Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(1) If an acquisition statement does not disclose any acquisitions during the 3 years preceding the relevant acquisition, duty is chargeable, at the rate specified under this Act for a transfer of dutiable property, on the amount calculated by multiplying the unencumbered value of all land holdings of the private corporation in the Territory (calculated at the date of acquisition of the interest acquired) by the proportion of that value represented by the interest acquired in the relevant acquisition.
(2) If an acquisition statement discloses 1 or more acquisitions during the 3 years preceding the relevant acquisition, duty is chargeable, at the rate specified under this Act for a transfer of dutiable property, on the aggregate of amounts severally calculated, in the manner provided by subsection (1), in respect of each interest required to be disclosed in the statement.
(3) Duty payable under this section is to be reduced by the sum of the duty paid or payable under this Act in respect of the acquisition, during the 3 years preceding the relevant acquisition, by the person or any associated person of an interest in the same private corporation, but only in proportion to the extent to which the duty paid or payable is attributable to the amount of the duty payable under this section.
(4) Duty payable under this section is to be reduced by an amount (if any) calculated in accordance with the following formula:
x C
where—
A is the unencumbered value of the landholdings in the Territory of the private corporation at the time the dutiable acquisition was made;
B is the unencumbered value of all property of the private corporation at that time; and
C is the sum of—
(a) the duty under this Act paid or payable in respect of—
(i) a dutiable transaction in relation to the shares or units;
(ii) a capital reduction or a rights alteration under Part III by which an interest in the private corporation was acquired; or
(iii) an allotment under Part V by which an interest in the private corporation was acquired; and
(b) any duty of a like nature so paid or payable under a law of another Australian jurisdiction.
(5) If a relevant acquisition is made owing to the aggregation of the interests of associated persons, but the Commissioner is satisfied that the associated persons acquired their respective interests independently and for no common purpose, the Commissioner may assess and charge duty on the relevant acquisition without aggregating the interests of the person who made it with the interests of associated persons.
(6) This section is subject to Division 4.