STAMP DUTIES ACT 1923 - SECT 100
STAMP DUTIES ACT 1923 - SECT 100
100—General principle of liability to duty
(1) A person or group
that acquires a prescribed interest, or increases a prescribed interest, in a
land holding entity notionally acquires an interest in the underlying
local land assets of the entity and is liable to duty in respect of the
notional acquisition.
(2) The following
transactions are therefore dutiable:
(a) a
transaction as a result of which a person or group acquires or has a
prescribed interest in a land holding entity; or
(b) a
transaction as a result of which a person or group that has a
prescribed interest in a land holding entity increases its prescribed interest
in the entity.
(3) A transaction is
dutiable under this Part even though the person or group that has a
prescribed interest, or increases a prescribed interest, in the
land holding entity as a result of the transaction—
(a) is
not a party to the transaction; or
(b) has
a passive role in the transaction.
(4) For example, any
of the following is capable of being a dutiable transaction:
(a) an
allotment of shares in a company or units in a unit trust scheme; or
(b) the
variation or abrogation of rights attaching to shares in a company or units in
a unit trust scheme; or
(c) the
redemption, surrender or cancellation of shares in a company or units in a
unit trust scheme; or
(d) the
addition or retirement of a partner in a partnership with assets comprising
shares in a company or units in a unit trust scheme.
(5) However, if a
relevant entity acquires a local land asset and, as a result of the
acquisition, becomes a land holding entity, and conveyance duty is paid in
respect of the transaction, the transaction is not dutiable under this Part.
(6) If a person who
acquires or holds an interest in a land holding entity is a trustee for 2 or
more trusts, any interest in the entity acquired or held by the person for
different trusts are to be treated as if they were acquired or held by
separate persons.