(1) If an acquisition statement that discloses a relevant acquisition in a
private landholder does not disclose any other acquisitions by a
foreign person during the statement period, duty is chargeable, at 8% (
"the general surcharge rate" ), on the amount calculated by multiplying the
unencumbered value of all residential land holdings of the landholder in New
South Wales (calculated at the date of acquisition of the interest acquired)
by the proportion of that value represented by the interest acquired in the
relevant acquisition.
(4)
Duty payable under this Part is to be reduced by the sum of the duty paid or
payable under this Part in respect of an acquisition, during the statement
period, by the foreign person or any associated person who is a foreign person
of an interest in the same landholder, but only in proportion to the extent to
which the duty paid or payable is attributable to the amount of the duty
payable under this Part.
(5) Duty is not chargeable under this Part on the
acquisition of an interest in a landholder that is required to be disclosed in
an acquisition statement if the acquisition is an exempt acquisition.
