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This is a Bill, not an Act. For current law, see the Acts databases.
2012
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Contents
Page
2012
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Duties (Landholders) Amendment Bill 2012
A Bill for
An Act to amend the Duties Act 1999
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
This Act is the Duties (Landholders) Amendment Act 2012.
This Act commences on 1 July 2012.
Note The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).
This Act amends the Duties Act 1999.
4 Definitions—pt
3.2
Section 78, definition of associated person
omit
and section 86 (2)
5 Meaning of entity—pt
3.2
Section 78A (c)
omit
substitute
Note Private company and private unit trust scheme—see the dictionary.
7 Constructive ownership of
landholdings and other property—linked entities
Section 81 (2)
(a) (iv) and (b)
omit
, a wholesale unit trust scheme
8 Interest and significant
interest in landholders—pt 3.2
Section 83 (2)
omit everything after
would be entitled
substitute
to at least 50% of the property distributed.
9 What is a relevant
acquisition?—pt 3.2
Section 86 (2), except note
omit
10 Section 86 (3), definition of qualifying investor
omit
11 Registration of unit trust
schemes
Part 3.2A
omit
12 Objections
Section 252 (l)
to (s)
omit
insert
Chapter 18 Transitional—Duties (Landholders) Amendment Act 2012
460 Definitions—ch 18
In this chapter:
amending Act means the Duties (Landholders) Amendment Act 2012.
commencement day means the day the amending Act commences.
new provisions means chapter 3 as amended by the amending Act.
461 Changes to duty on acquisitions in landholders
If a person acquires an interest in a landholder on or after the commencement day, acquisitions made before the commencement day are to be counted for the purpose of determining whether the person has made a relevant acquisition in the landholder under the new provisions.
462 Transitional regulations—ch 18
(1) A regulation may prescribe transitional matters necessary or convenient to be prescribed because of the enactment of the amending Act.
(2) A regulation may modify this chapter (including in its operation in relation to another territory law) to make provision in relation to anything that, in the Executive’s opinion, is not, or is not adequately or appropriately, dealt with by this chapter.
(3) A regulation under subsection (2) has effect despite anything elsewhere in this Act.
463 Expiry—ch 18
This chapter expires 2 years after the commencement day.
14 Dictionary, definition of associated person, paragraph (b)
omit
and section 86 (2)
15 Dictionary, definition of disqualifying circumstance
omit
16 Dictionary, definition of private unit trust scheme
omit
or wholesale unit trust scheme
17 Dictionary, definition of public unit trust scheme, paragraph (c)
omit
18 Dictionary, definition of registered
omit
19 Dictionary, definition of responsible entity
substitute
responsible entity—see the Corporations Act, section 9.
20 Dictionary, definition of wholesale unit trust scheme
omit
21 Dictionary, definition of widely held trust
substitute
widely held trust means a unit trust scheme that has not less than 300 unit holders none of whom, individually or with an associated person, is entitled to more than 20% of the units in the trust, and for the purposes of this definition—
(a) if a registered unit holder in a unit trust scheme holds units as a trustee for 2 or more trusts the unit holder is treated as a separate registered unit holder in relation to each of those trusts and the units held under each trust are to be treated as a separate unit holding; but
(b) a trustee is not treated as a separate registered unit holder in relation to 2 or more trusts if, as separate registered unit holders in relation to those trusts, they would be associated persons.
Endnotes
1 Presentation speech
Presentation speech made in the Legislative Assembly on 10 May 2012.
2 Notification
Notified under the Legislation Act on 2012.
3 Republications of amended laws
For the latest republication of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory 2012
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