Agreements for sale, transfer or purchase of land
89I Agreements for sale, transfer or purchase of land
If—
at the time of acquisition of an interest by any person in a landholder that necessitates the lodgement of an acquisition statement under Division 2, the landholder was the vendor under an uncompleted agreement for the sale or transfer of land; and
the agreement is subsequently completed—
the Commissioner is to determine whether or not duty is payable, and must assess or reassess the statement accordingly, as though the land the subject of the agreement was not, at the time of the acquisition concerned, a land holding of the landholder.
If—
at the time of acquisition of an interest by any person in a landholder that requires the lodgement by any person of an acquisition statement under Division 2, the landholder was the purchaser under an uncompleted agreement for the sale or transfer of land; and
the agreement is subsequently rescinded, annulled or otherwise terminated without completion—
the Commissioner is to determine whether or not duty is payable, and must assess or reassess the statement accordingly, as though the land the subject of the agreement was not, at the time of the acquisition concerned, a land holding of the landholder.
In this section, a reference to a landholder includes a reference to a linked entity of the landholder and, in the case of a landholder that is a unit trust scheme, also includes a reference to a trustee of the landholder.
For the purposes of this section—
a reference to a vendor includes a reference to a person who, at the time of a relevant acquisition, was the grantee of a put option or grantor of a call option;
a reference to a purchaser includes a reference to a person who, at the time of a relevant acquisition—
held a transfer right (within the meaning of Part 4A of Chapter 2); or
was the grantor of a put option or grantee of a call option;
a reference to an uncompleted agreement includes a reference to an arrangement that includes both a put option and a call option.
S. 89J substituted by No. 38/2012 s. 5.
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