s 65

Anti‑avoidance—assets etc

In force

Acquisition of assets

(1)

If:

(a)

one or more persons enter into, begin to carry out or carry out a scheme; and

(b)

it would be concluded that the person, or any of the persons, who entered into, began to carry out or carried out the scheme or any part of the scheme did so for the sole or dominant purpose of avoiding the application of any provision of Part 2 or 3 in relation to any person or persons (whether or not mentioned in paragraph (a)); and

(c)

as a result of the scheme or a part of the scheme, a person (the beneficiary) acquires any of the following assets:

(i)

an airport lease or an interest in an airport lease;

(ii)

a sublease of an airport lease;

(iii)

a licence relating to an airport lease;

the Minister may give the beneficiary a written direction to dispose of the asset within a specified time.

Acquisition of stake in airport‑operator company

(2)

If:

(a)

one or more persons enter into, begin to carry out or carry out a scheme; and

(b)

(c)

as a result of the scheme or a part of the scheme, a person (the stakeholder) increases the stakeholder’s stake in an airport‑operator company;

the Minister may give the stakeholder a written direction to cease holding that stake within a specified time.

Offence

(3)

A person who intentionally contravenes a direction under subsection (1) or (2) commits an offence punishable on conviction by a fine not exceeding 400 penalty units.

Definitions

(4)

In this section:

increase, in relation to a stake in a company, includes an increase from a starting point of nil.

stake, in relation to a company, has the same meaning as in the Schedule.

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