Northern Territory Consolidated Acts Northern Territory Consolidated Acts56M. Statement chargeable with duty
(1) A statement lodged under section 56K is chargeable with duty at the ad valorem rate applicable to a conveyance of dutiable property with a dutiable value determined under section 56R.
(2) However, there is to be deducted from the duty chargeable on a statement lodged under section 56K:
(a) the amount, if any, paid under Schedule 1, item 20 to the Stamp Duty Act as in force before 1 July 2006 in respect of any instrument effecting or evidencing the acquisition of an interest in the corporation within the relevant period in relation to the relevant acquisition, except duty:
(i) previously deducted under this paragraph;
(ii) paid in respect of the acquisition of an interest referred to in paragraph (c); and
(b) the amount, if any, paid under this Division (but not refunded) on another statement lodged under section 56K in respect of the portion of the dutiable value of the relevant acquisition specified in that other statement that relates to the dutiable value of the acquisition of an interest in the corporation by the person or any related persons within the relevant period in relation to the relevant acquisition; and
(c) the amount payable under this Division in respect of the acquisition of an interest in the corporation by the person or any related persons in any of the following circumstances:
(i) if each of the following applies:
(A) the acquisition is made for giving effect to a scheme that would qualify as a roll-over under Subdivision 124-Q of the Income Tax Assessment Act 1997 (Cth);
(B) when the scheme is completed, the interposed trust will not be an unlisted unit trust scheme;
(C) the acquisition is not a tax avoidance scheme or part of a tax avoidance scheme;
Note for subparagraph (i)
If the interposed trust becomes an unlisted unit trust scheme at any time within 3 years after the scheme is completed, the statement lodged under section 56K(1) is required to be relodged for the Commissioner to reassess and impose duty as if the deduction did not apply, see section 56K(5A) and (5B).
(v) if the interest is acquired within the relevant period by virtue of the vesting of marketable securities under a declaration of trust over shares and duty has already been paid under this Division in respect of an acquisition of that interest by virtue of the declaration of trust having been made when the marketable securities were to be vested in the declarant;
(vi) if the interest is acquired within the relevant period by virtue of the addition of a beneficiary or class of beneficiaries to the existing beneficiaries under a discretionary trust and either of the following applies:
(A) the existing and the additional beneficiaries are members of the same family;
(B) the addition is not a tax avoidance scheme or part of a tax avoidance scheme;
(vii) the acquisition occurs through a change in control of a corporate beneficiary and a change in control of a discretionary trust and the Commissioner is satisfied that the changes are not a tax avoidance scheme or part of a tax avoidance scheme;
(ix) if the interest is acquired within the relevant period and is units in a unit trust scheme - the units were acquired solely pursuant to an arrangement entered into or carried out by any of the parties to the arrangement for the sole purpose of enabling the unit trust scheme or a related person to:
(A) obtain finance (whether by way of renewal or otherwise);
(B) obtain an extension of the period for which finance was obtained under an earlier arrangement; or
(C) enforce or terminate an arrangement for the provision of finance;
(x) if the interest is acquired within the relevant period in relation to the relevant acquisition and duty is not payable in respect of the interest by virtue of section 22 as in force before 1 July 2006 or by virtue of section 19 or 20 as in force on or after 1 July 2006; and
(d) the amount, if any, paid under Division 8B (but not refunded) for the part of the duty for a merger vesting of land within the relevant period in relation to the relevant acquisition.
(2A) Subject to subsection (2B), there is to be deducted from the duty chargeable on a statement lodged under section 56K the amount payable by a person under this Division in respect of the proportion of the dutiable value of the acquisition of an interest in the corporation in respect of land to which the corporation is entitled if the interest is acquired within the relevant period by the person or any related persons and a direct conveyance of the land from the person who held the interest to the person who acquired the interest:
(a) would not be liable to ad valorem duty because of a law of the Territory (other than Division 2); or
(b) would be exempt from duty because of an order under the Family Law Act 1975 (Cth):
(i) relating to the marriage or former marriage (including a void marriage) of the person who held the interest and the person who acquired the interest; and
(ii) the person who acquired the interest is not an agent or trustee of another person.
(2B) Subsection (2A) applies only if an amount payable in respect of the acquisition of the interest in the corporation has not been deducted under subsection (2)(c).
(3) Despite section 9, duty on a statement lodged under section 56K is due and payable by the person liable to pay it:
(a) on the date specified in the notice of assessment of the duty as the date on which the duty is due and payable; or
(b) if no date is specified or no notice is served - within 60 days after the occurrence of the relevant acquisition.