Transitional provisions
The duty under the Landholder provisions contained in Chapter 4 is chargeable on any relevant acquisition in a private landholder made as a consequence of a person acquiring an interest in a private landholder on or after 1 July 2009.
If a person acquires an interest in a private landholder on or after 1 July 2009, acquisitions made before 1 July 2009 are to be counted for the purpose of determining whether the person has made a relevant acquisition in the private landholder under Chapter 4.
Examples
Private company
| Pre 1 July 09 | Post 1 July 09 | Liability |
|---|---|---|
30% not land rich | 30% landholder | 30% |
30% land rich | 30% landholder | 60% |
Private unit trust
| Pre 1 July 09 | Post 1 July 09 | Liability |
|---|---|---|
40% not land rich | 20% landholder | 20% |
10% land rich | 15% landholder | No liability as interest less than 50% |
The duty chargeable under Chapter 4 is chargeable on any relevant acquisition in a public landholder made as a consequence of a person acquiring an interest in the public landholder on or after 1 October 2009.
If a person acquires an interest in a public landholder on or after 1 October 2009, acquisitions made before 1 October 2009 (including any made before 1 July 2009) are to be counted for the purpose of determining whether the person has made a relevant acquisition in the public landholder under Chapter 4. However, acquisitions made in public landholders before 1 July 2009 are exempt acquisitions for duty purposes.
Example
A person acquires 30% in a public landholder before 1 July 2009, 25% between 1 July 2009 and 30 September 2009, and 45% on or after 1 October 2009. The 30% acquisition is an exempt acquisition. The 45% acquisition triggers a liability and duty is payable on 70% of the land and goods in NSW as at the date of the latest acquisition. The actual duty payable would be 10% of that amount.
