DUTIES ACT 2001 - SECT 183 Land transferred for shares or units to be disregarded

DUTIES ACT 2001 - SECT 183

183 Land transferred for shares or units to be disregarded

(1) This section applies if the relevant acquisition is the issue of shares or units by a landholder to a person in the following circumstances—

(a) the shares or units are issued to the person in consideration of a transfer of land to the landholder by the person;

(b) transfer duty is paid for the transfer;

(c) the land is not the only land of the landholder;

(d) the person is not the only shareholder or unit holder of the landholder.

(2) In working out the unencumbered value of the Queensland land-holdings of the landholder, the value of the land must be disregarded.