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Mandatory buyback under the Retirement Villages Act exemption (s. 141A) toolkit

This toolkit will help you to self assess transfer duty on transactions involving mandatory buybacks under the Retirement Villages Act 1999.

In certain circumstances, retirement village operators are required to purchase unsold units in their village. Section 141A of the Duties Act 2001 provides a transfer duty exemption for mandatory buybacks under s. 63A of the Retirement Villages Act.

All the conditions for a mandatory buyback under s. 63A must be satisfied at the time the agreement is made.

You need to notify the Commissioner of State Revenue if you have claimed the exemption and s. 63A is not satisfied. For example, the exemption will not apply if your transaction isn’t completed within the time required under s. 63B of the Retirement Villages Act.

Learn more about retirement villages.

Assessing a mandatory buyback under Retirement Villages Act exemption

Here are some tips to help you self assess this type of transaction in OSR Online.

How to lodge online

You must complete all mandatory fields under each tab in OSR Online. Mandatory fields are marked with a red asterisk.

  • Select Transfer of residential land as the Transaction class.
  • In the Type of dutiable transaction drop-down list, select Agreement to transfer dutiable property.
  • Select Land in Queensland as the Type of dutiable property.
  • Answer Yes to the question: Is the consideration for this transaction less than the unencumbered value of the property included in this transaction?
  • Enter the unencumbered value of 100% interest in property if known; if unknown, enter $0.00 (nil).
  • Answer Yes to the question: Is an exemption being claimed?
  • Select s.141A exemption mandatory buyback Retirement Villages Act from the Exemption type drop-down list.

Non-Australian entity

When a transaction includes real property, each transferor and transferee must declare whether they are a non-Australian entity.

A non-Australian transferor or transferee must complete an identity details annexure.

For transferors, an email is automatically generated through OSR Online when the transaction is lodged, asking the transferor to complete an online identity details annexure. Contact us for help if you cannot obtain the transferor's email address.

Transferees must complete an identity details annexure and you must enter these details in OSR Online.

Records you need to keep

For this type of transaction, you must keep:

Find out more about your record keeping obligations.

Also consider…

Contact

Office of State Revenue
For transfer duty self assessment queries:

For queries on payroll tax, land tax and royalties:

  • call 1300 300 734 (Australia) or +61 7 3179 2500 (overseas)
  • send an email using our online enquiry form.