Duties Act 1997

The duty chargeable under new Chapter 4 is chargeable on any relevant acquisition in a private landholder made as a consequence of a person acquiring an interest in a private landholder on or after 1 July 2009.

If a person acquires an interest in a private landholder on or after 1 July 2009, acquisitions made before 1 July 2009 are to be counted for the purpose of determining whether the person has made a relevant acquisition in the private landholder under new Chapter 4.

However, in calculating the duty payable in respect of any acquisition made before 1 July 2009, the unencumbered value of the goods of the landholder in New South Wales is to be disregarded.

Similarly, in applying section 155 (5) to an acquisition made before 1 July 2009, the value of “A” is to be determined disregarding the unencumbered value of the goods in New South Wales of the landholder.

Former Chapter 4A continues to apply in respect of any relevant acquisition in a land rich landholder (within the meaning of that Chapter) made as a consequence of a person acquiring an interest in the land rich landholder before 1 July 2009.

An interest that is acquired in a private company or private unit trust scheme on or after 1 July 2009 as a result of an agreement entered into, or option executed, before 11 November 2008 is to be treated, for the purposes of this clause, as if it were acquired before 1 July 2009. Accordingly, former Chapter 4A applies to a relevant acquisition made as a result of such an acquisition, but the acquisition may still be counted for the purposes of determining whether a relevant acquisition is made under new Chapter 4.

The duty chargeable under new Chapter 4 is chargeable on any relevant acquisition in a public landholder made as a consequence of a person acquiring an interest in the public landholder on or after 1 October 2009.

If a person acquires an interest in a public landholder on or after 1 October 2009, acquisitions made before 1 October 2009 (including any made before 1 July 2009) are to be counted for the purpose of determining whether the person has made a relevant acquisition in the public landholder under new Chapter 4.

Duty is not chargeable under new Chapter 4 on a relevant acquisition made by a person in a public landholder if the person’s intention to make the acquisition was announced to the market before the date on which the Bill for the State Revenue Legislation Further Amendment Act 2009 was introduced into the Legislative Assembly.

In this clause—