Duties Act 2001

For an acquisition of an interest in an entity that is a dutiable transaction to which chapter 2, part 10, applies, business property taken to have no value under the part must be disregarded in working out the unencumbered value of the land-holdings or property of the entity.

For subsection (1), a repealed s 97(1)(f) transaction is taken to be a dutiable transaction to which chapter 2, part 10, applies.

A repealed s 97(1)(f) transaction is a transfer, or agreement for the transfer, of a marketable security in a corporation to which the following applies—

the property of the corporation includes business property;

the corporation is a family company for the transferee;

the transferor or person directing the transfer is—

if the business property is used to carry on a business of primary production—a defined relative of the transferee; or

otherwise—an ancestor of the transferee;

the transferee does not acquire the marketable security as—

trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (4); or

agent or nominee of another person;

the business for which the business property is used is carried on by the defined relative or ancestor whether alone or with others;

the business is intended to be carried on by the transferee, whether alone or with others.

For subsection (3)(d)(i)—

the beneficiary of the trust is a minor, and—

if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or

otherwise—the minor is a descendant of the person creating the trust; and

there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a).

In this section—family company, for a person, means an exempt proprietary company at least 50% of the value of the shares of which are owned by members of the person’s family.