Duties Act 2001

Landholder duty is not imposed on a relevant acquisition if—

the purpose of the acquisition is to give effect to a scheme that qualifies or would, on its completion, qualify as a roll-over under the Income Tax Assessment Act 1997 (Cwlth), subdivision 124.Q; and

when the scheme is completed, the interposed trust will be a listed unit trust or a widely held unit trust; and

the acquisition is not part of an arrangement to avoid the imposition of landholder duty.

Subsection (1) does not apply if—

the interposed trust is not a listed unit trust or a widely held unit trust when the scheme is completed; or

the interposed trust ceases to be a listed unit trust or a widely held unit trust within 3 years after the scheme is completed; or

the interposed trust does not retain all the ownership interests in the stapled entities for at least 3 years after the date of the acquisition.

Despite subsection (2)(c), subsection (1) continues to apply if the commissioner is satisfied the interposed trust did not retain all the ownership interests because 1 or more of the stapled entities ceased to exist other than under an arrangement, a significant purpose of which was to avoid the requirement to retain all the ownership interests for at least 3 years.

If subsection (1) does not apply, the commissioner must make a reassessment to impose landholder duty on the relevant acquisition as if the exemption from duty had never applied.

Subsection (4) applies to the reassessment despite the limitation period under the Administration Act for reassessments.

Note—See the Administration Act, part 3, division 3.

If an event mentioned in subsection (2) happens, the acquirer under the relevant acquisition must, within 28 days after the event happens—

give notice of the event to the commissioner in the approved form; and

ensure the instruments required for the assessment of duty on the acquisition are lodged for reassessment.

Note—Failure to give the notice is an offence under the Administration Act, section 120.

Without limiting subsection (3), a company registered under the Corporations Act ceases to exist if it is deregistered under that Act.