STAMP DUTIES ACT 1923 - SECT 102A
STAMP DUTIES ACT 1923 - SECT 102A
102A—Calculation of duty
(1) The duty in
respect of a transaction under which a person or group acquires a prescribed
interest in a land holding entity is to be equivalent to—
(a) in
the case of an entity that is a private company or a private unit
trust—the duty payable on a conveyance of land with an unencumbered
value equivalent to the value of the acquirer's notional interest in the
entity's underlying local land assets; and
(b) in
the case of an entity that is a listed company or a public unit
trust scheme—10% of the duty payable on a conveyance of land with an
unencumbered value equivalent to the value of the acquirer's notional interest
in the entity's underlying local land assets.
(2) Duty on a dutiable
transaction under which a person or group increases its prescribed interest in
a land holding entity is to be calculated as follows:
Where—
"D" is the amount of the duty
"d" "1" is the amount that would have been payable if the person or group had
acquired the whole of its interest in a single transaction at the time of the
increase
"d" "2" is the amount that would have been payable if the person or group had
acquired its pre-existing interest in a single transaction at the time of the
increase.
(a) a
person or group holds an interest in a relevant entity; and
(b) the
relevant entity then acquires land so as to become a land holding entity; and
(c) the
acquisition under paragraph (b) was subject to ad valorem duty that
has been duly paid; and
(d) the
person or group acquires a prescribed interest in the entity as a
land holding entity,
the duty calculated under subsection (1) is to be reduced in accordance
with the following formula:
Where—
"D" is the amount of the duty to be paid on account of this subsection
"d" "1" is the amount that would have been payable if the person or group had
acquired the whole of its interest in a single transaction at the time of the
acquisition
"d" "2" is the amount that would be payable on a conveyance of an interest in
the relevant land corresponding to the interest held by the person or group at
the time of the acquisition under paragraph (b)
"relevant land" is the total amount of land in South Australia that is held by
the land holding entity at the time that the person or group acquires the
prescribed interest under paragraph (d).
(5) If any part of a
prescribed interest in a land holding entity was acquired by the relevant
person or group more than 3 years before the date of a dutiable
transaction
(the "earlier acquisition"), the duty calculated under subsection (1) is
to be rebated by a percentage representing the extent of the
earlier acquisition as a proportion of the prescribed interest as a whole.
(6) Insofar as
subsections (4) and (5) may both apply to the acquisition of a
prescribed interest in a particular land holding entity by a person or group,
the provision that provides the higher benefit to the person or group will
apply.
(7) If a person or
group acquires or increases a prescribed interest in a land holding entity and
duty has been paid under this Act in respect of the transaction for the
acquisition of, or increase in, the interest, the duty calculated under this
section is to be reduced by the amount of duty paid under this Act.