Victorian Numbered Acts

STATE TAXATION ACTS FURTHER AMENDMENT ACT 2008 (NO. 84 OF 2008) - SECT 5

    (1)     For section 32I(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)     For section 32J(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.".

    (3)     In section 32J(3) of the Duties Act 2000 —

        (a)     in paragraph (b), for "occurred." substitute "occurred; or";

        (b)     after paragraph (b) insert —

    "(c)     duty is charged on the sale contract under Division 2.".

    (4)     In section 32J(5) of the Duties Act 2000 —

        (a)     after "transaction" (where first occurring) insert "referred to in subsection (1)(c)";

        (b)     for paragraph (b) substitute —

    "(b)     the land development did not occur before the subsequent purchaser obtained a transfer right; or

        (c)     duty is charged on the subsequent transaction under Division 2.".

    (5)     After section 32J(5) of the Duties Act 2000 insert —

    "(6)     Subsection (5)(a) does not apply if the subsequent purchaser who is the transferor of the transfer right or an associate of that subsequent purchaser undertook or participated in the land development at any time before the next subsequent purchaser held a transfer right.".

    (6)     For section 32K(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 32J(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 32M(1)(b) of the Duties Act 2000 substitute —

    "(b)     in the case of duty referred to in section 32J(1)(b)—by the final subsequent purchaser;

        (c)     in the case of duty referred to in section 32J(1)(c)—by the subsequent purchaser who obtains a transfer right under the relevant subsequent transaction.".

    (8)     In section 32N(3) and (4) of the Duties Act 2000 , after "32J(1)(b)" insert "or (c)".

    (9)     Section 32O of the Duties Act 2000 is repealed .