An application can be self-assessed if 100% of the interest is acquired by the buyer(s) and the contract states the consideration for that 100% interest.
Example 1
Tom and Kate enter into a contract for sale of land to purchase 100% interest in an established home from the Housing Authority for $450,000.
Example 2
Tom and Kate, together with the Housing Authority, enter into a contact for sale of land to purchase an apartment for $450,000 from a third party. Tom and Kate will acquire an 80% interest in the property and the Housing Authority will acquire the other 20%.
Because both of these transactions are for the acquisition of 100% of the interest and the consideration is stated on the contract, the transactions can be self-assessed. If Tom and Kate were entering into a contract for sale of land to purchase 80% interest in an established home from the Housing Authority, the transaction would have to be lodged for assessment.
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