Victorian Current Acts

DUTIES ACT 2000 - SECT 89FB

    (1)     The Commissioner must determine if duty or additional duty is payable on a relevant acquisition, and assess an acquisition statement lodged under Division 2 in respect of the relevant acquisition, if—

        (a)     at the time of the relevant acquisition, the land holdings of the landholder included tax reform scheme land; and

        (b)     the value or part of the value of the land was excluded under section 89FA from the calculation of duty payable on the relevant acquisition; and

        (c)     after the relevant acquisition was made, the land has a change of use; and

        (d)     as a result of the change of use, the land no longer has a qualifying use; and

        (e)     at the time of the change of use, the land holdings of the landholder include an interest in the tax reform scheme land; and

        (f)     at the time of the change of use, the person who made the relevant acquisition continues to hold an interest in the landholder.

    (2)     Duty is payable on the relevant acquisition to the extent that the interest that a person is taken to have obtained in land under the relevant acquisition is the same as the interest the person is taken to hold in the land at the time of the change of use.

    (3)     For the purposes of subsection (2)—

        (a)     the interest a person is taken to have obtained in land under a relevant acquisition is determined in accordance with section 89FA(5); and

        (b)     the interest a person is taken to hold in land at the time of the change of use is the interest the person holds in the landholder multiplied by the interest the landholder holds in the land at that time.

    (4)     The amount of duty calculated under subsection (1) is to be reduced by 10% for each calendar year that has elapsed since the date of the relevant acquisition that is being assessed for duty.

    (5)     A liability for duty imposed under this section arises on the date of the change of use.

Note

Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises.

S. 89FC inserted by No. 16/2024 s. 41.