Acquiring an interest
Landholder duty
From 1 July 2009, landholder duty replaces the land rich provisions.
A person acquires an interest in a land rich landholder if the person obtains an interest in the landholder, or the person's interest in the landholder increases, regardless of how it is obtained or increased.
Without limiting the above, a person may acquire an interest in a land rich landholder in the following ways:
a) the sale/purchase, gift, allotment or issue of a unit or share,
b) the cancellation, redemption, or surrender of a unit or share,
c) the abrogation or alteration of a right for a unit or share,
d) the payment of an amount owing for a unit or share.
e) if the person holds an interest in the land rich landholder (whether or not as trustee for another person) and the capacity in which the person holds the interest changes (including if there is a change in the beneficial ownership of an interest held by a person as trustee).
To remove any doubt, it is declared that a person may acquire an interest in a land rich landholder without acquiring units or shares in the land rich landholder.
