DUTIES ACT 2000 - SECT 89F Duty concession—acquisitions securing the provision of finance

DUTIES ACT 2000 - SECT 89F

    (1)     Except as provided by subsection (3), a relevant acquisition is not chargeable with duty if the relevant acquisition is effected solely for the purpose of securing the provision of finance and—

        (a)     the person acquiring the interest or economic entitlement is providing finance to the person from whom the interest or economic entitlement is acquired; and

        (b)     the Commissioner is satisfied that the relevant acquisition is effected solely for that purpose.

    (2)     The person lodging the acquisition statement must inform the Commissioner at the time of lodgement that the acquisition is effected solely for the purpose of the provision of finance by the person acquiring the interest to the person from whom the interest or economic entitlement is acquired.

    (3)     The acquisition is chargeable with duty at the expiration of the period of 5 years after the date of the acquisition (or such longer period as may be determined by the Commissioner in the particular case) if the interest or economic entitlement concerned is not—

        (a)     re-acquired by the person from whom it was acquired; or

        (b)     in the case of an acquisition by way of mortgage, conveyed by the mortgagee to a third person in exercise of the mortgagee's power of sale, within that period (or that longer period).

    (4)     The re-acquisition by a person of the interest or economic entitlement concerned is not a relevant acquisition for the purposes of this Part.

Division 4—Valuation and supplementary calculation provisions

S. 89G substituted by No. 38/2012 s. 5.