(1) The exemption for
an exempt relevant reconstruction transaction is revoked by this subsection if
—
(a) a
notifiable event to which section 264(2)(b) applies occurs in relation to the
relevant reconstruction transaction within 3 years after the date of the
transaction; and
(b) the
member of the transaction group referred to in whichever of
section 264(2)(b)(i) or (ii) applies (the relevant entity ) is —
(i)
for a relevant reconstruction transaction referred to in
section 260(1)(a)(iii) or (aa)(iii) — the entity for which the dutiable
property or residential property is held on trust; or
(ii)
for a relevant reconstruction transaction referred to in
section 260(1)(d) — the acquirer of the interest referred to in that
section; or
(iii)
otherwise — the entity who would, but for the
exemption, be liable to pay the transfer duty, foreign transfer duty or
vehicle licence duty chargeable on the transaction;
and
(c) when
the notifiable event occurs, the property referred to in subsection (2), or a
part of that property, is held by, or on trust for, the relevant entity.
(2) For the purposes
of subsection (1)(c), the property is —
(a) for
a relevant reconstruction transaction referred to in section 260(1)(a) —
the dutiable property to which the transaction relates; or
(b) for
a relevant reconstruction transaction referred to in section 260(1)(aa)
— the residential property to which the transaction relates; or
(c) for
a relevant reconstruction transaction referred to in section 260(1)(b) —
the licence for a vehicle to which the transaction relates; or
(d) for
a relevant reconstruction transaction referred to in section 260(1)(d) —
the interest in an entity to which the transaction relates.
(3) This section does
not apply —
(a) to a
notifiable event that results from a public float; or
(b) in
prescribed circumstances.
(4) This section
applies whether or not there has been a change in the legal description of the
property referred to in subsection (2) between the relevant reconstruction
transaction and the notifiable event.
Note for this subsection:
For example, a change
in the legal description of property when a new certificate of title is
registered following a subdivision of land.
[Section 264A inserted: No. 12 of 2019 s. 125.]