(1A) Subsection (1)(b) does not apply to a landholder S. 201RE(1A) that is a public landholder. inserted by No. 38/2012 s. 18(2). (2) In this section— in relation to an interest in a landholder S. 201RE(2) acquire def. of has the same meaning as in section 80 of the acquire Duties Act 2000; amended by No. 38/2012 s. 18(3)(a). in relation to a landholder has the same interest S. 201RE(2) def. of meaning as in section 79(1) of the Duties interest Act 2000; amended by No. 38/2012 s. 18(3)(b). means a relevant acquisition relevant acquisition S. 201RE(2) def. of within the meaning of section 78 (other than relevant subsection (1)(b)), 81 or 82 of the Duties acquisition amended by Act 2000 in respect of which duty is No. 38/2012 chargeable under Part 2 of Chapter 3 of that s. 18(3)(c). Act and which is not an exempt acquisition within the meaning of that Part. Examples 1 B acquires a 60% interest in company XYZ Pty Ltd, which Example 1 to s. 201RE is a private landholder that owns land subject to GAIC. amended by This acquisition is a relevant acquisition under section No. 38/2012 78(1)(a)(i) of the Duties Act 2000 and is a significant s. 18(4). acquisition. B would be liable to pay 60% of the GAIC imposed in respect of the land subject to GAIC owned by XYZ. If C, after that significant acquisition, were to acquire 10% of the remaining interest in XYZ, C would be liable to pay 10% of the GAIC (indexed if applicable) imposed in respect of the land subject to GAIC owned by XYZ. Any further acquisitions of the remaining 30% interest in XYZ would also attract the imposition of GAIC in proportion to the interest acquired.
S. 201RE(1A) inserted by No. 38/2012 s. 18(2). (1A) Subsection (1)(b) does not apply to a landholder that is a public landholder. (2) In this section— S. 201RE(2) def. of acquire amended by No. 38/2012 s. 18(3)(a). acquire in relation to an interest in a landholder has the same meaning as in section 80 of the Duties Act 2000; S. 201RE(2) def. of interest amended by No. 38/2012 s. 18(3)(b). interest in relation to a landholder has the same meaning as in section 79(1) of the Duties Act 2000; S. 201RE(2) def. of relevant acquisition amended by No. 38/2012 s. 18(3)(c). relevant acquisition means a relevant acquisition within the meaning of section 78 (other than subsection (1)(b)), 81 or 82 of the Duties Act 2000 in respect of which duty is chargeable under Part 2 of Chapter 3 of that Act and which is not an exempt acquisition within the meaning of that Part. Examples Example 1 to s. 201RE amended by No. 38/2012 s. 18(4). 1 B acquires a 60% interest in company XYZ Pty Ltd, which is a private landholder that owns land subject to GAIC. This acquisition is a relevant acquisition under section 78(1)(a)(i) of the Duties Act 2000 and is a significant acquisition. B would be liable to pay 60% of the GAIC imposed in respect of the land subject to GAIC owned by XYZ. If C, after that significant acquisition, were to acquire 10% of the remaining interest in XYZ, C would be liable to pay 10% of the GAIC (indexed if applicable) imposed in respect of the land subject to GAIC owned by XYZ. Any further acquisitions of the remaining 30% interest in XYZ would also attract the imposition of GAIC in proportion to the interest acquired.
87-45a110.docx