DUTIES ACT 2000 - SECT 70 Imposition of duty
DUTIES ACT 2000 - SECT 70
Imposition of duty(1) This Chapter charges duty at the same rate as for a transfer of dutiable property under Chapter 2 on certain acquisitions of interests in landholders.
S. 70(2) inserted by No. 26/2015 s. 22(1), amended by No. 22/2018 s. 6.
(2) In the case of a foreign purchaser, in respect of an acquisition of an interest in a landholder that holds a land-related interest in residential property, the duty chargeable is the duty determined at the same rates as for a dutiable transaction under which a land-related interest in residential property is transferred to a foreign purchaser under Chapter 2.
Note to s. 70 amended by No. 26/2015 s. 22(2).
Note
Duty is chargeable under Part 2 on the acquisition by a person of certain interests in private landholders and public landholders that have land holdings in Victoria with an unencumbered value of $1 million or more.
The duty is chargeable at the general rate for a dutiable transaction under Chapter 2, and in relation to foreign purchasers, also at the rate set out in section 28A in Chapter 2.
Duty was chargeable under Parts 3 and 4 on certain transactions occurring before 1 July 2002.
Duty is charged under Part 5 on the allotment of units or shares that confer a
land use entitlement.
Ch. 3 Pt 2 (Headings and ss 71– 89) amended by Nos 44/2001
s. 3(Sch. item 32.4), 46/2001 s. 9, 58/2003 s. 13,
substituted as Ch. 3 Pt 2 (Headings and ss 71– 89S) by
No. 46/2004 s. 12, amended by Nos 36/2005
ss 13– 15, 85/2005
ss 5– 10, 33/2007
ss 4– 6, 28/2011 ss 22, 23, 69/2011 ss 12– 17,
substituted as Ch. 3 Pt 2 (Headings and ss 71– 89Y)
by No. 38/2012 s. 5.
Part 2—Acquisition of interests in certain landholders
Division 1—Landholders
S. 71 substituted by No. 38/2012 s. 5.