Victorian Numbered Acts

STATE TAXATION AND OTHER ACTS AMENDMENT ACT 2016 (NO. 40 OF 2016) - SECT 9

After clause 33 in Schedule 2 to the Duties Act 2000 insert —

        "     34     State Taxation and Other Acts Amendment Act 2016—residential property and rate for foreign purchaser duty

Chapters 1 and 2, as in force immediately before 1 July 2016, apply in respect of any dutiable transaction entered into on or after 1 July 2015 but before 1 July 2016 under which a land-related interest in residential property is transferred to a foreign purchaser.

        35     State Taxation and Other Acts Amendment Act 2016—residential property for the purposes of Chapter 3

The definition of residential property set out in section 3(1), as in force immediately before 1 July 2016, applies in respect of any acquisition of an interest in a landholder that holds a land-related interest in residential property if the agreement or arrangement for the acquisition was entered into by a foreign purchaser on or after 1 July   2015 but before 1 July 2016.

        36     State Taxation and Other Acts Amendment Act 2016—2015-2016 agreements and arrangements for significant interest foreign purchaser acquisitions

    (1)     This clause applies if—

        (a)     a foreign purchaser entered into an agreement or arrangement on or after 1 July 2015 but before 1 July 2016 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and

        (b)     the acquisition, when made, is an acquisition of an interest referred to in section 78(1)(a)(i).

    (2)     Despite anything in this Act, if any duty is chargeable under Part 2 of Chapter 3 and is required to be calculated in accordance with section 86(1), that duty must be calculated in accordance with that subsection but using the rate specified under this Act that would have applied if the acquisition of the interest was made on the day the agreement or arrangement was entered into by the foreign purchaser.

        37     State Taxation and Other Acts Amendment Act 2016—2015-2016 agreements and arrangements for aggregated significant interest foreign purchaser acquisitions

    (1)     This clause applies if—

        (a)     a foreign purchaser entered into an agreement or arrangement on or after 1 July 2015 but before 1 July 2016 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and

        (b)     the acquisition, when made, is an acquisition of an interest referred to in section 78(1)(a)(ii), or after it is made, becomes an interest of that kind.

    (2)     Despite anything in this Act, if any duty is chargeable under Part 2 of Chapter 3 and is required to be calculated in accordance with section 86(3), that duty must be calculated in accordance with that subsection but using the rate specified under this Act that would have applied if the acquisition of the interest was made on the day the agreement or arrangement was entered into by the foreign purchaser.

        38     State Taxation and Other Acts Amendment Act 2016—2015-2016 agreements and arrangements for foreign purchaser acquisitions of further interests

    (1)     This clause applies if—

        (a)     a foreign purchaser entered into an agreement or arrangement on or after 1 July 2015 but before 1 July 2016 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and

        (b)     the acquisition, when made, is an acquisition of a further interest in the landholder referred to in section 78(1)(b).

    (2)     Despite anything in this Act, if any duty is chargeable under Part 2 of Chapter 3 and is required to be calculated in accordance with section 86(4), that duty must be calculated in accordance with that subsection but using the rate specified under this Act that would have applied if the acquisition was made on the day the agreement or arrangement was entered into by the foreign purchaser.

        39     State Taxation and Other Acts Amendment Act 2016—pre-2015 agreements and arrangements for foreign purchaser acquisitions

    (1)     This clause applies if—

        (a)     a foreign purchaser entered into an agreement or arrangement before 1 July 2015 for the acquisition of an interest in a landholder that holds a land-related interest in residential property; and

        (b)     the acquisition, when made, is an acquisition of an interest referred to in section 78(1), or after it is made, becomes an interest of that kind.

    (2)     Despite anything in this Act, in calculating any duty chargeable on the acquisition section 28A is to be disregarded.".