement date', for an eligible transaction, means:
- for a contract for the purchase of a home or to have a home built, the date when the contract is made
or
- for the building of a home by an owner builder:
- the date when laying the foundations for the home starts
or
- another date the Commissioner considers appropriate in the circumstances of the case.
'composite claim'
A composite claim may be made when the advance to the borrowers is to be used for both the acquisition of an interest in a home and the refinancing of an existing mortgage over that home.
Because composite claims involve a refinance and therefore a new mortgage, the type of credit that is allowable for a further advance on the same mortgage (i.e. allowing duty accounted for) does not apply. However, any available credit in respect of duty paid on the previous mortgage may be used to offset the total amount advanced, including any amount attributed to the acquisition part of the composite claim.
A separate calculator screen must be used to correctly calculate the total amount of mortgage duty payable for composite claims.
Also see composite mortgage.
'composite mortgage'
A mortgage that secures an advance that is partly to acquire an interest in a home and partly to refinance a previous mortgage over that home is called a composite mortgage. A separate calculator screen must be used to correctly calculate the total amount of mortgage duty payable for composite claims.
'concessional duty'
|
Amount |
Concessional rate |
|
Up to $250,000 |
$1 for every $100.00 or part thereof up to the value of $250,000 |
|
On any excess over $250,000 |
Normal transfer duty rates apply |
Value of home concession where transfer duty liability date is on or after 1 August 2004 and prior to 1 July 2006:
|
Amount |
Concessional rate |
|
Up to $300,000 |
$1 for every $100.00 or part thereof up to the value of $300,000 |
|
On any excess over $300,000 |
Normal transfer duty rates apply |
Value of home concession where transfer duty liability date is on or after 1 July 2006:
|
Amount |
Concessional rate |
|
Up to $320,000 |
$1 for every $100.00 or part thereof up to the value of $320,000 |
|
On any excess over $320,000 |
Normal transfer duty rates apply |
Value of first home concession (applies in addition to home concession) where transfer duty liability date prior to 1 May 2004
|
Price of first home |
Transfer duty |
|
|
Basic concessional duty for all home buyers |
Less additional rebate for first home buyers |
|
|
Column 1 |
Column 2 |
Column 3 |
|
Up to $80,000 |
up to $800 |
$800 |
|
$80,001 to $150,000 |
$1 for every $100.00 or part thereof up to $150,000 |
$500 |
|
$150,001 to $155,000 |
$1 for every $100.00 or part thereof up to $155,000 |
$300 |
|
$155,001 to $160,000 |
$1 for every $100.00 or part thereof up to $160,000 |
$200 |
|
$160,001 to $250,000 |
$1 for every $100.00 or part thereof up to $250,000 |
no additional rebate |
|
Over $250,000 |
$1 for every $100.00 or part thereof on the first $250,000 plus general duty rates on the excess price over $250,000 |
no additional rebate |
Value of first home concession (applies in addition to home concession) where transfer duty liability date on or after 1 May 2004 and prior to 1 August 2004
No duty is payable on the purchase of a first home up to $250,000.
Where the price exceeds $250,000, a first home duty rebate will apply. This rebate is capped at $2,500 and reduces by $100 for every $10,000 of dutiable value over $250,000. The rebate cuts out completely for homes costing $500,000 or more.
|
Price of first home |
Transfer duty |
|
|
Basic concessional duty for all home buyers |
Less additional rebate for first home buyers |
|
|
Column 1 |
Column 2 |
Column 3 |
|
Up to $250,000 |
$2,500 |
$2,500 |
|
$250,000 to $259,999 |
$1 for every $100.00 or part thereof on the first $250,000 plus $3.50 for every $100 or part of $100 of the excess price over $250,000 |
$2,500 |
|
$260,000 to $269,999 |
$2,400 |
|
|
$270,000 to $279,999 |
$2,300 |
|
|
$280,000 to $289,999 |
$2,200 |
|
|
$290,000 to $299,999 |
$2,100 |
|
|
$300,000 to $309,999 |
$2,000 |
|
|
$310,000 to $319,999 |
$1,900 |
|
|
$320,000 to $329,999 |
$1,800 |
|
|
$330,000 to $339,999 |
$1,700 |
|
|
$340,000 to $349,999 |
$1,600 |
|
|
$350,000 to $359,999 |
$1,500 |
|
|
$360,000 to $369,999 |
$1,400 |
|
|
$370,000 to $379,999 |
$1,300 |
|
|
$380,000 to $389,999 |
$1,200 |
|
|
$390,000 to $399,999 |
$1,100 |
|
|
$400,000 to $409,999 |
$1,000 |
|
|
$410,000 to $419,999 |
$900 |
|
|
$420,000 to $429,999 |
$800 |
|
|
$430,000 to $439,999 |
$700 |
|
|
$440,000 to $449,999 |
$600 |
|
|
$450,000 to $459,999 |
$500 |
|
|
$460,000 to $469,999 |
$400 |
|
|
$470,000 to $479,999 |
$300 |
|
|
$480,000 to $489,999 |
$200 |
|
|
$490,000 to $499,999 |
$100 |
|
|
$500,000 |
NIL |
|
|
Over $500,000 |
$1 for every $100.00 or part thereof on the first $250,000 plus $8,750 plus $3.75 for every $100 or part of $100 of the excess price over $500,000 |
NIL |
Value of first home concession (applies in addition to home concession) where transfer duty liability date on or after 1 August 2004 but prior to 1 July 2006
No duty is payable on the purchase of a first home up to $250,000.
Where the price exceeds $250,000, a first home duty rebate will apply. This rebate is capped at $2,500 and reduces by $100 for every $10,000 of dutiable value over $250,000. The rebate cuts out completely for homes costing $500,000 or more.
|
Price of first home |
Transfer duty |
|
|
Basic concessional duty for all home buyers |
Less additional rebate for first home buyers |
|
|
Column 1 |
Column 2 |
Column 3 |
|
Up to $250,000 |
$2,500 |
$2,500 |
|
$250,000 to $259,999 |
$1 for every $100, or part of $100 on the first $300,000 |
$2,500 |
|
$260,000 to $269,999 |
$2,400 |
|
|
$270,000 to $279,999 |
$2,300 |
|
|
$280,000 to $289,999 |
$2,200 |
|
|
$290,000 to $299,999 |
$2,100 |
|
|
$300,000 to $309,999 |
$1 for each $100, or part of $100 on the first $300,000, plus $3.50 for every $100 or part of $100 of the excess price over $300,000 |
$2,000 |
|
$310,000 to $319,999 |
$1,900 |
|
|
$320,000 to $329,999 |
$1,800 |
|
|
$330,000 to $339,999 |
$1,700 |
|
|
$340,000 to $349,999 |
$1,600 |
|
|
$350,000 to $359,999 |
$1,500 |
|
|
$360,000 to $369,999 |
$1,400 |
|
|
$370,000 to $379,999 |
$1,300 |
|
|
$380,000 to $389,999 |
$1,200 |
|
|
$390,000 to $399,999 |
$1,100 |
|
|
$400,000 to $409,999 |
$1,000 |
|
|
$410,000 to $419,999 |
$900 |
|
|
$420,000 to $429,999 |
$800 |
|
|
$430,000 to $439,999 |
$700 |
|
|
$440,000 to $449,999 |
$600 |
|
|
$450,000 to $459,999 |
$500 |
|
|
$460,000 to $469,999 |
$400 |
|
|
$470,000 to $479,999 |
$300 |
|
|
$480,000 to $489,999 |
$200 |
|
|
$490,000 to $499,999 |
$100 |
|
|
$500,000 |
NIL |
|
|
Over $500,000 |
$1 for each $100.00, or part of $100.00 on the first $300,000 plus $7,000 plus $3.75 for every $100 or part of $100 of the excess price over $500,000 |
NIL |
Value of first home concession (applies in addition to home concession) where transfer duty liability date on or after 1 July 2006
No duty is payable on the purchase of a first home up to $250,000.
Where the price exceeds $250,000, a first home duty rebate will apply. This rebate is capped at $2,500 and reduces by $100 for every $10,000 of dutiable value over $250,000. The rebate cuts out completely for homes costing $500,000 or more.
|
Price of first home |
Transfer duty |
|
|
Basic concessional duty for all home buyers |
Less additional rebate for first home buyers |
|
|
Column 1 |
Column 2 |
Column 3 |
|
Up to $250,000 |
$2,500 |
$2,500 |
|
$250,000 to $259,999 |
$1 for every $100, or part of $100 on the first $320,000 |
$2,500 |
|
$260,000 to $269,999 |
$2,400 |
|
|
$270,000 to $279,999 |
$2,300 |
|
|
$280,000 to $289,999 |
$2,200 |
|
|
$290,000 to $299,999 |
$2,100 |
|
|
$300,000 to $309,999 |
$2,000 |
|
|
$310,000 to $319,999 |
$1,900 |
|
|
$320,000 to $329,999 |
$1 for each $100, or part of $100 on the first $320,000, plus $3.50 for every $100 or part of $100 of the excess price over $320,000 |
$1,800 |
|
$330,000 to $339,999 |
$1,700 |
|
|
$340,000 to $349,999 |
$1,600 |
|
|
$350,000 to $359,999 |
$1,500 |
|
|
$360,000 to $369,999 |
$1,400 |
|
|
$370,000 to $379,999 |
$1,300 |
|
|
$380,000 to $389,999 |
$1,200 |
|
|
$390,000 to $399,999 |
$1,100 |
|
|
$400,000 to $409,999 |
$1,000 |
|
|
$410,000 to $419,999 |
$900 |
|
|
$420,000 to $429,999 |
$800 |
|
|
$430,000 to $439,999 |
$700 |
|
|
$440,000 to $449,999 |
$600 |
|
|
$450,000 to $459,999 |
$500 |
|
|
$460,000 to $469,999 |
$400 |
|
|
$470,000 to $479,999 |
$300 |
|
|
$480,000 to $489,999 |
$200 |
|
|
$490,000 to $499,999 |
$100 |
|
|
$500,000 |
NIL |
|
|
Over $500,000 but not more than $700,000 |
$1 for each $100.00, or part of $100.00 on the first $320,000 plus $6,300 plus $4.00 for every $100 or part of $100 of the excess price over $500,000 |
NIL |
|
More than $700,000 |
$1 for each $100.00, or part of $100.00 on the first $320,000 plus $14,300 plus $4.50 for each $100 or part of $100 of the excess price over $700,000 |
NIL |
'cost'
The cost of a lease is the rent payable for the lease. However, it does not include:
- amounts paid for reasonable outgoings
- penal rent or increased rent in the nature of penal rent
- amounts paid in consideration of the termination or surrender of an existing lease or agreement relating to the leased premises
- premiums, fines or other consideration payable for the grant of the lease
- consideration paid for, or the value of, any moveable chattels taken over by the lessee from the lessor or outgoing lessee
- if a business is to be carried out on the leased premises and an amount in excess of what would be the rent if a business was not carried out on the premises is charged for the lease - the excess amount.
The cost of an occupancy right is the consideration payable for the right. However, it does not include an amount payable for reasonable outgoings.
If the cost of a lease or occupancy right may vary up to a maximum amount, the maximum amount is the cost of the lease or right.
The cost of a lease includes any increase provided for by an agreement or deed of variation of the lease. See section 241(8) of the Duties Act.
If the cost of a lease or occupancy right includes the provision of goods or services, the value of the goods or services is included in the cost.
'Commissioner'
'Commissioner' means the Commissioner of State Revenue appointed under the Taxation Administration Act 2001.
'Completed'
'Completed', for an eligible transaction, means:
- for a contract for the purchase of a home:
- when the purchaser becomes entitled to possession of the home under the contract
and
- if the purchaser is to obtain a registered title to the land on which the home is built, when the purchaser’s title is registered
or
- for a contract to have a home built: when the building is ready for occupation as a home and any prescribed completion requirements are complied with
or
- for the building of a home by an owner builder: when the building is ready for occupation as a home and any prescribed completion requirements are complied with.
'Comprehensive home building contract'
'comprehensive home building contract' means a contract under which a builder undertakes to build a home from the start of building work to the point where the home is ready for occupation.
Additionally, if for any reason, the work to be carried out under the comprehensive home building contract is not completed, any further contract under which the work is to be completed will also be included as part of the original comprehensive home building contract.
'Consideration'
'consideration', for an eligible transaction, means:
- for a contract for the purchase of a home: the consideration for the purchase
or
- for a contract to have a home built: the total consideration payable for the building work
or
- for the building of a home by an owner builder: the actual costs to the owner of carrying out the work, excluding any allowance for the owner builder’s own labour.
'Diesel Engine Road Vehicle '
New definition effective 1 June 2006 (for diesel purchased on or after this date)
A diesel engine road vehicle includes any vehicle with a diesel engine, other than a vehicle conditionally registered, or of a kind that would be eligible for conditional registration, under the Transport Operations (Road Use Management) Act 1995
Definition prior to 1 June 2006 (for diesel purchased prior to this date)
A diesel engine road vehicle means a vehicle that has a diesel engine and is designed solely or principally for transporting persons, goods or animals by road.
'daily UTI amount'
The daily rate of UTI accruing. The daily UTI amount is calculated by multiplying the primary tax by the UTI annual % rate and dividing by 366 days.
'days'
Where periods are input as a number of years, months and days, this program operates as if there are 12 months in each year and 30 days in each month. Where periods are input by start and end dates, this program calculates the actual period with reference to the calendar.
'dutiable proportion'
Base rent is the rent that is payable for the lease (or consideration for an occupancy right) - usually for the first year of the term.
'dutiable transaction'
A dutiable transaction is a transfer of dutiable property or an agreement for the transfer of dutiable property, whether conditional or not.
'dutiable value'
The dutiable value of a dutiable transaction is, the consideration for the dutiable transaction or the unencumbered value of the dutiable property, whichever is the higher.
'Eligible transaction'
'eligible transaction' is:
- a contract made on or after 1 July 2000 for the purchase of a home in Queensland
or
- a comprehensive home building contract that is made on or after 1 July 2000:
- by the owner of the land in Queensland or
- by a person who will be the owner of the land on which the home is to be built by the contract's completion.
or
- the building of a home in Queensland by an owner builder if the building work starts on or after 1 July 2000.
'Financial help'
Financial help is any form of financial assistance that is provided by a related person that assists the applicant in buying their home, including:
- a gift of money or property, whether or not the gift is enough for the applicant to meet all the obligations under the eligible transaction
- a contribution towards the purchase or construction of the home or the maintenance of the home
- making a loan repayment for the applicant in respect of the home
- forgiving a loan repayment owed by the applicant
- transferring land, on which the home is or is to be built, to an applicant for less than the market value of the land or home
- building a home for the applicant for a discounted price
- agreeing to pay any rates, utilities or repair and maintenance costs of the home
- agreeing to act as guarantor for an applicant on the home mortgage
- agreeing to pay market rent for residing in an applicant's home
- financial assistance given either before or after the home is purchased or built
- indirect payment to a third party, for instance, to pay a debt owed by an applicant to the third party
- indirect payment from a related company or related trust.
'fees'
Includes postage fees, adjudication fees and court fees that may be payable. UTI accrues only on unpaid primary tax. It does not accrue on any outstanding fees, penalty tax or unpaid interest.
'first home'
A person’s home is the person’s first home if, before acquiring the home, the person did not hold and never before held, an interest in residential land in Queensland or elsewhere (i.e. anywhere in the world) other than-
-
as trustee for another person
or
-
as lessee
or
-
as the holder of a security interest.
A residence that is to be constructed is the person’s first home if, when constructed, it will be the person’s first home as above.
Other requirements to claim a first home concession
Prior to 1 May 2004, the concession for first homes is only allowable if the consideration payable for the transfer of the dutiable property is at least the unencumbered value of the dutiable property (i.e. where there is no element of gift).
On or after 1 May 2004, the concession for first homes is not available where the unencumbered value of the residential land is more than the $250,000 and the consideration for the transaction is less than the unemcumbered value or nil.
Claimants must also be at least 18 years of age if the transfer duty liability date is on or after 1 May 2004. However, the Commissioner of State Revenue may exempt a transferee from this requirement and has a discretion to allow the concession in appropriate cases.
If you want to be considered for an exemption from this requirement, submit your completed form 2.1 to the Office of State Revenue together with full details relating of the circumstances relating to your home purchase.
A concession is only allowable if the home is in Queensland.
'first home borrower'
A person is a first home borrower, if the borrower’s home mortgage secures an advance to the borrower to finance the purchase or construction of the borrower’s first home and the borrower is an individual of at least 18 years of age on the mortgage duty liability date.
The commissioner may exempt an individual from the requirement that the individual be at least 18 years of age if the commissioner is satisfied there is no avoidance scheme in relation to the home mortgage.
'first home vacant land'
A residence to be constructed on vacant land is a person’s first home if—
- the person’s occupation date for the residence is within 2 years after the person’s transfer date for the vacant land; and
- before acquiring the vacant land—
- the person did not hold, and had never before held, an interest in residential land in Queensland or elsewhere other than —
- as trustee for another person; or
- as lessee; or
- as the holder of a security interest; and
- the person was not, and had never been, a vacant land concession beneficiary in relation to land other than the vacant land on which the residence is to be constructed.
- the person did not hold, and had never before held, an interest in residential land in Queensland or elsewhere other than —
A person’s land is vacant land if —
- a residence is to be constructed on the land; and
- when the person acquired the land, there was no building or part of a building on the land.
'Fuel '
Prior to 1 December 2006, Retailers and BEUs could claim a subsidy for fuel sold as retail fuel or used as BEU fuel respectively, provided it was either motor spirit or diesel of the type ordinarily sold by a retailer.
From 1 December 2006, fuel means:
- motor spirit or diesel of the type ordinarily sold by a retailer; or
- motor spirit or diesel of the type that can be used in a vehicle as a replacement fuel for motor spirit or diesel of the type ordinarily sold by a retailer, and is also the subject of a fuel standard in force under the Fuel Quality Standards Act 2000 (Cwlth).
For example, from 1 December 2006, a retailer or a BEU may now claim a subsidy on bio-diesel sold as retail fuel or used as BEU fuel respectively, provided that it can directly be substituted in a vehicle for motor spirit or diesel of the type ordinarily sold by a retailer, and is also the subject of a fuel standard in force under the Fuel Quality Standards Act 2000 (Cwlth).
'Guardian'
'guardian', of a person under a legal disability, includes a trustee who holds property on trust for the person under an instrument of trust or by order or direction of a court or tribunal.
'Home'
'home' is a building, fixed to land, which:
- may lawfully be used as a place of residence
and
- is a suitable building for use as a place of residence
'Home owner'
'home owner' is a person who has a relevant interest in the land on which the home is built.
'holding over'
If the lessee or grantee continues in possession of the leased premises after the lease or right ends, a liability for lease duty arises when the continued possession starts.
If when the liability arises, the cost of the lease or occupancy right , or part of the cost, is not ascertainable, the lessor or grantor must, within 30 days after:
-
the first anniversary of the liability arising and each later anniversary
and
-
the continued possession ceases.
Lodge the lease or right and a statement in the approved form stating the unascertainable amount; and pay to the commissioner the amount of lease duty to the extent that it relates to the unascertainable amount.
'home borrower'
A person is a home borrower if the person is the mortgagor under a home mortgage.
The home mortgage must secure an advance to finance the purchase or construction of the borrower’s home.
'home mortgage'
A home mortgage is a mortgage given by a person to the extent that the mortgage secures an advance to the person to finance the purchase or construction of the person’s home or a further interest in the person’s home.
'home refinance borrower'
A person is a home refinance borrower if the person is the mortgagor under a home refinance mortgage.
'home refinance mortgage'
A home refinance mortgage is a mortgage over a person's home securing advances to a person, all or part of which are used or to be used to repay the balance owing under a previous mortgage over the person's home.
'information due date'
The date stated in the requisition by which the information is required to be lodged at the Office of State Revenue. Generally, the information due date is 30 days after the date the requisition is issued.
'lease'
lease is:
-
a lease, or agreement for lease, of land in Queensland
or
-
an offer for the grant of exclusive possession of land in Queensland.
For leasing of other property (eg. motor vehicles or equipment), refer to the hire duty chapter of the Duties Act 2001.
'lease duty'
A lease or occupancy right is chargeable with lease duty at the rate of $0.35 for each $100, or part of $100, of the cost of the lease or right (i.e. the amount of rent payable under the terms of the lease or consideration for the occupancy right).
'lodgement due date'
'months'
Where periods are input as a number of years, months and days, this program operates as if there are 12 months in each year and 30 days in each month. Where periods are input by start and end dates, this program calculates the actual period with reference to the calendar.
'mortgage'
A mortgage is a security by way of mortgage or charge over property wholly or partly in Queensland at the liability date.
'mortgage duty'
The mortgage duty imposed on a mortgage is 40c for each $100, or part of $100, of the amount secured by the mortgage
If the mortgage is over property both in and outside Queensland, mortgage duty is assessed as if the amount secured by it was only the dutiable proportion. The dutiable proportion is;
| amount of advance | X | value of property in Queensland
value of property in Australia |
A multi-jurisdictional mortgage statement Form 5.3 should be completed to accurately determine the amount of the dutiable proportion.
'mortgage duty liability date'
The mortgage duty liability date means:
- when the mortgage was first signed; or
- in the case of a further advance to an existing mortgage, on the making of that advance (above the amount for which it is already stamped).
For more detail and for mortgages involving interstate property see section 252 of the Duties Act 2001.
'Natural persons'
'natural persons' are human beings, as distinguished from artificial persons or corporations recognised by the law.
This eligibility requirement precludes claims made by companies or trustees.
'Non-retail fuel '
Non-retail fuel is fuel other than retail fuel.
'non-compliance period'
The total number of days after the lodgement due date and/or information due date taken to satisfy lodgement/information requirements
'non residential property'
Means any property not used for residential purposes by the acquirers (e.g. business assets, management rights, etc).
'occupancy right'
An occupancy right is an agreement granting, or an offer to grant of, a right to occupy premises for a term of more than one (1) month if –
-
the occupier intends to use the premises for conducting a business; and
-
the occupier does not obtain a right to exclusive possession but the occupier’s use and enjoyment of the premises is not adversely affected by the absence of the right to exclusive possession.
'occupation date'
A person's occupation date is the date the person, as owner of the residence, starts occupying it as the person's principal place of residence.
'Off-road diesel '
Off-road diesel is diesel used for any purpose other than that of propelling a diesel engine road vehicle on a public road.
However, in relation to diesel sold by a retailer, diesel is not off-road diesel if it is used for a private or domestic purpose, unless you are eligible for a fuel grant under the Fuel Tax Credits Scheme.
Also, off-road diesel does not include diesel used for a purpose incidental to propelling a diesel engine road vehicle on a public road or to enable the vehicle to access a public road.
'Occupier'
'occupier', of a place, includes the person apparently in charge of the place.
'Option'
'option' to purchase, includes a right of pre-emption and right of first refusal.
'Owner'
'owner' is a person who:
- for a home, has a relevant interest in the land on which the home is built
or
- for land, has a relevant interest in the land.
'Owner builder'
'owner builder' means an owner of land who builds a home, or has a home built, on the land without entering into a comprehensive home building contract.
'Permanent resident'
'permanent resident' means:
- the holder of a permanent visa as defined by the Migration Act 1958 (Cwlth), section 30(1)
or
- a New Zealand citizen who is the holder of a special category visa as defined by the Migration Act 1958 (Cwlth), section 32
'penalty tax'
Penalty tax is payable where the commissioner makes a default assessment or, if on a reassessment, there is an increase in the primary tax from the original assessment.
'period to be assessed'
In accordance with the Duties Act 2001, the period to be assessed is:
-
Initially, the term stated in the lease or occupancy right.
-
If the lease or occupancy right contains an option for a further period, such further period is assessed when the option is exercised.
'primary tax'
Means a tax or duty payable under a revenue law.
UTI accrues only on unpaid primary tax. It does not accrue on any outstanding fees, penalty tax or unpaid interest.
'Premises'
'premises' includes:
- a building or structure of any kind
- the land on which a building or structure is situated.
'qualifying amount'
For a home mortgage concession, the qualifying amount is the part of the advance that is being used to finance the purchase or construction of the borrower's home.
For a home refinance mortgage concession, the refinance qualifying amount is the part of the advance that is being used to repay the balance owing under a previous mortgage over the borrower's home.
If the mortgage is over property both in and outside Queensland, the qualifying amount is the proportion of the dutiable proportion that corresponds to the part of the advance that is being used to finance the purchase or construction or to repay the balance owing.
Contact the Office of State Revenue for assistance
'Related company'
A company in which a related person is a director, shareholder or a principal officer.
'Related person'
A parent, child, grandparent, sibling, uncle or aunt of the applicant or the spouse of any of those individuals.
'Related trust'
A trust in which a related person is a trustee, beneficiary or unit holder.
'Relevant interest'
'relevant interest' in land is when a person has:
- an estate in fee simple in the land
or
- a life estate in the land
or
- a perpetual lease of the land granted by the Commonwealth or the State
or
- a leasehold interest in the land granted by the Commonwealth or the State that may be converted under the terms of the lease or by statute into an estate in fee simple
or
- a term lease for pastoral purposes granted under the Land Act 1994
or
- an interest as a purchaser under:
- a contract for the purchase from the Commonwealth or the State of an estate in fee simple in the land by instalments
or
- an instalment contract under the Property Act 1974, part 6, division 4, for the purchase of an estate in fee simple in the land
or
- a licence or right of occupancy granted by the Commonwealth or the State that gives, in the Commissioner’s opinion, the licensee or the holder of the right reasonable security of tenure
or
- an interest in a company’s shares if the Commissioner is satisfied that:
- the interest entitles the holder of the interest to exclusive occupation of a specified home owned by the company
and
- the value of the shares is not less than the value of the company’s interest in the home.
'relevant transferees'
'rent'
For calculation purposes, rent is taken to be the cost or consideration that is payable under the terms of a lease or an occupancy right.
The cost of a lease is the rent payable for the lease. However, it does not include:
-
amounts paid for reasonable outgoings
-
penal rent or increased rent in the nature of penal rent
-
amounts paid in consideration of the termination or surrender of an existing lease or agreement relating to the leased premises
-
premiums, fines or other consideration payable for the grant of the lease
-
consideration paid for, or the value of, any moveable chattels taken over by the lessee from the lessor or outgoing lessee
- if a business is to be carried out on the leased premises and an amount in excess of what would be the rent if a business was not carried out on the premises is charged for the lease - the excess amount.
The cost of an occupancy right is the consideration payable for the right. However, it does not include an amount payable for reasonable outgoings.
If the cost of a lease or occupancy right may vary up to a maximum amount, the maximum amount is the cost of the lease or right.
The cost of a lease includes any increase provided for by an agreement or deed of variation of the lease. See section 241(8) of the Duties Act.
If the cost of a lease or occupancy right includes the provision of goods or services, the value of the goods or services is included in the cost.
'residence'
A residence is a building, or part of a building, that is-
-
fixed to land
and
-
approved by a local government for human habitation by a single family unit
and
-
used for residential purposes.
A concession is only allowable if the residence is in Queensland.
Note: this program has not been designed to calculate concessions in respect of more than one residence on the same property. Contact the Office of State Revenue for assistance.
'residential land'
Means the residence and curtilage attributable to the residence and includes land on
'return due date'
Defaults to today's date. This is the date by which a return is due to be lodged at the Office of State Revenue. If this falls on a non-working day, (e.g. weekend or public holiday) the date is extended to the next available working day.
The user should adjust the return due date accordingly.
'Residence requirement'
For an eligible transaction entered into on or after 1 January 2004: residence requirement means the requirement that an applicant for a First Home Owner Grant must occupy the home to which the applications relates as the applicant’s principal place of residence within one year after completion of the eligible transaction and remain in continuous occupation for a period of at least six months.
For an eligible transaction entered into prior to 1 January 2004: residence requirement means the requirement that an applicant for a First Home Owner Grant must occupy the home to which the application relates as the applicant’s principal place of residence within one year after completion of the eligible transaction.
'Residential property'
'residential property' means land in Australia which, at a particular time, has a building on it which is lawfully occupied as a place of residence or is suitable for occupation as a place of residence.
'Retailer'
You are a retailer to the extent that you sell retail fuel to the public from or through a fixed site (a retail site) in Queensland and you own the fuel.
'Retail fuel '
Retail fuel is fuel to the extent that it is sold by a retailer, from a retail site in retail quantities (up to 2000 litres in a day), and is delivered by a metered pump into the running tank of a vehicle or a container that is empty when the delivery starts.
Retail fuel includes motor spirit used for any purpose. However, when a consumer advises a retailer that the diesel they are purchasing is to be used for an off-road purpose, the diesel is not retail fuel and therefore cannot be claimed. Also, Retail fuel does not include diesel sold by a retailer from a marine site, unless the diesel is delivered directly into the running tank of a registered recreational ship under the Transport Operations (Marine Safety) Act 1994.
'Retail quantity '
The retail quantity of fuel is 2000 litres or less, whether the fuel is delivered in one quantity or several quantities over a 24-hour period.
'Spouse'
'spouse' is a person who is:
- married
or
- a de facto partner:
- a person is a de facto partner of another person only if they are living together as a couple on a genuine domestic basis for at least 2 years, within the meaning of section 32DA of the Acts Interpretation Act 1954.
'TAA'
'transfer date'
A person's transfer date for residential land is the date the person is entitled to possession of the land under the dutiable transaction that is the transfer, or agreement to transfer, of the land.
If the person's home is being constructed, the transfer date is taken to be the date the mortgage was first signed.
'transfer duty'
Transfer duty is imposed on the dutiable value of the dutiable transaction.
'transfer duty liability date'
If the transaction is an agreement for transfer of residential land or vacant land (for example, a contract), the date of liability is the date when the agreement is made.
If the transaction is a transfer of residential or vacant land, the date of liability is the earlier of:
- the date when the land is transferred; or
- the date the parties sign the transfer.
'unascertainable amount'
If, when the liability for lease duty arises, the cost of the lease or occupancy right (or part of the cost) is not ascertainable, the lessor or grantor must, within 30 days of:
- if possession is terminated within the term of the lease or occupancy right, the end of possession
or
- the final rent review carried out under the terms of the instrument
or
-
if no rent review is carried out, the end of the lease period
-
If the lessee or grantee continued in possession of the premises after the end of the lease or occupancy right -
a. each anniversary of the date the continued possession started
and
b. the date the continued possession ceased.
Lodge the lease or right and a statement in the approved form disclosing the (previously) unascertainable amount and pay the amount of further duty applicable.
Note that the lessor or grantor does not have to comply as above if the unascertainable amount is not more than $10,000.
Also see ascertainable amount and holding over.
'unencumbered value'
'unpaid primary tax'
'unpaid tax interest (UTI)'
A taxpayer must pay interest on the amount of primary tax that is assessed and unpaid from time to time. unpaid tax interest (UTI) accrues on a daily basis at the prescribed rate on the unpaid primary tax starting on the UTI start date until the primary tax is paid in full.
The prescribed rate for UTI is subject to change from 1 July each year. An update file will be made available for downloading from the OSR website when the rate changes.
'UTI start date'
Document lodgement (at OSR)
The date that UTI starts to accrue. If lodgement requirements are met on or before the lodgement due date and/or the information requirements are met on or before the information due date, the UTI start date is the day after the assessment due date. If there is a non-compliance period due to a delay in meeting lodgement and/or information requirements, the UTI start date is worked out by subtracting the total number of non-compliance days from the day after the assessment due date.
Return lodgement
The date that UTI starts to accrue. Every return has a due date for lodgement as prescribed under the relevant revenue law. For the purpose of calculating UTI, the day after the due date for lodgement of a return is the UTI start date.
Even though a reassessment notice must show a new assessment due date, the UTI start date (as calculated for the original assessment) does not change. See section 54(4)(e) of the TAA.
'vacant land'
A person’s land is vacant land if —
- a residence is to be constructed on the land; and
- when the person acquired the land, there was no building or part of a building on the land.
