Duties Act 1997

Part 1 of Chapter 11, as inserted by the amending Act, applies to transactions occurring on or after 1 July 2012, other than pre-approved transactions that occur before 1 January 2013.

Section 281, as in force immediately before its repeal by the amending Act, continues to apply—

to pre-approved transactions that occur on or after 1 July 2012 and before 1 January 2013, and

to transactions that occur before 1 July 2012.

For the purposes of this clause, a pre-approved transaction is a transaction approved in advance by the Chief Commissioner under section 281 (as in force before its repeal).

An approval given in advance by the Chief Commissioner under section 281 ceases to have effect if the relevant transaction does not occur before 1 January 2013.

Any condition imposed on an approval given by the Chief Commissioner under section 281 that requires parties to a transaction to remain members of the same corporate group ceases to have effect on 1 July 2012.