Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 179

179 Working out dutiable value of relevant acquisition

(1) The dutiable value of a relevant acquisition in a private landholder is the interest in, or total of interests in, the landholder constituting the relevant acquisition, less any excluded interest of the person at the time of the acquisition, multiplied by the unencumbered value of all Queensland land-holdings of the landholder at the time of the acquisition.

Note—

See also section 14 (What is the
"unencumbered value" of property).

(2) Subsection (3) applies to the following relevant acquisitions—

(a) a relevant acquisition mentioned in section 158 (1) (c) ;

(b) a relevant acquisition made by a person in the following circumstances—

(i) the person together with related persons of the person had a significant interest in the private landholder immediately before the relevant acquisition;

(ii) the interests of the person and related persons were previously aggregated so that duty under subsection (1) was paid for a relevant acquisition in the private landholder;

(iii) since the relevant acquisition mentioned in subparagraph (ii) , no other related person of the person has acquired an interest in the landholder.

(3) For applying subsection (1) to a relevant acquisition mentioned in subsection (2) , the interest is the increased interest in the private landholder that is acquired by the person by the relevant acquisition.

Examples for subsections (2) and (3)—

1 A and B are related persons. A holds a 30% interest in a private landholder. B acquires a 25% interest and, when aggregated with A’s interest, a significant interest. If A acquires another 5% bringing its interest to 35%, for working out the dutiable value, the interest constituting the relevant acquisition is 5%.

2 A and B are related persons. A holds a 30% interest in a private landholder. B acquires a 25% interest and, when aggregated with A’s interest, a significant interest. If A acquires B’s 25% interest, for working out the dutiable value, the interest constituting the relevant acquisition is 25%.

(4) For applying subsection (1) to a relevant acquisition, the interest mentioned in section 409 (3) must be disregarded.

Note—

Under section 409 (3) , landholder duty is not imposed on particular interests acquired under a corporate reconstruction.

(5) This section has effect subject to a deduction allowed under sections 185 to 188 .

(6) In this section—

"excluded interest" , of a person who makes a relevant acquisition in a private landholder, is any interest constituting the relevant acquisition—

(a) held by the person, or a related person of the person, on or before the day that is 3 years before the relevant acquisition, unless—

(i) the interest was acquired as part of an arrangement; and

(ii) the arrangement includes the interest most recently acquired as part of the relevant acquisition; or

(b) acquired by the person, or a related person of the person, at a time when the landholder did not hold land in Queensland.