Australian Capital Territory Numbered Acts

DUTIES ACT 1999 (NO. 7 OF 1999) - SECT 94

(1)     If—

        (a)     at the time of acquisition of an interest by any person in a landholding private corporation that necessitates the lodgment of an acquisition statement under Division 3, the corporation was the vendor under an uncompleted agreement for the sale or conveyance of land; and

        (b)     the agreement is subsequently completed;

the Commissioner shall assess or reassess the statement as though the land the subject of the agreement was not, at the time of the acquisition concerned, a landholding of the corporation.

(2)     If—

        (a)     at the time of acquisition of an interest by any person in a landholding private corporation that requires the lodgment by any person of an acquisition statement under Division 3, the private corporation was the purchaser under an uncompleted agreement for the sale or conveyance of land; and

        (b)     the agreement is subsequently rescinded, annulled or otherwise terminated without completion;

the Commissioner shall assess or reassess the statement as though the land the subject of the agreement was not, at the time of the acquisition concerned, a landholding of the corporation.

(3)     In this section, a reference to a landholding private corporation includes a reference to a subsidiary of the corporation.