A transaction that simultaneously confers a significant interest on a person and transforms the entity into a land rich private entity is dutiable under s 95 of the Stamp Duties Act 1923 (SA). The word 'acquire' in s 95(1) is to be interpreted as occurring simultaneously with the change in the entity's character, and the transaction is assessed at the point of completion. This means that structuring an acquisition of a majority interest in a unit trust that is not yet a land rich entity will not avoid stamp duty at land conveyance rates if the acquisition itself causes the entity to become land rich. [name withheld]'s dissent, holding that the entity must already be a land rich entity before the acquisition, and his analysis of the s 97(3) calculation formula for increased interests, remain available as persuasive authority.
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