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DUTIES ACT 2008 - SECT 176

DUTIES ACT 2008 - SECT 176

176 .         When acquisition occurs

        (1)         In making an assessment of duty in relation to an acquisition of an interest in an entity, the time when that acquisition occurs is, for the purposes of this Chapter but subject to section 173(4)(c) and 204G, to be determined under this section.

        (2)         If an agreement is made for the making of the acquisition, whether conditional or not, and subsection (3) does not apply to the agreement —

            (a)         the acquisition is taken to occur when the agreement is made; and

            (b)         until the agreement is completed, the interests of persons in the entity are to be determined for the purposes of this Chapter as if the agreement had been completed.

        Notes for this subsection:

        1.         Section 195C provides for the assessment of duty if an agreement referred to in this subsection is terminated before the assessment is made.

        2.         Section 196 provides for the reassessment of duty if an agreement referred to in this subsection is terminated after an assessment of duty is made.

        (3)         If there is an agreement for the making of the acquisition, whether conditional or not, and the entity concerned is not a landholder when the agreement is made but is a landholder when the agreement is completed, the acquisition occurs when the agreement is completed.

        (3A)         If the acquisition results from a merger of corporations in accordance with section 160A, the acquisition occurs when the merger is completed.

        (4)         If subsections (2), (3) and (3A) do not apply, the acquisition occurs when the interest to which it relates is acquired.

        [Section 176 amended: No. 32 of 2012 s. 15; No. 1 of 2015 s. 26; No. 12 of 2019 s. 80.]