COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 94 94 Insertion of new ch 3, pt 1, div 4, sdiv 2 and sdiv 3, hdg

COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 94

Chapter 3, part 1, division 4, after section 179—

insert—

'(1) Subject to section 179B, the landholder duty imposed on a relevant acquisition made by a person in a public landholder is 10% of the amount of transfer duty that would be imposed on a dutiable transaction under chapter 2, if a transfer of all the Queensland land-holdings of the landholder had happened at the time of the relevant acquisition.

'(2) However, for a relevant acquisition to which section 158(1)(c) applies, no landholder duty is imposed for an increase in the person's interest if—

(a) landholder duty for a relevant acquisition by the person in the landholder has previously been imposed under this section; and

(b) since making the relevant acquisition for which landholder duty was imposed, the interest of the person constituting the previous acquisition has not reduced.

'(3) This section has effect subject to a deduction allowed under sections 185 to 188.

'(1) For section 179A, in working out the amount of transfer duty that would be imposed under chapter 2, the dutiable value of the dutiable transaction is the unencumbered value of all Queensland land-holdings of the landholder at the time of the acquisition, reduced by the proportion of the value represented by any excluded interest of the person at the time of the acquisition.

'(2) In this section—

excluded interest, of a person who makes a relevant acquisition in a public landholder, is any interest constituting the relevant acquisition acquired by the person, or a related person—

(a) before 1 July 2011; or

(b) at a time when the landholder did not hold land in Queensland.