Victorian Numbered Acts Victorian Numbered Acts(1) For section 32B(1)(b) of the Duties Act 2000 substitute —
"(b) any of the following persons (a subsequent purchaser ) obtains the right (a transfer right ) to have the property or any part of it transferred, on completion of the sale contract, to the subsequent purchaser—
(i) a person other than the first purchaser; or
(ii) the first purchaser and a person other than the first purchaser; or
(iii) if there is more than one first purchaser, one or more of the first purchasers in different proportions from those in the sale contract; and".
(2) In section 32B(1)(c) of the Duties Act 2000 , for "the subsequent purchaser or an associate of the subsequent purchaser" substitute "a subsequent purchaser or an associate of a subsequent purchaser".
(3) In section 32B(4) of the Duties Act 2000 —
(a) in the definition of "additional consideration", after "excluded costs" insert "or any increase in consideration that arises because of the operation of section 32V";
(b) the definition of excluded costs is repealed .
(4) For section 32C(1)(b) of the Duties Act 2000 substitute —
"(b) the dutiable value of the subsequent transaction by which the final subsequent purchaser obtained the transfer right; and
(c) if there were any other subsequent transactions, the dutiable value of each of those transactions.".
(5) After section 32C(2) of the Duties Act 2000 insert —
"(3) If a subsequent purchaser or an associate of a subsequent purchaser has not given or agreed to give additional consideration in order to obtain a transfer right, duty is not chargeable under this Division—
(a) if the subsequent purchaser obtained the transfer right from the first purchaser—on the sale contract to the extent of the transfer right obtained by the subsequent purchaser; or
(b) in the case of a subsequent transaction referred to in subsection (1)(c)—on the subsequent transaction by which the subsequent purchaser obtained the transfer right to the extent of the transfer right obtained by the subsequent purchaser.
(4) Subsection (3)(b) applies only where a subsequent purchaser obtained a transfer right from another subsequent purchaser.".
(6) For section 32D(2) of the Duties Act 2000 substitute —
"(2) For the purposes of this Division, the dutiable value of a subsequent transaction referred to in section 32C(1)(b) or (c) is the greater of—
(a) the consideration given or agreed to be given by the subsequent purchaser or an associate of the subsequent purchaser in order for the subsequent purchaser to obtain the transfer right under the transaction, other than excluded costs or any increase in consideration that arises because of the operation of section 32V; and
(b) the amount for which the property might reasonably have been sold if it had been sold, free from encumbrances, in the open market on the date on which the subsequent transaction was entered into.
(3) If a subsequent purchaser has obtained a transfer right in the circumstances referred to in section 32A(2), the value of the subsequent transaction for the purposes of subsection (2)(b) is to be calculated only to the extent of the transfer right obtained by the subsequent purchaser under that subsequent transaction.".
(7) For section 32F(1)(b) of the Duties Act 2000 substitute —
"(b) in the case of duty referred to in section 32C(1)(b)—by the final subsequent purchaser;
(c) in the case of duty referred to in section 32C(1)(c)—by the subsequent purchaser who obtains a transfer right under the relevant subsequent transaction.".
(8) In section 32G(3) and (4) of the Duties Act 2000 , after "32C(1)(b)" insert "or (c)".
(9) Section 32H of the Duties Act 2000 is repealed .