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DUTIES ACT 2000 - SECT 250B Concession and exemptions for certain transactions arising out of corporate reconstructions, corporate consolidations and arrangements

DUTIES ACT 2000 - SECT 250B

Concession and exemptions for certain transactions arising out of corporate reconstructions, corporate consolidations and arrangements

S. 250B(1) substituted by No. 71/2004 s. 24(1), amended by No. 36/2005 s. 19(c), substituted by No. 17/2019 s. 24(2).

    (1)     Subject to this section, the duty chargeable on an eligible transaction is 10% of the duty that would otherwise be chargeable under this Act on the eligible transaction.

S. 250B(2) substituted by Nos 17/2019 s. 24(2), 47/2020 s. 18(2).

    (2)     No duty is chargeable under this Act on an eligible transaction to the extent that—

        (a)     duty is chargeable on an earlier eligible transaction in relation to the same dutiable property; and

        (b)     the eligible transaction and the earlier eligible transaction referred to in paragraph (a) form an arrangement or part of an arrangement; and

S. 250B(2)(c) amended by No. 38/2023 s. 12.

        (c)     the eligible transaction occurs within the period of 30 days beginning on and including the day on which the first eligible transaction occurred in the arrangement.

S. 250B(3) substituted by No. 17/2019 s. 24(2).

    (3)     For the purposes of subsection (2), if either or both of the eligible transactions referred to in that subsection is a relevant acquisition, a reference to dutiable property in relation to the relevant acquisition is a reference to the land holdings of the landholder in which the relevant acquisition is made.

S. 250B(3A) inserted by No. 17/2019 s. 24(2), substituted by No. 47/2020 s. 18(3).

    (3A)     No duty is chargeable under this Act on an eligible transaction that is an application for the registration or transfer of registration of a motor vehicle if—

        (a)     duty is chargeable on an earlier eligible transaction that is an application for the registration or transfer of registration of the same motor vehicle; and

        (b)     the eligible transaction and the earlier eligible transaction referred to in paragraph (a) form an arrangement or part of an arrangement; and

S. 250B(3A)(c) amended by No. 38/2023 s. 12.

        (c)     the eligible transaction occurs within the period of 30 days beginning on and including the day on which the first eligible transaction occurred in the arrangement.

S. 250B(3B) inserted by No. 47/2020 s. 18(3).

    (3B)     If an arrangement continues for more than 30 days, subsections (2) and (3A) apply in relation to each 30 day period for which the arrangement continues as if the first eligible transaction that occurs in the arrangement after the end of each 30 day period were the first eligible transaction in the arrangement.

S. 250B(4) amended by Nos 36/2005 s. 19(c), 17/2019 s. 24(3)(a).

    (4)     The Minister must, before 31 October in each year, cause to be laid before each House of the Parliament a report of concessions and exemptions under this Division in the preceding financial year, including—

S. 250B(4)(a) amended by Nos 71/2004 s. 24(2), 17/2019 s. 24(3)(b), 47/2020 s. 18(4).

        (a)     the name of each member of a corporate group or consolidated group that has had the benefit of a concession or exemption; and

S. 250B(4)(b) amended by No. 17/2019 s. 24(3)(c).

        (b)     the amount of duty that would have been chargeable but for the concession or exemption.

S. 250C inserted by No. 113/2003 s. 5, amended by No. 36/2005 s. 19(c), repealed by No. 17/2019 s. 25.

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S. 250D inserted by No. 113/2003 s. 5, amended by Nos 71/2004 s. 25, 36/2005 s. 19(c), 28/2011 s. 27, repealed by No. 17/2019 s. 25.

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Ch. 11 Pt 2 Div. 1A (Heading) amended by No. 17/2019 s. 21(3), repealed by No. 47/2020 s. 19.

Ch. 11 Pt 2 Div. 1A (Heading and ss 250DA– 250DG) inserted by No. 36/2005 s. 20.

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Ss 250DA, 250DB inserted by No. 36/2005 s. 20, repealed by No. 47/2020 s. 20.

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S. 250DC inserted by No. 36/2005 s. 20, amended by Nos 38/2012 s. 8, 17/2019 s. 26, repealed by No. 47/2020 s. 20.

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S. 250DD inserted by No. 36/2005 s. 20, amended by No. 17/2019 s. 27, repealed by No.47x/2020 s. 20.

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Ss 250DE, 250DF inserted by No. 36/2005 s. 20, repealed by No. 17/2019 s. 28.

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S. 250DG inserted by No. 36/2005 s. 20, amended by No. 38/2012 s. 9, substituted by No. 47/2020 s. 21.