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DUTIES ACT 2001 - SECT 242 Definitions for pt 4

DUTIES ACT 2001 - SECT 242

Definitions for pt 4

242 Definitions for pt 4

In this part—


"foreign acquirer" means an acquirer who is a foreign person.


"foreign acquirer’s interest" , under a relevant transaction, means the proportion that the share of the foreign acquirer under the transaction bears to the total of the shares of all acquirers under the transaction.

Example—
Under a relevant transaction that is a relevant acquisition on which landholder duty is imposed, person A (a foreign acquirer) and person B (not a foreign acquirer) each acquire a 45% interest in a public landholder. The proportion of person A’s share under the transaction is 50% (a 45% interest of a total interest of 90% acquired under the transaction). Person A’s foreign acquirer’s interest is therefore 50%.