Exemption—tax reform scheme land fully assessed for duty
69AP Exemption—tax reform scheme land fully assessed for duty
S. 69AP(1) amended by No. 50/2024 s. 6(2).
No duty is chargeable under this Chapter on a standard transaction if the entry interest for the land to which the standard transaction relates was a 100% interest.
S. 69AP(2) amended by No. 50/2024 s. 6(3).
No duty is chargeable under this Chapter on a standard transaction if the entry interest for the land to which the standard transaction relates and any further interest obtained in the land before the standard transaction amount to a 100% interest in the land.
S. 69AP(2A) inserted by No. 50/2024 s. 6(4).
No duty is chargeable under this Chapter on a non-standard transaction if—
either—
the entry interest for the land to which the non-standard transaction relates was a 100% interest; or
the entry interest for the land to which the non-standard transaction relates and any further interest obtained in the land before the non-standard transaction amount to a 100% interest; and
the value of the tax reform scheme land, for the purposes of calculating the duty payable on the entry transaction and on the acquisition of any further interests in the land—
was not reduced by a lease over the land or part of the land; and
did not exclude the value of an interest in fixtures referred to in section 10(1)(ad) located on the land; and
was not reduced by an economic entitlement in relation to the land.
For the purposes of subsection (2), a further interest in land means an interest that is—
obtained under a qualifying dutiable transaction or a qualifying landholder transaction, other than the relevant entry transaction for the land; and
a different interest to the entry interest for the land and any other further interest for the land.
S. 69AQ (Heading) amended by No. 50/2024 s. 7(1).
S. 69AQ inserted by No. 16/2024 s. 37.
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