DUTIES ACT 2001 - SECT 189 Exemption—particular share or unit issues

DUTIES ACT 2001 - SECT 189

189 Exemption—particular share or unit issues

(1) Landholder duty is not imposed on an acquisition by a person of an interest on the initial allotment of shares or units on the registration of a corporation or the establishment of a listed unit trust.

(2) Also, landholder duty is not imposed on an acquisition by a person if—

(a) the interest was acquired on the issue of shares or units to a person in consideration of a transfer of land to the corporation or trust by the person; and

(b) transfer duty is paid or payable for the acquisition of the land by the corporation or trust; and

(c) the land is the only land of the corporation or trust; and

(d) the person is the only shareholder or unit holder of the corporation or trust.

(3) In addition, landholder duty is not imposed on an acquisition by a person if—

(a) the interest is acquired on a dealing in shares or units for all of the shareholders or unit holders of the corporation or trust; and

(b) the interests of the shareholders or unit holders after the dealing are, as near as practicable, the same as the proportions in which they held the shares or units before the dealing; and

(c) the rights among the shareholders or unit holders have not changed significantly because of the dealing in the shares or units.

(4) In this section—


"dealing" , for shares or units, means the issue, cancellation, redemption or buy-back of the shares or units.