New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 96

96 Transfer by corporation of principal place of residence to principal shareholder or spouse

(1) A transfer of land by a corporation is eligible for exemption under this Division if--

(a) the corporation owned the land on 11 September 1990, and

(b) the transferee or each of the transferees is a principal shareholder in the corporation or the spouse of such a principal shareholder (whether or not the principal shareholder is one of the transferees), and

(c) had the transferee or each of the transferees been an owner of the land within the meaning of the Land Tax Management Act 1956 on 31 December that last preceded the date of the transfer, the land would, by the operation of section 10 (1) (r) of the Land Tax Management Act 1956 , be exempt from land tax in respect of the year in which the transfer took effect.

(2) If land is transferred by a corporation to two or more persons jointly, each of those persons is, for the purposes of this section (but without affecting any entitlement to be considered to be a principal shareholder apart from this subsection), to be considered to be a principal shareholder in the corporation if--

(a) each of the persons has a voting entitlement in the corporation, and

(b) the aggregate of the voting entitlements in the corporation of each of those persons would be sufficient to qualify any one person as a principal shareholder in the corporation.