DUTIES ACT 2008 - SECT 205ZKA

DUTIES ACT 2008 - SECT 205ZKA

205ZKA .         Modified application of s. 176 if entity becomes residential landholder because of acquisitions forming one arrangement

        (1)         This section modifies the application of section 176 in relation to an acquisition (the main acquisition ) of an interest in an entity (the main entity ) if —

            (a)         at the time the agreement for the main acquisition is made, the main entity is not a residential landholder in relation to the main acquisition; and

            (b)         after the agreement is made and either before or after it is completed, 1 or more other acquisitions of interests in entities occur; and

            (c)         as a result of the occurrence of the acquisition or acquisitions referred to in paragraph (b) —

                  (i)         the main entity becomes a landholder in relation to the main acquisition because section 155(3) or 156A(3) becomes applicable; and

                  (ii)         the main entity becomes a residential landholder in relation to the main acquisition because section 205ZG(2)(b) becomes applicable.

        (2)         From the time at which section 205ZG(2)(b) becomes applicable, the application of section 176 in relation to the main acquisition is modified as follows —

            (a)         section 176(2) applies in relation to the main acquisition subject to subsection (3) of this section;

            (b)         section 176(3) does not apply in relation to the main acquisition.

        (3)         For the purposes of sections 180(1) and 183, the main acquisition is taken to occur at the time at which section 205ZG(2)(b) becomes applicable.

        [Section 205ZKA inserted: No. 12 of 2019 s. 112.]

        [Heading inserted: No. 24 of 2018 s. 8.]