State Taxation Acts Amendment Act 2019—rate for foreign purchaser duty
48 State Taxation Acts Amendment Act 2019—rate for foreign purchaser duty
Section 28A, as in force immediately before 1 July 2019, continues to apply in respect of any dutiable transaction entered into on or after 1 July 2016 but before 1 July 2019 under which a land-related interest in residential property is transferred to a foreign purchaser.
Sch. 2 cl. 49 inserted by No. 17/2019 s. 34.
49 State Taxation Acts Amendment Act 2019—agreements and arrangements for significant interest foreign purchaser acquisitions
This clause applies if—
a foreign purchaser entered into an agreement or arrangement on or after 1 July 2016 but before 1 July 2019 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and
the acquisition, when made, is an acquisition of an interest referred to in section 78(1)(a)(i).
Despite anything in this Act, if any duty is chargeable under Part 2 of Chapter 3 and is required to be calculated in accordance with section 86(1), that duty must be calculated in accordance with that subsection but using the rate specified under this Act that would have applied if the acquisition of the interest was made on the day the agreement or arrangement was entered into by the foreign purchaser.
Sch. 2 cl. 50 inserted by No. 17/2019 s. 34.
50 State Taxation Acts Amendment Act 2019—agreements and arrangements for aggregated significant interest foreign purchaser acquisitions
This clause applies if—
a foreign purchaser entered into an agreement or arrangement on or after 1 July 2016 but before 1 July 2019 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and
the acquisition, when made, is an acquisition of an interest referred to in section 78(1)(a)(ii), or after it is made, becomes an interest of that kind.
Despite anything in this Act, if any duty is chargeable under Part 2 of Chapter 3 and is required to be calculated in accordance with section 86(3), that duty must be calculated in accordance with that subsection but using the rate specified under this Act that would have applied if the acquisition of the interest was made on the day the agreement or arrangement was entered into by the foreign purchaser.
Sch. 2 cl. 51 inserted by No. 17/2019 s. 34.
51 State Taxation Acts Amendment Act 2019—agreements and arrangements for foreign purchaser acquisitions of further interests
This clause applies if—
a foreign purchaser entered into an agreement or arrangement on or after 1 July 2016 but before 1 July 2019 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and
the acquisition, when made, is an acquisition of a further interest in the landholder referred to in section 78(1)(b).
Despite anything in this Act, if any duty is chargeable under Part 2 of Chapter 3 and is required to be calculated in accordance with section 86(4), that duty must be calculated in accordance with that subsection but using the rate specified under this Act that would have applied if the acquisition was made on the day the agreement or acquisition was entered into by the foreign purchaser.
Sch. 2 cl. 52 inserted by No. 17/2019 s. 34.
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