STAMP DUTIES ACT 1923 - SECT 102F

STAMP DUTIES ACT 1923 - SECT 102F

102F—Exempt transactions and related matters

        (1)         A transaction under which a person or a group acquires an interest in a land holding entity is exempt from duty under this Part if it takes place in circumstances in which a conveyance of an interest in the underlying local land assets would not attract ad valorem duty.

Example—

Suppose that A is entitled under the will of B to 60% of the shares in X Pty Ltd, a land holding entity, owning land in the State valued at $2m. A's acquisition of the shares on distribution of the estate is exempt from duty because a conveyance of the land itself would, if it occurred in these circumstances (ie on distribution of the estate), be exempt from ad valorem duty.

        (2)         The following transactions are exempt from duty under this Part:

            (a)         an acquisition of an interest in a land holding entity that takes place solely as a result of the making of a compromise or arrangement with the creditors of the land holding entity under Part 5.1 of the Corporations Act 2001 of the Commonwealth;

            (b)         a transaction exempted by regulation from duty under this Part.