(1) In this section
and in section 178 —
call option , put option and simultaneous put and
call option have the meanings those terms would have under section 44 if
references in that section to dutiable property were references to a relevant
interest;
relevant interest means an interest in a
landholder or other entity.
(2) For the purposes
of sections 154B and 176, where a simultaneous put and call option that
applies to a relevant interest comes into existence —
(a)
subject to section 178, the call option is taken to be an agreement for the
making of an acquisition of the relevant interest by the holder of the call
option rights; and
(b)
paragraph (a) applies even if the call option is assigned as mentioned in
subsection (3).
(3) If, in respect of
a simultaneous put and call option that applies to a relevant interest —
(a) the
call option has been assigned to another person so that the other person has a
right to require the sale of the relevant interest —
(i)
to the other person; or
(ii)
to a person that has an agreement, arrangement or
understanding with the other person relating to the interest;
and
(b) the
put option obligations have passed to any person referred to in paragraph (a),
the assignment of the
call option to the other person is taken, for the purposes of section 176, to
be an agreement for the acquisition of the relevant interest by that person.
(4) If subsection (3)
applies, subsection (2) does not apply to the right referred to in subsection
(3)(a) or the rights under the put option referred to in subsection (3)(b).
Note for this section:
1. Sections 195B and
195C provide for the assessment of duty if a deemed agreement is not
completed.
2. Sections 195 and
196 provide for the reassessment of duty if a deemed agreement is not
completed.
[Section 177 amended: No. 12 of 2019 s. 81.]