(b) within 3 years after the transaction
or acquisition—
(i) the transferor or transferee has ceased to belong to the
same corporate group; or
(ii) part or all of the consideration for the
transaction or acquisition is provided or received other than as permitted by
section 406(2) (c) (ii) or (iii) .
(2) The commissioner must make a
reassessment to impose duty on the dutiable transaction or relevant
acquisition as if the exemption from duty had never applied.
Note—
Unpaid
tax interest and penalty tax may be payable under the Administration Act ,
part 5 .
(3) Subsection (2) applies to the reassessment despite the
following—
(a) the limitation period under the Administration Act for
reassessments;
See the Administration
Act , part 3 (Assessments of tax), division 3 (Reassessments).
(4) However,
subsection (2) does not apply—
(a) if the transferor or transferee ceases to
exist, other than under an arrangement, a significant purpose of which was to
avoid the requirement that the transferor and transferee belong to the same
corporate group for the 3 years mentioned in subsection (1) ; or
(b) if—
(i) the transferor or transferee ceases to be a group company in the corporate
group because its shares, or the shares of a new parent company interposed
between the transferor and transferee, are offered and sold to the public; and
(ii) the shares are quoted on the market operated by a recognised stock
exchange within 1 year after the offer to the public; or
Note—
Section 498Aincludes provision about when the quotation of securities is suspended.
(c)
if less than 5% of the value of the property held, directly or indirectly, by
the company that ceases to be a group company is dutiable property.
(5)
Without limiting subsection (4) (a) , a company registered under the
Corporations Act ceases to exist if it is deregistered under that Act.
