(1) The duty to be
assessed on a relevant reconstruction transaction is to be reduced in
accordance with subsection (2) if —
(a)
either of the following occurs —
(i)
an exemption is granted for a relevant reconstruction
transaction but the exemption is revoked under section 264A on the occurrence
of a notifiable event;
(ii)
an exemption application is made in accordance with
section 262 for a relevant reconstruction transaction and the exemption would
have been granted but for the application of section 263(4)(b) because of the
occurrence of a notifiable event;
and
(b) at
the time of the notifiable event, only part of the property referred to in
section 264A(2) to which the relevant reconstruction transaction relates is
held by, or on trust for, the member of the transaction group referred to in
whichever of section 264(2)(b)(i) or (ii) applies (the relevant entity ).
(2) Duty is chargeable
on the relevant reconstruction transaction only to the extent that the
transaction relates to the part of the property referred to in section 264A(2)
that is held by, or on trust for, the relevant entity at the time of the
notifiable event.
(3) This section
applies whether or not there has been a change in the legal description of the
property referred to in section 264A(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 266A inserted: No. 12 of 2019 s. 128.]