STAMP DUTIES ACT 1923 - SECT 109
STAMP DUTIES ACT 1923 - SECT 109
(1) In this
section—
"prescribed date", in relation to a prescribed instrument, means the date that
duty would have been payable in the ordinary course of events, as determined
by the Commissioner, rather than on account of the scheme, contract,
agreement, arrangement or undertaking that has been entered into (in the
opinion of the Commissioner) in order, wholly or in part, to avoid or reduce a
liability to duty;
"prescribed instrument or transaction" means an instrument or transaction
that—
(a) has
been entered into in connection with, or as part of; or
(b) has
been made pursuant to or in relation to; or
(c) is
in any other way connected with,
a scheme, contract, agreement, arrangement or undertaking entered into, wholly
or in part, to avoid or reduce a liability to duty on account of—
(d) a
change in the amount of duty payable on or after 1 July 2016 on
account of the operation of section 71DC as to be inserted (or as
inserted) into this Act by the Statutes Amendment and Repeal (Budget 2015)
Act 2015 ; or
(e) the
abolition of duty on qualifying land on or after 1 July 2018 on
account of the operation of section 105A, as to be inserted (or as
inserted) into this Act by the Statutes Amendment and Repeal
(Budget 2015) Act 2015 .
(2) If the
Commissioner forms the opinion that an instrument or transaction executed or
entered into on or after 18 June 2015 is a prescribed instrument or
transaction, the duty chargeable on the instrument or in relation to the
transaction will be calculated according to the rates in force on the
prescribed date.
(3) For the purposes
of subsection (2), the Commissioner may have regard to—
(a) the
nature of any relationship between the parties to the instrument or
transaction; and
(b) any
commercial or other arrangements existing between the parties to the
instrument or transaction before the instrument was entered into, made or
executed or the transaction was entered into; and
(c) any
arrangements surrounding or relating to any land that is the subject of the
instrument or transaction before the instrument was entered into, made or
executed or the transaction was entered into; and
(d) any
other matter the Commissioner considers relevant.
(4) This
section—
(a)
operates to the exclusion of section 16; and
(b)
operates in addition to Part 6A of the Taxation Administration
Act 1996 .
(5) In addition, if
the Commissioner forms an opinion in relation to an instrument or transaction
under subsection (2)—
(a) a
deliberate tax default will be taken to have occurred on the prescribed date
for the purposes of the Taxation Administration Act 1996 ; but
(b) the
Commissioner may not—
(i)
remit any interest; or
(ii)
remit any penalty tax,
payable under Part 5 of that Act.