Queensland Numbered Acts

COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 97

(1) Section 182, heading, 'land rich corporation'—

omit, insert—

'landholder'.

(2) Section 182(1) to (3)—

omit, insert—

'(1) This section applies for working out the unencumbered value of the Queensland land-holdings of a landholder under section 179 or 179B, to the extent the land-holdings comprise land-holdings of a subsidiary of the landholder.

'(2) The unencumbered value of the Queensland land-holdings of the landholder is the proportion of the unencumbered value of the land-holdings in Queensland of all the subsidiaries to which the landholder would be entitled, if the subsidiaries, at the same time and without regard to their liabilities—

(a) for subsidiaries that are corporations—were wound up; or

(b) for subsidiaries that are trusts—were terminated.

'(3) For subsection (2), the unencumbered value of the Queensland land-holdings of the subsidiary on the winding up or termination of all the subsidiaries is—

(a) if the subsidiary is a corporation, the greatest proportion of the unencumbered value of the land-holdings in Queensland that the landholder would be entitled to under sections 161(1) and 161B(1) applied as if—

(i) a reference to a person were a reference to the landholder mentioned in this section; and

(ii) a reference to a corporation were a reference to the subsidiary; or

(b) if the subsidiary is a unit trust, the greatest proportion of the unencumbered value of the land-holdings in Queensland that the landholder would be entitled to under sections 161A(1), (2) and 161B(1) as if—

(i) a reference to a person were a reference to the landholder mentioned in this section; and

(ii) a reference to a listed unit trust were a reference to the subsidiary; or

(c) if the subsidiary is a trustee of a trust other than a unit trust—the greatest proportion of the unencumbered value of the land-holdings in Queensland of the trust that the landholder could derive at any time from the trust without regard to the liabilities of any of the subsidiaries.'.

(3) Section 182(4), after '(3)'—

insert—

'(c)'.

(4) Section 182(5) and (6), 'corporation'—

omit, insert—

'landholder'.