Document ID: chunk:federal_register_of_legislation:C2015A00150:clause:1_96
Version: federal_register_of_legislation:C2015A00150
Segment Type: clause
Provision Reference: sch 1 cl 96
Character Range: 130016–131610

96  Contravening conditions in relation to residential land

Conditions in no objection notifications
 (1) A person who is given a no objection notification under section 74 (no objection notification imposing conditions) relating to a residential land acquisition must not contravene a condition (except a condition mentioned in section 97) specified in the notification.
Note: Examples of conditions that may be included in a no objection notification under section 74 are:
(a) a condition requiring a temporary resident to sell an established dwelling when the dwelling ceases to be the temporary resident's principal place of residence; and
(b) a condition prohibiting a temporary resident from leasing an established dwelling; and
(c) a condition requiring a purchaser of vacant land to begin to build a dwelling before a particular time.

Conditions in exemption certificates
 (2) A person who is specified in an exemption certificate relating to an interest in residential land must not contravene a condition (other than a condition mentioned in section 97) specified in the certificate.

Civil penalty provisions
 (3) A person who contravenes subsection (1) or (2) is liable to a civil penalty.
 (4) The maximum penalty for the contravention is the greatest of the following:
 (a) the amount of the capital gain that was made or would be made on the disposal of the interest in the relevant residential land;
 (b) 25% of the consideration for the acquisition of that interest;
 (c) 25% of the market value of that interest.
Note: For how to work out the capital gain, see section 98.