Queensland Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2022 - SECT 7

7 Insertion of new s 431B

After section 431A —
insert—

431B Exemption—particular dutiable transactions or relevant acquisitions for Queensland Future (Debt Retirement) Fund

(1) Subsection (2) applies in relation to a dutiable transaction or relevant acquisition that is, or is part of an arrangement that is, intended to advance the purpose of the Queensland Future (Debt Retirement) Fund.

(2) Transfer duty or landholder duty is not imposed on the dutiable transaction or relevant acquisition if the transaction or acquisition is, or is part of an arrangement that is—

(a) for making a contribution to, or an investment for the purpose of, the Queensland Future (Debt Retirement) Fund; or

(b) for a purpose connected with, or arising out of—

(i) a contribution or investment mentioned in paragraph (a); or

(ii) an arrangement prescribed by regulation.

(3) Also, transfer duty is not imposed on a dutiable transaction that is a trust acquisition of a unit in a unit trust if—

(a) the trust acquisition is, or is part of an arrangement that is, intended to advance the purpose of the Queensland Future (Debt Retirement) Fund; and

(b) each unit acquired in the unit trust is held solely and directly for the Queensland Future (Debt Retirement) Fund.

(4) In addition, transfer duty is not imposed on a dutiable transaction that is a trust surrender of a unit in a unit trust if—

(a) the trust surrender is part of an arrangement that is intended to advance the purpose of the Queensland Future (Debt Retirement) Fund; and

(b) under the arrangement, the trust surrender of the unit is because of a trust acquisition of a unit in the unit trust for which an exemption under subsection (3) applies.

(5) In this section—

"Queensland Future (Debt Retirement) Fund" means the Queensland Future (Debt Retirement) Fund established under the Queensland Future Fund Act 2020 .