DUTIES ACT 2008 - SECT 120B
DUTIES ACT 2008 - SECT 120B
120B . Land retained by transferee following transfer to facilitate subdivision
(1) This section
applies if —
(a)
nominal duty is chargeable under section 120A(1) on an original transfer of
land from a person (the original transferor ) to another person (the original
transferee ) for the purpose of facilitating a subdivision of the land; and
(b)
after the subdivision, there is a transfer (the subsequent transfer ) of the
land, or part of the land, back to the original transferor; and
(c)
either or both of the following applies —
(i)
the land the subject of the subsequent transfer is only a
part of the land the subject of the original transfer and the remainder of
that land is retained by the original transferee after the subsequent
transfer;
(ii)
after the subsequent transfer, the land the subject of
the subsequent transfer, or part of that land, is held jointly by the original
transferor with the original transferee.
(2) When the
subsequent transfer is made, there is taken to be a dutiable transaction
consisting of the transfer to the original transferee of the following —
(a) any
land the subject of the original transfer that is not also the subject of the
subsequent transfer;
(b) the
original transferee’s interest in any land held jointly with the
original transferor as referred to in subsection (1)(c)(ii).
(3) In determining the
dutiable value of a dutiable transaction under subsection (2) (a deemed
transaction ), the unencumbered value of the dutiable property the subject of
the deemed transaction is the unencumbered value of that property when
liability for duty arose on the original transfer.
(4) Subsection
(1)(c)(i) does not apply if the original transferee is to transfer the
remainder of the land to another person for the purposes of the subdivision.
[Section 120B inserted: No. 12 of 2019 s. 46.]