(1) This section
applies if —
(a) an
acquisition of an interest in a landholder (the first acquisition ) was exempt
under section 171; and
(b) a
further acquisition of an interest in the landholder occurs within 5 years
after the day on which the first acquisition occurred; and
(c) at
the time when the further acquisition occurs the landholder, or a linked
entity in respect of the landholder, is using solely or dominantly in the
business of primary production any of the land assets to which it was entitled
when the first acquisition occurred; and
(d) in
the opinion of the Commissioner the further acquisition is by way of a
transfer of an interest, or part of an interest, in the landholder that was
acquired under the first acquisition.
(2) The further
acquisition is not exempt under section 171 even if it comes within the
provisions of that section.
[Section 174 amended: No. 12 of 2019 s. 79.]