|Ruling number||DUT 029|
|Date issued||14 August 2006|
|Issued by||Peter Achterstraat|
Chief Commissioner of State Revenue
|29 June 2006|
|Effective to||1 November 2006|
|Status||From 2 November 2006, refer to section 65(15) of the Duties Act 1997|
Section 65 (15) of the Duties Act 1997 exempts the transfer or agreement to transfer land if the transfer or agreement is entered into in connection with an approved home equity release scheme.
To qualify for the exemption the land concerned has to be the principal place of residence of the transferor and the transferor, or if there is more than one transferor, at least one of them, must be aged 65 years or more.
On 29 June 2006, the Treasurer approved a Variation to Statute to reduce the qualifying age for the exemption to 60 years or more.
The Variation will operate until appropriate amendments can be made to the Duties Act 1997.