LAND TAX ACT 2005 - SECT 3B Exemptions from holding absentee controlling interests

LAND TAX ACT 2005 - SECT 3B

    (1)     Despite section 3A, an absentee person is taken not to hold an absentee controlling interest in a corporation if the absentee person holds an exemption under subsection (2).

    (2)     The Treasurer, for the purposes of subsection (1), may, in writing, exempt an absentee person who holds an absentee controlling interest in a corporation if the Treasurer is satisfied that, having regard to any one or more of the following matters, the absentee person should not be taken to hold that interest—

        (a)     the nature and degree of ownership and control the absentee person, or that person acting together with another absentee person, has in the corporation;

        (b)     the practical influence the absentee person, or that person acting together with another absentee person, exerts to determine or influence, directly or indirectly, the outcome of decisions about the corporation's financial and operating policies;

        (c)     any practice or behaviour of the absentee person, or that person acting together with another absentee person, which affects the corporation's financial or operating policies;

        (d)     any other relevant circumstances.

S. 3B(3)–(6) repealed by No. 67/2017 s. 11.

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S. 3BA inserted by No. 67/2017 s. 12.