Queensland Numbered Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 126

126 Insertion of new ch 17, pt 15

After chapter 17, part 14—

insert—

'In this part—

previous, if followed by a provision number, means the provision of that number as in force immediately before 1 July 2011, as affected by any relevant definition in force for the provision at that time.

Note—
1 July 2011 was the day on which amendments to this Act under the Community Ambulance Cover Levy Repeal and Revenue and Other Legislation Amendment Act 2011 commenced.

'(1) In the provisions mentioned in subsection (2)—

(a) a reference to landholder duty imposed or paid for a relevant acquisition includes a reference to land rich duty imposed or paid under previous chapter 3, part 1; and
(b) a reference to a relevant acquisition includes a reference to a relevant acquisition made under previous chapter 3, part 1; and
(c) a reference to a significant interest includes a reference to a majority interest under previous chapter 3, part 1.

'(2) For subsection (1), the provisions are the following—

(a) section 82;
(b) section 158(1)(c);
(c) chapter 3, part 1, division 4;
(d) section 407(1)(d).

'(1) This section applies if, before 1 July 2011, a person made a relevant acquisition in a land rich corporation under previous section 158.

'(2) Previous chapter 3, part 1 and chapter 10, part 1 continue to apply in relation to the relevant acquisition as if the Community Ambulance Cover Levy Repeal and Revenue and Other Legislation Amendment Act 2011 had not commenced.

'(1) This section applies if—

(a) before 1 July 2011, a person or related person of the person acquired an interest in an entity (the original interest); and
(b) on or after 1 July 2011, the person or related person acquires a further interest in the entity; and
(c) when the further interest is acquired, the person or related person still holds the original interest.

'(2) To avoid any doubt, it is declared that for section 158, the original interest is an interest held by the person or related person in the entity.

'(1) This section applies if—

(a) before 1 July 2011 a person acquired an interest in a corporation other than a land rich corporation as defined under this Act before that day; and
(b) on or after 1 July 2011—
(i) the corporation is or becomes a landholder; and
(ii) the person makes a relevant acquisition in the corporation.

'(2) For working out the dutiable value of the relevant acquisition under section 179, the interest acquired before 1 July 2011 is taken to be an excluded interest.

'(3) Section 163(2) applies for working out when the interest was acquired.

'A reference in section 412(1)(a) to duty assessed on the basis of an exemption under section 409 includes a reference to duty assessed on the basis of an exemption under previous section 409.'.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback