DUTIES ACT 2001 - SECT 193A
Exemption—restructure of stapled entities
DUTIES ACT 2001 - SECT 193A
Exemption—restructure of stapled entities
193A Exemption—restructure of stapled entities
(1) Landholder duty is not imposed on a relevant acquisition if—
(a) the
purpose of the acquisition is to give effect to a scheme that qualifies or
would, on its completion, qualify as a roll-over under the
Income Tax Assessment Act 1997 (Cwlth) , subdivision 124.Q ; and
(b) when the
scheme is completed, the interposed trust will be a listed unit trust or a
widely held unit trust; and
(c) the acquisition is not part of an arrangement
to avoid the imposition of landholder duty.
(2) Subsection (1) does not apply
if—
(a) the interposed trust is not a listed unit trust or a widely held
unit trust when the scheme is completed; or
(b) the interposed trust ceases
to be a listed unit trust or a widely held unit trust within 3 years after the
scheme is completed; or
(c) the interposed trust does not retain all the
ownership interests in the stapled entities for at least 3 years after the
date of the acquisition.
(3) Despite subsection (2) (c) , subsection (1)
continues to apply if the commissioner is satisfied the interposed trust did
not retain all the ownership interests because 1 or more of the stapled
entities ceased to exist other than under an arrangement, a significant
purpose of which was to avoid the requirement to retain all the ownership
interests for at least 3 years.
(4) If subsection (1) does not apply, the
commissioner must make a reassessment to impose landholder duty on the
relevant acquisition as if the exemption from duty had never applied.
(5)
Subsection (4) applies to the reassessment despite the limitation period under
the Administration Act for reassessments.
Note—
See the Administration Act
, part 3 , division 3 .
(6) If an event mentioned in subsection (2)
happens, the acquirer under the relevant acquisition must, within 28 days
after the event happens—
(a) give notice of the event to the commissioner in
the approved form; and
(b) ensure the instruments required for the assessment
of duty on the acquisition are lodged for reassessment.
Note—
Failure to
give the notice is an offence under the Administration Act , section 120 .
(7) Without limiting subsection (3) , a company registered under the
Corporations Act ceases to exist if it is deregistered under that Act.
