Northern Territory Numbered Acts

REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2015 (NO 18 OF 2015) - SECT 40

(1)     Section 4A(4)(c)

omit

unless:

insert

unless the Commissioner is satisfied that the agreement or arrangement was not created or entered into for a purpose (collateral or otherwise) of reducing the value of the property;

(2)     Section 4A(4)(c)(i) and (ii)

omit

(3)     After section 4A(4)

insert

    (4A)     For the purpose of determining whether an agreement or arrangement was created or entered into for a purpose (collateral or otherwise) of reducing the value of the property, the Commissioner may have regard to the following:

    (a)     the length of time between the agreement or arrangement being made and the conveyance;

    (b)     whether the parties to the agreement or arrangement are or have been associates;

    (c)     whether the parties to the agreement or arrangement are or have been dealing with each other at arm's length;

    (d)     whether there is any commercial efficacy to the making of the agreement or arrangement other than to reduce the value of the property;

    (e)     whether the agreement or arrangement is in favour of the conveyee or an associate of the conveyee;

    (f)     any other matters the Commissioner considers relevant.