DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 176

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 176

176 .         When an acquisition occurs

        (1)         For the purposes of this Chapter, but subject to section 173(4)(c), the time when an acquisition of an interest in a landholder occurs is to be determined under this section.

        (2)         If there is an agreement for the making of the acquisition, whether conditional or not, and subsection (3) does not apply, the acquisition occurs when the agreement is made.

        Note:         Section 196 provides for the reassessment of duty if an agreement referred to in this subsection is not completed.

        (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.

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