Australian Capital Territory Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2003 (NO. 29 OF 2003) - SECT 5

insert

91A     Corporate reconstructions—concessional duty for relevant acquisitions

    (1)     This section applies to the making of a relevant acquisition (the "transaction") if—

        (a)     by the transaction, property is—

              (i)     transferred (or agreed to be transferred) by a member of a group of corporations to another member of the same group; or

              (ii)     vested in a member of the group, if the property was owned immediately before the vesting by another member of the same group; and

        (b)     the transaction is approved by the commissioner in accordance with any guidelines determined under subsection (4).

    (2)     Duty for the transaction is payable at 5% of the amount that would, apart from this section, be payable for the transaction.

    (3)     An approval for subsection (1) (b) may be given subject to conditions.

    (4)     The Minister may, in writing, determine guidelines for approvals.

    (5)     A determination is a disallowable instrument.

Note     A disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act.

    (6)     In this section:

"corporation "includes a unit trust scheme.

"relevant acquisition"—see section 86.