Duties Act 2001

This section applies if—

a transferee enters into an agreement for the transfer of dutiable property for, or for the benefit of, a company proposed to be registered under the Corporations Act; and

the company is named in the agreement; and

the company, or a company that is reasonably identifiable with it, is registered under the Corporations Act; and

under the Corporations Act, section 131, the company ratifies the agreement after it is registered; and

the dutiable property is AFAD residential land; and

the company is a foreign corporation when the dutiable property is transferred to it.

AFAD is imposed on the dutiable transaction that is the agreement.

Note—Under section 116(4), transfer duty is not imposed on the transfer of the dutiable property to the company if transfer duty imposed on the agreement (including AFAD imposed under subsection (2)) is paid. See also section 231(6).