The Qld Office of State Revenue (OSR) has issued Public Ruling DA085.2.1 (Transfer duty – relief for certain vacant land concession beneficiaries). The OSR says ex gratia relief from transfer duty will be considered, on a case-by-case basis, to extend the benefit of the first home concession and vacant land concession to transactions where the transferee, lessee or vested person previously obtained a vacant land concession and was reassessed because no home was built on the land within the required timeframe or the land was disposed of prior to the construction of a home. The Public Ruling sets out the circumstances under which ex gratia relief may be provided and applies from 2 August 2012.
[LTN 164, 24/8]