Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actssubstitute
89 Who is liable to pay duty on relevant acquisition?
(1) Duty payable for a relevant acquisition is jointly and severally payable by—
(a) the person who made the relevant acquisition; and
(b) the landholder in which the interest is acquired by the making of the relevant acquisition; and
(c) if the relevant acquisition is made because of an aggregation of interests under section 86 (1) (a) (ii)—each person whose interest is included in the aggregation; and
(d) if the relevant acquisition is made under section 86 (1) (b)—each person who has an interest mentioned in that provision.
(2) In this section:
"landholder", for a private unit trust scheme, includes a trustee of the scheme.
90 Duty payable on relevant acquisitions—single interest
(1) This section applies if—
(a) a person acquires an interest in a landholder; and
(b) the person makes a relevant acquisition under section 86 (1) (a) (i) because the interest is a significant interest in the landholder; and
(c) within the relevant period for the relevant acquisition, no other interests in the landholder were acquired by—
(i) the person; or
(ii) an associated person; or
(iii) any other person in an associated transaction.
(2) The amount of duty payable in relation to the relevant acquisition is the amount worked out in accordance with the following steps:
(a) work out the amount (the dutiable amount ) as follows:
(b) multiply the dutiable amount by the relevant rate.
(3) In this section:
"relevant interest", for a relevant acquisition, means the interest in a landholder acquired by a person through the relevant acquisition expressed as a percentage of the total interest in the landholder.
"relevant rate", for a relevant acquisition, means the determined rate in force on the day the relevant acquisition is made.
"UVL", for a landholder in relation to a relevant acquisition, means the unencumbered value of all landholdings in the ACT of the landholder on the day the relevant acquisition is made.
Note Other provisions may apply in working out duty payable under this section (see div 3.2.4).
90A Duty payable on relevant acquisitions—aggregated interests
(1) This section applies if—
(a) a person acquires an interest in a landholder; and
(b) when the interest is aggregated with at least 1 other interest in the landholder, the person makes a relevant acquisition under section 86 (1) (a) (ii) or (iii).
(2) The amount of duty payable in relation to the relevant acquisition is the amount worked out in accordance with the following steps:
(a) work out the amount as follows:
(b) for each other interest in the landholder acquired within the relevant period for the relevant acquisition ( another acquisition )—work out the amount as follows:
(c) work out the amount (the dutiable amount ) by adding together the amounts worked out under paragraphs (a) and (b);
(d) multiply the dutiable amount by the relevant rate;
(e) subtract any duty paid or payable under this division in relation to each other acquisition from the amount worked out under paragraph (d).
(3) To remove any doubt, if another acquisition is made on the same day as a relevant acquisition, the other acquisition is made within the relevant period for the relevant acquisition, regardless of the time on the day at which the other acquisition is made.
(4) In working out the dutiable amount, the commissioner may decide not to include an interest of an associated person as another acquisition under subsection (2) (b) if the commissioner is satisfied that the associated person acquired their interest independently and for no common purpose.
(5) In this section:
"other interest", for another acquisition, means the interest in a landholder acquired by a person in the other acquisition expressed as a percentage of the total interest in the landholder.
"relevant interest", for a relevant acquisition—see section 90 (3).
"relevant rate"—see section 90 (3).
"unencumbered value determination", in relation to another acquisition—see section 90C (2).
"UVL", for a landholder, means the unencumbered value of all landholdings in the ACT of the landholder—
(a) for a relevant acquisition—on the day the relevant acquisition is made; or
(b) for another acquisition—
(i) on the day the relevant acquisition is made; or
(ii) if the commissioner makes an unencumbered value determination in relation to the other acquisition—on the day the other acquisition is made.
Note Other provisions may apply in working out duty payable under this section (see div 3.2.4).
90B Duty payable on relevant acquisitions—further interest
(1) This section applies if—
(a) a person makes a relevant acquisition under section 86 (1) (a) by acquiring an interest in a landholder (the initial acquisition ); and
(b) the person or an associated person makes a relevant acquisition under section 86 (1) (b) because the person or an associated person acquires a further interest in the landholder (the further acquisition ).
(2) The amount of duty payable in relation to the further acquisition is—
(a) if the initial acquisition is made within the relevant period for the further acquisition—the amount worked out in accordance with the following steps:
(i) work out the dutiable amount for the initial acquisition under—
(A) if the initial acquisition is an acquisition mentioned in section 86 (1) (a) (i)—section 90 (2) (a); or
(B) if the initial acquisition is an acquisition mentioned in section 86 (1) (a) (ii) or (iii)—section 90A (2) (a) to (c);
Note In working out the dutiable amount under s 90A, the commissioner may decide not to include an interest of an associated person if satisfied that the associated person acquired their interest independently and for no common purpose (see s 90A (4)).
(ii) work out the amount as follows:
(iii) add together the amounts worked out under subparagraphs (i) and (ii);
(iv) multiply the amount worked out under subparagraph (iii) by the relevant rate;
(v) subtract any duty paid or payable under this division in relation to the initial acquisition from the amount worked out under subparagraph (iv); or
(b) if the initial acquisition is not made within the relevant period for the further acquisition—the amount worked out in accordance with the following steps:
(i) work out the amount as follows:
(ii) multiply the amount worked out under subparagraph (i) by the relevant rate.
(3) In this section:
"further interest", for a further acquisition, means the interest in a landholder acquired by a person in the further acquisition expressed as a percentage of the total interest in the landholder.
"relevant rate", for a further acquisition, means the determined rate as in force on the day the further acquisition is made.
"UVL", for a landholder in relation to a further acquisition, means the unencumbered value of all landholdings in the ACT of the landholder on the day the further acquisition is made.
Note Other provisions may apply in working out duty payable under this section (see div 3.2.4).
90C Unencumbered value determination
(1) This section applies in relation to working out the duty payable for a relevant acquisition under section 90A in relation to an interest in a landholder.
Note This section may also apply in relation to working out the amount of duty payable in relation to a further acquisition under s 90B if s 90B (2) (a) (i) (B) applies.
(2) The commissioner may determine, in writing, the unencumbered value of all landholdings in the ACT of the landholder on the day another acquisition is made (an unencumbered value determination ).
(3) The commissioner may make an unencumbered value determination only if the commissioner is satisfied that the unencumbered value of all landholdings in the ACT of the landholder on the day the other acquisition is made is supported by—
(a) a valuation report prepared by an accredited valuer not more than 12 months after the day the other acquisition is made; or
(b) any other evidence.
(4) In this section:
"accredited valuer"—see the Planning and Development Act 2007
, dictionary.
"another acquisition"—see section 90A (2) (b).
"valuation report", in relation to an interest in a landholder, means a document setting out the unencumbered value of landholdings in the ACT of the landholder on a stated day.