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

Follow this procedure to help you lodge a section 141A exemption claim using OSRconnect.

Use our mandatory buyback under the Retirement Villages Act exemption toolkit for more information.

Note: The fields market with an asterisk (*) are mandatory.

On the Lodgement Obligations tab:

  1. Select Transfer Duty from the Create return/transaction drop-down list.
  2. Select Create to start the transaction.
  1. You can enter your own reference (optional).
  2. Select Transfer of Residential Land as the Transaction Class.
  3. In the Type of dutiable transaction drop-down list, select Agreement to transfer dutiable property.
  4. Select Land in Queensland as the Type of dutiable property.
  5. Enter the Transaction/Document date using the calendar or text field (dd/mm/yyyy).
  6. Leave Unconditional date blank.
  7. Note if the transaction includes a Form 1 Transfer assessed under section 22 (a pursuant transfer).
  8. Click Next.

The Property section will display first. Make sure you complete this page following our data entry standards.

  1. Enter the lot number in the Lot from field.

Use the Lot to field only when entering multiple consecutive lots on the same plan.

  1. Select the Plan type from the drop-down list.
  2. Enter the Plan number.
  3. Enter the Title reference.
  4. Click Add to register the details.
  5. Answer the question: Is the property a residential off-the-plan purchase?
  6. Answer the question: Is the property a new building or residence?
  7. Select Transferors from the Document details list.
  8. Select the Transferor type from the drop-down list.
  9. Enter the transferor details.
  10. Answer the question: Is the transferor a non-Australian entity?
    If Yes, an identity details annexure is required.
  11. Click Add to register the details, then click Save.
  12. Select Email next to the non-Australian transferor’s name. If you are unable to obtain the email address for the transferor, contact the Office of State Revenue immediately.

To add more transferors, repeat steps 19 to 23.

  1. Select Transferees from the Document details list.
  2. Answer the question: Are any of the transferor(s) and transferee(s) related?
  3. Select the Transferee type from the drop-down list.
  4. Enter the transferee details.
  5. Answer the question: Is the transferee a non-Australian entity?
    If Yes, the non-Australian transferee must complete an identity details annexure and these details must be recorded in OSRconnect.

You need to enter an ABN, ACN or ARBN for a company, and a date of birth for an individual.

  1. Enter the Interest acquired by the transferee as a fraction.
  2. Do not enter a Concession type.
  3. Complete the transferee contact details.
  4. Click Add to register the details.

To add more transferees, repeat steps 26 to 32.

  1. Click Next.
  1. Answer No to the question: Is the consideration less than the unencumbered value of the property included in this transaction?
  2. Enter $0 in the Consideration / Unencumbered value of ENTIRE property.
    This is always nil for an exemption claim.
  3. Answer Yes to the question: Is an exemption being claimed?
  4. Select s. 141A Exemption mandatory buyback Retirement Villages Act from the Exemption type drop-down list.
  5. Answer No to the question: Does this transaction form part of an arrangement that includes other dutiable transactions (Section 30)?
  6. Click Next.

The amount of duty payable is displayed, with interest (if applicable).

  1. Click Save to validate your data.
    The status message advises of any errors in the form.

A transaction number is created, and the transaction is saved in draft. (The transaction number will be displayed in a pop-up box that you can then close by clicking the X button.)

  1. Click Summary.
  2. Click Print for a hard copy.
  3. Click the X to close the summary.
  4. Click Next.
  1. Enter your full Name and contact details.
  2. Check the box to complete your acknowledgement.
  3. Click either:
    • Submit to lodge this transaction - you can then view this in Payment Obligations
    • Save to save this transaction as a draft (click the X to close) - you can then view this in Lodgement Obligations.