(1)  If an acquisition statement discloses a relevant acquisition in a public landholder, the duty chargeable on the relevant acquisition is 10% of the duty that would be chargeable, at the rate specified in section 29 on a transfer of dutiable property, on a transfer of all the land holdings and goods of the landholder in Tasmania (calculated as if the transfer had occurred at the date of the relevant acquisition).

(2)  For the purposes of subsection (1) , the dutiable value of all the land holdings and goods of the landholder as referred to in that subsection is the unencumbered value of those land holdings and goods at the date of the relevant acquisition.

(3)  If an acquisition disclosed in an acquisition statement is an exempt acquisition or a concessional acquisition –

(a) the duty chargeable under this section is to be calculated after deducting from the dutiable value of the land holdings and goods the proportion of the dutiable value represented by the interest acquired in the exempt acquisition or concessional acquisition; and

(b) in the case of a concessional acquisition, the relevant concessional amount of duty under Part 5 of Chapter 2 is to be added to the amount of duty otherwise chargeable under this section.

(4)  Duty chargeable under this section is to be reduced by an amount (if any) calculated in accordance with the following formula:

where –

A is the unencumbered value of the land holdings and goods in Tasmania of the landholder at the time the acquisition was made; and

B is the unencumbered value of all property of the landholder at that time; and

C is any marketable securities duty paid or payable under a law of another Australian jurisdiction in relation to the relevant acquisition.

(5)  If duty is chargeable in respect of a relevant acquisition made by a person in a public landholder, no duty is chargeable in respect of any further acquisition made by that person in that landholder.

(6)  This section is subject to Parts 3A and 3B of this Chapter.