PLANNING AND ENVIRONMENT ACT 1987 - SECT 201RE What is a significant acquisition?
PLANNING AND ENVIRONMENT ACT 1987 - SECT 201RE
What is a significant acquisition?(1) For the purposes of this Part, a person makes a significant acquisition if—
S. 201RE(1)(a) amended by No. 38/2012 s. 18(1).
(a) the person acquires an interest in a landholder that is a relevant acquisition; or
S. 201RE(1)(b) amended by No. 38/2012 s. 18(1).
(b) after the relevant acquisition is made, that person or another person acquires any part of the remaining interest in the landholder.
S. 201RE(1A) inserted by No. 38/2012 s. 18(2).
(1A) Subsection (1)(b) does not apply to a landholder that is a public landholder.
(2) In this section—
S. 201RE(2) def. of
acquire amended by No. 38/2012 s. 18(3)(a).
acquire in relation to an interest in a landholder has the same meaning as in section 80 of the Duties Act 2000 ;
S. 201RE(2) def. of
interest amended by No. 38/2012 s. 18(3)(b).
"interest" in relation to a landholder has the same meaning as in section 79(1) of the Duties Act 2000 ;
S. 201RE(2) def. of relevant acquisition amended by No. 38/2012 s. 18(3)(c).
"relevant acquisition" means a relevant acquisition within the meaning of section 78 (other than subsection (1)(b)), 81 or 82 of the Duties Act 2000 in respect of which duty is chargeable under Part 2 of Chapter 3 of that Act and which is not an exempt acquisition within the meaning of that Part.
Examples
Example 1 to s. 201RE amended by No. 38/2012 s. 18(4).
1 B acquires a 60% interest in company XYZ Pty Ltd, which is a private landholder that owns land subject to GAIC. This acquisition is a relevant acquisition under section 78(1)(a)(i) of the Duties Act 2000 and is a significant acquisition. B would be liable to pay 60% of the GAIC imposed in respect of the land subject to GAIC owned by XYZ. If C, after that significant acquisition, were to acquire 10% of the remaining interest in XYZ, C would be liable to pay 10% of the GAIC (indexed if applicable) imposed in respect of the land subject to GAIC owned by XYZ. Any further acquisitions of the remaining 30% interest in XYZ would also attract the imposition of GAIC in proportion to the interest acquired.
Example 2 to s. 201RE substituted as Example by No. 38/2012 s. 18(5), amended as Example 2 by No. 21/2013 s. 22.
2 RST Pty Ltd is a company that is a public landholder. In October 2012, Y acquires a 70% interest in RST. This is not a significant acquisition. In 2017, T obtains a 25% interest in RST. As Y and T are associated persons there has now been a significant acquisition made up of 95% of the interest in RST, therefore Y and T are jointly and severally liable to pay 95% of the indexed amount of GAIC payable in relation to land subject to GAIC owned by RST.
Subdivision 3—Excluded subdivisions and building work
S. 201RF inserted by No. 23/2010 s. 9.