The LNP Government has announced that it will be reviving the principal place of residence (PPR) duty exemption from 1 July 2012. The original PPR exemption was abolished for contracts formed from 1 August 2011.
The legislation is expected to reinstate the duty exemption to be introduced into Parliament during the first sitting commencing 15 May 2012.
It is not presently certain whether the new PPR exemption will operate identically to the previous exemption – which required applicants to comply with the following conditions:-
1. Occupy the property as their principal place of residence within 12 months of settlement;
2. Remain in occupation for a continuous period of 12 months;
3. Not dispose of the property (ie sell, or rent out any portion) within that 12 month period;
4. If existing tenants at time of settlement, the tenants must have vacated within 6 months of settlement.