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DUTIES ACT 1997 - SECT 160
Agreements for sale or transfer of land
160 Agreements for sale or transfer of land
(1) For the purposes of this Chapter, the transferor and the transferee under
an uncompleted agreement for the sale or transfer of land are taken to be
separately entitled to the whole of the land. Note : If duty is charged on an
acquisition that relates to a land holding to which subsection (1) applies,
the Chief Commissioner may defer payment of duty under section 47 of the
Taxation Administration Act 1996 .
(2) If-- (a) at the time of acquisition
of an interest by any person in a landholder that necessitates the lodgment of
an acquisition statement under this Chapter, the landholder was the vendor
under an uncompleted agreement for the sale or transfer of land, and
(b) the
agreement is subsequently completed,
the Chief Commissioner is to assess or
reassess the statement as though the land the subject of the agreement was
not, at the time of the acquisition concerned, a land holding of the
landholder.
(2A) Subsection (2) does not apply if section 159A applies in
respect of the acquisition.
(3) If-- (a) at the time of acquisition of an
interest by any person in a landholder that necessitates the lodgment of an
acquisition statement under this Chapter, the landholder was the purchaser
under an uncompleted agreement for the sale or transfer of land, and
(b) the
agreement is subsequently rescinded, annulled or otherwise terminated without
completion,
the Chief Commissioner is to assess or reassess the statement as
though the land the subject of the agreement was not, at the time of the
acquisition concerned, a land holding of the landholder.
(3A) In this
section--
"call option" and
"put option" have the same meanings as in Part 2 of Chapter 3.
"transferee" includes a person who, at the time of a relevant acquisition, was
the grantor of a put option or grantee of a call option.
"transferor" includes a person who, at the time of a relevant acquisition, was
the grantee of a put option or grantor of a call option.
"uncompleted agreement" includes an arrangement that includes both a
put option and a call option.
(4) In this section-- (a) a reference to a
landholder includes a reference to a linked entity of the landholder, and
(b)
a reference to a landholder, or linked entity of a landholder, that is a
vendor or a purchaser is, in the case of a landholder or linked entity that is
a unit trust scheme, a reference to a vendor or purchaser, as the case may be,
acting in the capacity of a trustee of the unit trust scheme, and
(c) a
reference to a linked entity of a landholder that is a vendor or a purchaser
is-- (i) in the case of a linked entity that is a trust--a reference to a
vendor or purchaser, as the case may be, acting in the capacity of a trustee
of the trust, or
(ii) in the case of a linked entity that is a partnership or
other unincorporated body--a reference to a vendor or purchaser, as the case
may be, acting as a member of the partnership or the other unincorporated
body.
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