New South Wales Consolidated Acts
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DUTIES ACT 1997 - SECT 150
What are "interests" and "significant interests" in landholders?
150 What are "interests" and "significant interests" in landholders?
(1) For the purposes of this Chapter, a person has an
"interest" in a landholder if the person, in the event of a distribution of
all the property of the landholder, would be entitled (without regard to any
liabilities of the landholder) to any of the property distributed.
However, an entitlement that arises merely because a person has a
debt interest in a landholder, is not an interest in a landholder.
person who has an interest in a landholder has a
"significant interest" in the landholder if the person, in the event of a
distribution of all the property of the landholder immediately after the
interest was acquired, would be entitled (without regard to any liabilities of
the landholder) to--
(a) in the case of a private landholder--50% or more of
the property distributed, or
(b) in the case of a public landholder--90% or
more of the property distributed.
(3) An interest in a landholder that was
acquired at a time when the landholder did not hold land in New South Wales is
not counted during the period of 12 months after the landholder first holds
land in New South Wales.
(4) In determining whether a person has a
significant interest in a landholder, a distribution of property to any person
in the person's capacity as the holder of a debt interest is to be
(5) In this section--
"debt interest" has the same meaning as it has in Division 974 of the
Income Tax Assessment Act 1997 of the Commonwealth.
"person" includes a landholder.
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