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DUTIES ACT 2001 - SECT 626 Particular interests taken to be excluded interests for s 179

DUTIES ACT 2001 - SECT 626

Particular interests taken to be excluded interests for s 179

626 Particular interests taken to be excluded interests for s 179

(1) This section applies if—
(a) before 1 July 2011 a person acquired an interest in a corporation other than a land rich corporation as defined under this Act before that day; and
(b) on or after 1 July 2011—
(i) the corporation is or becomes a landholder; and
(ii) the person makes a relevant acquisition in the corporation.
(2) For working out the dutiable value of the relevant acquisition under section 179, the interest acquired before 1 July 2011 is taken to be an excluded interest.
(3) Section 163(2) applies for working out when the interest was acquired.