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Revenue Ruling No. G 013 Exemption from Surcharge for New Home…

- - - - Acquisition of residential land
        
        Foreign Person
        
        From 21 June 2016
    - - Owner of residential land
        
        Foreign person
        
        From 2017 land tax year
  - - - Australian-Based developers
        
        Foreign Person
    - - Construction and sale of new homes
        or
        
        Subdivision and sale for new home construction
    - - Surcharge liability
        
        Exemption granted
        
        Refund
      - Has used land
        
        Exemption not granted
        
        Refund
- - - - Transfer of residential-related property
      - Apply more than one transfer, inc future transfer
    - - Residential land owned on 31 Dec
      - Grant for more than one land tax yr, inc future tax yr
  - - - Australian company
        or
        
        Trust ATF Australian trustee
    - - Construction and sale
        
        Not sale to an associated party
        
        Not used and occupied (exl display home)
        
        Apply within 12 m of sale & No later than 10 yrs after acquisition
      - Subdivision
        
        Subdivision for new home construction
        and
        Sold after issue of subdivision certificate
        
        Application within 12 m of issuing certificate & No later than 1o yrs after acquisition
    - - Past or present involvement
      - Corporation's plans
        eg: corporate plans, prospectuses, annual reports
      - Approval by FIRB
      - Development timetables
      - Approval of finance by a financial institution
      - Relevant development approvals
      - Relevant development approvals
        
        Construction certificate
        
        Registered subdivision plan
        
        Development certificate
        
        Subdivision certificate (Accept if lot number not match)
        
        Strata certificate
    - - eg: Report periodically on the progress of a development
      - May be varied
- - - - Before new home constructed
      - Before a subdivision certificate issued
      - To an assocatied person
    - - Before completion of sales