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COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 93 93 Amendment of s 179 (Working out dutiable value of relevant acquisition)

COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 93

93 Amendment of s 179 (Working out dutiable value of relevant acquisition)

(1) Section 179(1) and editor's note—

omit, insert—

'(1) The dutiable value of a relevant acquisition in a private landholder is the interest in, or total of interests in, the landholder constituting the relevant acquisition, less any excluded interest of the person at the time of the acquisition, multiplied by the unencumbered value of all Queensland land-holdings of the landholder at the time of the acquisition.

Note—
See also section 14 (What is the unencumbered value of property).'.

(2) Section 179(2) and (3) and examples, 'land rich corporation'—

omit, insert—

'private landholder'.

(3) Section 179(2)(b)(i) and (3), examples, 'majority interest'—

omit, insert—

'significant interest'.

(4) Section 179(2)(b)(iii), 'corporation'—

omit, insert—

'landholder'.

(5) Section 179(4), note, 'land rich'—

omit, insert—

'landholder'.

(6) Section 179—

insert—

'(6) In this section—

excluded interest, of a person who makes a relevant acquisition in a private landholder, is any interest constituting the relevant acquisition—

(a) held by the person, or a related person of the person, on or before the day that is 3 years before the relevant acquisition, unless—
(i) the interest was acquired as part of an arrangement; and
(ii) the arrangement includes the interest most recently acquired as part of the relevant acquisition; or
(b) acquired by the person, or a related person of the person, at a time when the landholder did not hold land in Queensland.'.