QueenslandDutiesAct2001Current as at [Not
applicable]Indicative reprint noteThis is anunofficialversion of a
reprint of this Act that incorporates allproposedamendmentstotheActincludedintheRevenueandOtherLegislation
Amendment Bill 2018. This indicative reprint has been
preparedfor information only—it is not an
authorised reprint of the Act.The
point-in-time date for this indicative reprint is the introduction
date fortheRevenueandOtherLegislationAmendmentBill2018—22August2018.DetailedinformationaboutindicativereprintsisavailableontheInformationpage of the
Queensland legislation website.
Notauthorised—indicativeonlyPart
24668669670Part
25671672673674Schedule 2Schedule 3Schedule 4Schedule
4ASchedule 4BSchedule
4CSchedule 5Schedule 6Duties Act 2001Contents470Transitional provisions for Revenue
Legislation Amendment Act2018Definition for
part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . .470Application of amendments increasing
the rate of AFAD. . . . . .470Application of amendments about rate of
vehicle registration duty471Transitional
provisions for Revenue and Other LegislationAmendment Act
2018Meaning of
amending Act. . . . . . . . . . . . . . . . . . . . . .
. . . . . . . .471Retrospective effect of ss
76E–76G. . . . . . . . . . . . . . . . . . . . .
.471Retrospective effect of amended s
179(4). . . . . . . . . . . . . . . . .472Retrospective effect of amended
definition business property. .472When
liability for transfer
duty on
dutiable transaction arises473Rates of duty on
dutiable transactions and
relevant acquisitions forlandholder and corporate trustee
duty. . . . . . . . . . . . . . . . . .479Example for partnership and trust
acquisitions and relevantacquisitions for corporate
trustees. . . . . . . . . . . . . . . . . . . . .480Amount of concession for
transfer duty—first home—residentialland. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .483Amount of
concession for transfer
duty—first
home—vacant
land484Rate of
vehicle registration duty other than for special vehicles485Example
for corporate reconstruction. . . . . . . . . . . . . . . . . .486Dictionary. . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .488Page 31
Notauthorised—indicativeonly
Duties Act 2001Duties Act
2001Chapter 1 Introduction[s 1]An Act
about creating and imposing dutiesNotauthorised—indicativeonlyChapter 1IntroductionPart 1Preliminary1Short
titleThis Act may be cited as theDuties Act 2001.2Commencement(1)ThisAct,otherthansections 306(2),342(2)and497,commences on a
day to be fixed by proclamation.(2)Sections 306(2), 342(2) and 497 commence on
the later of thefollowing—(a)a
day to be fixed by proclamation;(b)when
an arrangement is made under theCommonwealthPlaces (Mirror
Taxes) Act 1998(Cwlth), section 9, forQueensland.Part 2Interpretation3Definitions(1)The
dictionary in schedule 6 defines particular words used inthis
Act.Current as at [Not applicable]Page
33
Notauthorised—indicativeonlyDuties Act 2001Chapter 1
Introduction[s 5](2)The
definitionspousein schedule 6
applies despite theActsInterpretation
Act 1954, section 32DA(6).5Relationship of Act with Administration
Act(1)This Act does not contain all the
provisions about duties.(2)TheAdministrationActcontainsprovisionsdealingwith,among other
things, the following—(a)assessments of
duty;(b)collection and refunds of duty;(c)imposition of interest and penalty
tax;(d)objectionsandappealsagainst,orreviewsof,assessments of duty;(e)record keeping obligations of
taxpayers;(f)investigativepowers,offences,legalproceedingsandevidentiary matters;(g)service of documents;(h)registration of charitable
institutions.Note—Under the
Administration Act, section 3, that Act and this Act must beread
together as if they together formed a single Act.Part
3Application of Act6Act
binds all persons(1)This Act binds all persons, including
the State and, as far asthelegislativepoweroftheParliamentpermits,theCommonwealth and the other
States.Note—However, under
section 426, the State is exempt from duty unless thisAct
expressly provides otherwise.Page 34Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 7](2)Nothing in this Act makes the State liable
to be prosecuted foran offence.7Extra-territorial applicationThisActappliestoimposedutyoninstrumentsandtransactionsregardlessofwhethertheyareenteredintoormade in or outside Queensland.Note—This is because
instruments and transactions on which duty is imposedhave
a nexus to Queensland.7ADeclaration of
excluded matter for Corporations ActAninterestofapersoninaregisteredmanagedinvestmentschemeisdeclaredtobeanexcludedmatterfortheCorporationsAct,section 5F,inrelationtosection 1070A(1)(a), (3) and (4) of that
Act.Chapter 2Transfer
dutyPart 1Preliminary8Imposition of transfer duty(1)Thischapterimposesduty(transferduty)ondutiabletransactions.Notes—1Concessions and exemptions for
transfer duty are dealt with inparts 8A to 13.
Also, other exemptions are dealt with in chapter 10.2Additional foreign acquirer duty is
imposed on particular dutiabletransactions
under chapter 4.(2)Transfer duty is imposed on the
dutiable value of a dutiabletransaction.Current as at
[Not applicable]Page 35
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 9]Part 2Some
basic concepts fortransfer duty9What
is adutiable transaction(1)Each
of the following is adutiable transaction—(a)a transfer of
dutiable property;(b)anagreementforthetransferofdutiableproperty,whether conditional or not;(c)asurrenderofdutiablepropertythatislandinQueensland or a transferable site
area;(d)a vesting of dutiable property—(i)by, or expressly authorised by,
statute law of this oranotherjurisdiction,whetherinsideoroutsideAustralia;
or(ii)byacourtorder,ofthisoranotherjurisdiction,whether inside
or outside Australia;(e)a foreclosure of
a mortgage over dutiable property;(f)anacquisitionofanewrightonitscreation,grantorissue;(g)a
partnership acquisition;Note—Seechapter2,part7(Dutiabletransactionsrelatingtopartnerships).(h)thecreationorterminationofatrustofdutiableproperty;Note—See chapter 2,
part 8 (Dutiable transactions relating to trusts),division 3 (Creation and termination of
trusts).(i)a trust acquisition or trust
surrender.Page 36Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 10]Note—See
chapter 2, part 8 (Dutiable transactions relating to
trusts),division 4 (Some basic concepts about trust
acquisitionsandtrust surrenders).(2)It
does not matter whether a dutiable transaction—(a)is
effected by an instrument or another way; or(b)involves 1 or more parties.(3)Subsection (1) has effect subject to
sections 21, 29 and 37.Note—Under section
21, the commissioner must decide the applicable dutiabletransaction for imposition of duty if a
transaction constitutes more than1 type of
dutiable transaction mentioned in subsection (1).Also,forwhentransactions
forparticulardutiablepropertyarenotdutiable transactions, see sections 29
and 37.(4)Withoutlimitingsubsection (1)(d),propertyisvestedunderstatute law if the law vests property in an
entity that the lawstates is the successor in law of,
continuation of or same entityas, the entity
in which the property was previously vested.(5)However,propertyisnotvestedunderstatutelaw,ontheregistration of a company under the
Corporations Act, chapter5B, part 5B.1.10What
isdutiable property(1)Each
of the following isdutiable property—(a)land in Queensland;(b)a transferable site area;(c)an existing right;(d)a
Queensland business asset;(e)a chattel in
Queensland.Note—Section 498
includes provision about references to dutiable property.(2)A reference to property in subsection
(1) includes a referenceto an interest in the property, other
than the following—Current as at [Not applicable]Page
37
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 11](a)a
security interest;(b)a partner’s interest in the
partnership;(c)a trust interest;(d)the
interest of a discretionary object of a trust that holdsproperty mentioned in the subsection.Note—See theActs
Interpretation Act 1954, schedule 1, definitioninterest.11What is thedutiable
valueof a dutiable transaction(1)Thedutiable
valueof a statutory dutiable transaction is
theamount payable for the transaction.(2)Thedutiable
valueof a dutiable transaction that is a
partitionis determined under section 31.(3)Thedutiablevalueofadutiabletransactionthatisthesurrender of a
lease of land in Queensland is the total of anypremium,fineorotherconsiderationpayableforthesurrender.(4)Thedutiablevalueofadutiabletransactionthatistheacquisition of a
new right that is a lease of land in Queenslandis the total of
any of the following amounts payable for thelease—(a)premiums, fines or other consideration
payable for thegrant of the lease;(b)considerationpaidfor,orthevalueof,anymoveablechattelstakenoverbythelesseefromthelessororoutgoing lessee;(c)if,
on the leased premises, a business is to be carried onand
an amount in excess of what would be the rent if abusiness was not carried on is charged for
the lease—theexcess amount.(5)Thedutiablevalueofadutiabletransactionthatisapartnership
acquisition is determined under part 7, division 3.Page
38Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 12](6)Thedutiablevalueofadutiabletransactionthatisatrustacquisitionortrustsurrenderisdeterminedunderpart8,division 5.(6A)Thedutiablevalueofadutiabletransactionthatisanagreementforthetransferofdutiablepropertythatisafarm-in agreement is determined under
part 8A.(7)Subject to section 48, thedutiable valueof another
dutiabletransaction is—(a)the
consideration for the dutiable transaction; or(b)the
unencumbered value of the dutiable property or newright the subject of the transaction
if—(i)there is no consideration for the
transaction; or(ii)the
consideration can not be ascertained when theliability for
transfer duty arises; or(iii)theunencumberedvalueisgreaterthantheconsideration for the
transaction.(8)However, the dutiable value of
particular dutiable transactionsis subject to
apportionment under part 4.12Consideration for
dutiable transactions—general(1)The
consideration for a dutiable transaction includes—(a)theamountofanyliabilitiesassumedunderthetransaction, including an obligation,
whether contingentorotherwise,topayanyunpaidpurchasemoneypayable under an agreement for the transfer
of dutiableproperty; and(b)theamountorvalueofanydebttotheextentitisreleased or extinguished under the
transaction.(2)Iftheconsideration,oranypartoftheconsideration,foradutiable transaction on which duty is
imposed consists of anamount payable periodically and the
total amount, includingany interest, to be paid can be
ascertained, the considerationor part of the
consideration is the total amount.Current as at
[Not applicable]Page 39
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 13]Note—For
other provisions relevant to consideration, see sections 501 to
503.13Consideration for dutiable
transaction—transfer by wayof securityTheconsiderationforthetransferbywayofsecurityofdutiablepropertythatislandisanamountequaltotheunencumberedvalueofthedutiablepropertywhentheliability for transfer duty
arises.14What is theunencumbered
valueof property(1)Theunencumberedvalueofpropertyisthevalueoftheproperty determined without regard
to—(a)anyencumbrancetowhichthepropertyissubject,whether
contingently or otherwise; or(b)any
arrangement—(i)the parties to which are not dealing
with each otherat arm’s length; and(ii)thatresultsinthereductionofthevalueoftheproperty;
or(c)any arrangement for which a
significant purpose of anypartytothearrangementwas,inthecommissioner’sopinion, the
reduction of the value of the property.Example for
paragraph (c)—A owns land that B wishes to purchase. The
land is valued at$1m. Before the purchase, A grants B a 50
year lease of the land.B is not required to pay any rent
under the lease. A and B thenenter into an
agreement to transfer the land for $50,000, beingthe
value of A’s interest in the land taking into account that it
issubject to the lease to B.Theunencumberedvalueofthelandisdeterminedwithoutregard to the grant of the lease if the
commissioner is of theopinion there is an arrangement under
which A or B’s significantpurpose in entering into it was to
reduce the value of the land.Page 40Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 15](2)Also, theunencumbered
valueof property held on trust or byapartnershipmustbedeterminedwithoutregardtotheliabilities of the trust or
partnership, including for a trust, theliability to
indemnify the trustee.(3)Theunencumbered valueof property that
is the goodwill of abusinessincludesthevalueofanyrestraintoftradearrangement
entered into by the transferor or a related personof
the transferor to protect the value of the goodwill acquiredby
the transferee.(4)If, before a dutiable transaction
mentioned in section 9(1)(a),(b)or(d)forwhichthedutiablepropertyisland,improvementsaremadetothelandatthetransferee’sexpense,theunencumberedvalueofthelandmustbedetermined as if the improvements had not
been made.Note—Forprovisionsabouttheaggregateminimumvalueofthesharescomprising all
of the issued capital of a corporation or society and theunencumbered value of each of the shares,
see section 504.15When unencumbered value of property is
determinedThe unencumbered value of dutiable property
is determined—(a)foradutiabletransactionthatisthesurrenderoftheproperty—immediately before the surrender;
or(b)for another dutiable transaction—when
the liability fortransfer duty arises.Part 3Liability for transfer duty16When liability for transfer duty
arisesA liability for transfer duty imposed on a
dutiable transactionin schedule 2, column 1, arises at the
time stated opposite thetransaction in schedule 2, column
2.Current as at [Not applicable]Page
41
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 17]Note—In
relation to a dutiable transaction that is an ELN transfer or
ELNlodgement, see also sections 156H and
156K.17Who is liable to pay transfer
duty(1)Transferdutyimposedonastatutorydutiabletransactionmust be paid by
the statutory entity under the transaction.(2)Transfer duty imposed on another dutiable
transaction mustbe paid by the parties to the
transaction.18Need for instrument, ELN transaction
document orstatementIfadutiabletransactionisnoteffectedorevidencedbyaninstrument or ELN transaction
document, the parties liable topay transfer
duty on the transaction must make a statement inthe
approved form (atransfer duty statement) within the
timestated in section 19 for lodging the
statement.Maximum penalty—40 penalty units.19Lodging instrument, ELN transaction
document orstatement(1)Thestatutoryentityunderastatutorydutiabletransactionmust
lodge—(a)the instrument or ELN transaction
document that effectsor evidences the transaction;
or(b)the transfer duty statement for the
transaction.(2)The statutory entity must comply with
subsection (1)—(a)within 60 days after the liability
arises to pay transferduty on the transaction; or(b)if the amount payable for the
transaction is to be decidedby a court or
tribunal—within 14 days after the amountis
decided.Page 42Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 20](3)Thepartiesliabletopaytransferdutyrelatingtoanotherdutiabletransactionmust,within30daysaftertheliabilityarises,
lodge—(a)the instrument or ELN transaction
document that effectsor evidences the transaction or
transfer duty statementfor the transaction; and(b)an approved form for the
transaction.20Effect of making or lodging
instrument, ELN transactiondocument or
statement by 1 partyThe making of a transfer duty
statement, or the lodging undersection
19ofaninstrument,ELNtransactiondocumentortransferdutystatement,by1ofthepartiestothedutiabletransaction
relieves the other parties to the transaction fromcomplying with the requirement to make the
statement undersection 18 or lodge the instrument, ELN
transaction documentor transfer duty statement under
section 19.21No double duty—general(1)If a transaction for property
constitutes more than 1 dutiabletransaction for
the property and imposition of transfer duty onall of the
dutiable transactions for the property would result intransferdutybeingimposedmorethanonceonthetransaction,thecommissionermustdecidethedutiabletransaction on
which transfer duty is imposed.Notes—1For objections and appeals against
assessments of duty, see theAdministration
Act, part 6.2ForadutiabletransactionthatisanELNtransferorELNlodgement, see also part 15, division
2.(2)For subsection (1), the commissioner
must decide the dutiabletransactionthatisthemostapplicabledutiabletransactionhaving regard to
the provisions of this chapter and the primarypurpose of the
transaction.Current as at [Not applicable]Page
43
Duties
Act 2001Chapter 2 Transfer duty[s 22]Notauthorised—indicativeonly22No double
duty—particular dutiable transactions(1)Iftransferdutyisimposedonadutiabletransactionforperiodicalpaymentsofconsideration,nodutyisimposedunderthisActonanyagreementsecuringtheperiodicalpayments.(2)If transfer duty imposed on a dutiable
transaction that is anagreementforthetransferofdutiablepropertyispaid,notransfer duty is imposed on the transfer of
the property to thetransferee under the agreement.Note—For a dutiable
transaction that is an ELN transfer or ELN lodgement,see
also part 15, division 2.(2A)Also,ifapaymentcommitmentismadeforadutiabletransactionthatisanagreementforthetransferofdutiableproperty, no
transfer duty is imposed on an ELN transfer ofthe dutiable
property to the transferee under the agreement.Notes—1For a dutiable transaction that is an
ELN transfer, see also part 15,division
2.2See part 15, division 3 in relation to
the making of a paymentcommitment for an agreement for the
transfer of dutiable property.(3)If
the commissioner is satisfied—(a)a
person (theagent) is appointed
in writing as an agentfor another person (theprincipal); and(b)under the appointment, the agent
enters into a dutiabletransactionthatisanagreementforthetransferofdutiablepropertyfromaperson(theoriginaltransferor) to the agent
on behalf of the principal (theagreement);
and(c)theprincipalprovidedalltheconsideration,includingany
deposit paid; and(d)transfer duty imposed on the agreement
is paid; and(e)the dutiable property is later
transferred to the principalbytheoriginaltransferorortheagent(theagencytransfer);Page 44Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 23]no transfer duty
is imposed on the agency transfer or the trustacquisition or
trust surrender by the principal because of theagreement or
agency transfer.(4)For subsection (3)(a), the
commissioner must not be satisfiedthe person was
properly appointed as agent unless the originalinstrument of
appointment, or a copy of it, is lodged.(5)If—(a)thereisanagreementforthetransferofdutiableproperty
(thefirst agreement); and(b)afterthefirstagreementtakesplace,1ormoreagreements to transfer all or part of the
dutiable propertythesubjectofthefirstagreementtakesplace(theintervening
agreements); and(c)to
give effect to the first agreement and the interveningagreements, 1 or more transfers of dutiable
property (thetransfers) are effected
by 1 or more parties to the firstagreement and
the intervening agreements; and(d)transferdutyimposedonthefirstagreementandtheintervening
agreements is paid;no transfer duty is imposed on the
transfers.Example for subsection (5)—On 1
July, under an agreement for transfer, A agrees to sell land
inQueensland to B for $100,000. Settlement is
to take place on 31 July.On 7 July, under an agreement for
transfer, B agrees to sell the land to Cfor $120,000.
Again, settlement is to take place on 31 July. Before 31July, B directs A, that at settlement, A
transfer the land to C.The agreement between A and B is the
first agreement. The agreementbetween B and C
is the intervening agreement. No transfer duty isimposed on the transfer from A to C if
transfer duty on the first andintervening
agreements has been paid.23When credit to be
allowed for duty paid(1)If section
14(1)(c) is applied to determine the value of landbecause of a lease or occupancy right, in
assessing the transferduty payable for the dutiable
transaction that is the transfer, oragreementforthetransfer,oftheland,acreditmustbeCurrent as at [Not applicable]Page
45
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 24]allowed for any
lease duty paid under repealed chapter 4 forthe lease or
right.(2)Subsection (3) applies if—(a)transfer duty is paid on a dutiable
transaction that is anoptiontoacquiredutiableproperty(thefirsttransaction); and(b)on the exercise of the option,
transfer duty is payable onthedutiabletransactionfortheacquisitionofthedutiable property (thelater transaction); and(c)under the option, the consideration
paid for the option ispart of the consideration for the
later transaction.(3)In assessing the transfer duty on the
later transaction, a creditmustbeallowedforthetransferdutypaidforthefirsttransaction.(4)In
this section—repealed chapter 4means chapter 4
(Lease duty) as it was inforcefromtimetotimebeforeitsrepealbytheRevenueLegislation
Amendment Act 2005.24Rates of transfer
duty(1)Therateoftransferdutyimposedonadutiabletransactionthatisthetransfer,oranagreementforthetransfer,ofanexisting right
of a holder of the following is $5—(a)a
mortgage, including the debt secured by the mortgage,that
is solely over land in Queensland;(b)anothermortgage,includingthedebtsecuredbythemortgage,thatisincidentalto,andtransferredinconnection with, a mortgage mentioned in
paragraph (a)(aprimarymortgage)iftheprimarymortgageistheprincipal
security held by the transferor.(2)Therateoftransferdutyimposedonanotherdutiabletransactionisstatedinschedule 3,column2,oppositethedutiable value of the transaction in
schedule 3, column 1.Page 46Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 25]25Payment of transfer duty for deeds of grant
and particularfreeholding leases(1)This
section applies if transfer duty is imposed on a dutiabletransaction that is—(a)a
grant of land in fee simple under theLand Act
1994; or(b)anacquisitionofanewrightthatisapost-Wolfefreeholding
lease under theLand Act 1994.(2)Within30daysaftertheliabilityforthedutyarises,thegrantee or lessee must pay the duty to
the chief executive ofthe department in which theLand
Act 1994is administered.Part 4Apportionment ofconsideration
orunencumbered value forparticular
dutiable transactions26Apportionment—head office or principal place
ofbusiness in Queensland(1)Thissectionappliesfordeterminingtheconsiderationforadutiabletransactionfororrelatingto,ortheunencumberedvalue of,
dutiable property that is a Queensland business asset,otherthanadebtorpersonalproperty,ofaQueenslandbusiness that
has its head office or principal place of businessinQueenslandif,atanytimeduringthe3financialyearspreceding the dutiable transaction
concerned—(a)a supply of land, money, credit or
goods or any interestin them, or provision of services, has
been made by thebusiness to customers outside Queensland;
or(b)theassethasbeenused,exploitedorexercisedin,orrelates to, a place outside
Queensland.(2)A reference in this chapter to
consideration for the transactionor the
unencumbered value of the property is taken to be aCurrent as at [Not applicable]Page
47
Duties
Act 2001Chapter 2 Transfer duty[s 27]reference to the amount (theapportioned amount) worked
outusing the following formula—Notauthorised—indicativeonlywhere—AAmeans the apportioned amount.CUVmeans the consideration for the
dutiable transaction orunencumberedvalueoftheQueenslandbusinessassetmentioned in
subsection (1).OSmeans the gross amount of the supplies
and provision ofservices made by the business to its
customers in other Statesduring the 3 completed financial years
preceding the dutiabletransaction.TSmeansthegrossamountofsuppliesandprovisionofservices made by the business to all its
customers during the 3completed financial years preceding
the dutiable transaction.(3)However, the
commissioner may decide the consideration forthedutiabletransactionortheunencumberedvalueofthedutiablepropertyonanotherbasisifthecommissionerissatisfiedtheotherbasiswouldbemoreappropriateinparticular circumstances.27Apportionment—head office or principal
place ofbusiness in another State(1)Thissectionappliesfordeterminingtheconsiderationforadutiabletransactionfororrelatingto,ortheunencumberedvalue of,
dutiable property that is a Queensland business asset,otherthanadebtorpersonalproperty,ofaQueenslandbusiness that
does not have its head office or principal place ofbusiness in Queensland if, at any time
during the 3 financialyears preceding the dutiable
transaction concerned—(a)a supply of
land, money, credit or goods or any interestin them, or
provision of services, has been made by thebusiness to
customers in Queensland; orPage 48Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 28](b)theassethasbeenused,exploitedorexercisedin,orrelates to, Queensland.(2)A reference in this chapter to
consideration for the transactionor the
unencumbered value of the property is taken to be areference to the amount (theapportioned amount) worked
outusing the following formula—Notauthorised—indicativeonlywhere—AAmeans the apportioned amount.CUVmeans the consideration for the
dutiable transaction orunencumberedvalueoftheQueenslandbusinessassetmentioned in
subsection (1).QSmeans the gross amount of the supplies
and provision ofservicesmadebythebusinesstoitsQueenslandcustomersduring the 3 completed financial years
preceding the dutiabletransaction.TSmeansthegrossamountofsuppliesandprovisionofservices made by the business to all its
customers during the 3completed financial years preceding
the dutiable transaction.(3)However, the
commissioner may decide the consideration forthedutiabletransactionortheunencumberedvalueofthedutiablepropertyonanotherbasisifthecommissionerissatisfiedtheotherbasiswouldbemoreappropriateinparticular circumstances.28Apportionment of particular dutiable
transactionsrelating to existing and new rights(1)This section applies for
determining—(a)theconsiderationforadutiabletransactionfororrelating to an existing right or
acquisition of a new righton its creation, grant or issue if the
right is exercisable orrelates to the conduct of a business
or activity outsideQueensland; orCurrent as at
[Not applicable]Page 49
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 29](b)the
unencumbered value of dutiable property that is anexisting right if the right is exercisable
or relates to theconduct of a business or activity outside
Queensland; or(c)the unencumbered value of a new right
on its creation,grant or issue if the right is exercisable
or relates to theconduct of a business or activity outside
Queensland.(2)A reference in this chapter to
consideration for the transactionortheunencumberedvalueoftherightistakentobeareference to the
amount that represents the same proportion oftheconsiderationorunencumberedvaluethattheunencumbered value of the right, to the
extent it is exercisableorrelatestotheconductofabusinessoractivityinQueensland,bearstothetotalunencumberedvalueoftheright.(3)However, the commissioner may decide
the consideration forthedutiabletransactionortheunencumberedvalueoftherightonanotherbasisifthecommissionerissatisfiedtheotherbasiswouldbemoreappropriateinparticularcircumstances.Part 5Dutiable transactions relatingto
dutiable property29When transaction for chattel is not
dutiable transaction(1)If a chattel in
Queensland is the subject of a transaction, thetransaction is
not a dutiable transaction unless—(a)anothertypeofdutiablepropertyisthesubjectofthesame
transaction; or(b)undersection
30,itisaggregatedwithadutiabletransaction that
is not for a chattel.(2)For subsection
(1)(b), section 30 applies as if the transactionwere
a dutiable transaction.Page 50Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 30]Notauthorised—indicativeonly30Aggregation of dutiable
transactions(1)Thissectionappliestodutiabletransactionsthattogetherform,evidence,giveeffecttoorarisefromwhatis,substantially 1 arrangement.(2)Forassessingtransferdutyoneachofthedutiabletransactions,
the transactions must be aggregated and treatedas a single
dutiable transaction.Example for subsection (2)—A
conducts a business of manufacturing bullbars. A agrees to sell
thebusinesstoBasagoingconcernfor$50,000,000.Thepropertyincludedintheagreementcomprisesland,plantandequipment,goodwill and the
business name.The land is dutiable property being land in
Queensland and each of theother assets are dutiable property
being Queensland business assets.The agreement,
so far as it relates to the sale of the land, is a dutiabletransaction being an agreement to transfer
land in Queensland and, sofar as it relates to the agreement to
sell each of the business assets, is adutiable
transaction being an agreement to transfer dutiable propertythat
is a Queensland business asset. Accordingly, there are 4
dutiabletransactions under the agreement.Because the dutiable transactions together
form 1 arrangement, theymust be aggregated under this section
for imposing transfer duty.(3)For
subsection (1), all relevant circumstances relating to thedutiable transactions must be taken into
account in decidingwhether they together form, evidence, give
effect to or arisefrom what is, substantially 1
arrangement.(4)Forsubsection
(3),relevantcircumstancesincludethefollowing—(a)whether the transactions are contained in 1
instrument;(b)whether any of the transactions are
conditional on entryinto, or completion of, any of the
other transactions;(c)whetherthepartiestoanyofthetransactionsarethesame;(d)whether any party to a transaction is a
related person ofanother party to any of the other
transactions;(e)the time over which the transactions
take place;Current as at [Not applicable]Page
51
Duties
Act 2001Chapter 2 Transfer duty[s 30]Notauthorised—indicativeonly(f)whether, before
the transactions take place, the dutiablepropertythesubjectofthetransactionswasusedtogether,ordependentlywithoneanother,bythetransferor or transferors;(g)whether,afterthetransactionstakeplace,thedutiablepropertythesubjectofthetransactionswillbeusedtogether,ordependentlywithoneanother,bythetransferee or transferees.(5)Transfer duty imposed on the dutiable
transaction aggregatedunder this section must—(a)beassessedonthetotalofthedutiablevaluesofthetransactions when the liability for
transfer duty for eachof the transactions arose; and(b)be apportioned between the
transactions as decided bythe commissioner.Example for
subsection (5)—Under 4 agreements between a builder and a
developer, the builderagrees to purchase 4 lots of land from
the developer for $100,000 each.The lots are
dutiable property being land in Queensland and each of theagreements is a dutiable transaction being
an agreement to transfer landin
Queensland.Even though the sale of the 4 lots was
negotiated at the same time, theagreements were
signed on different dates over a 10 month period, haddifferent settlement dates and were not
conditional on each other.Under section 24 (Rates of transfer
duty) and schedule 3 (Rates of dutyon dutiable
transactions and relevant acquisitions for landholder andcorporatetrusteeduty),theagreementsforlots1to3havebeenseparately
stamped for $2350 transfer duty. When the agreement for lot4 is
lodged for stamping, the commissioner decides this section
appliesbecause the transactions together formed 1
arrangement.Accordingly, the transactions must be
aggregated under this section forimposing
transfer duty and the duty apportioned between them.Under subsection (5)(a), the total of the
dutiable values of the dutiabletransactions on
which transfer duty is imposed is $400,000, being thevalue of each of the lots when the liability
for transfer duty arose foreach of the
transactions, regardless of a variation in the values since
theliability arose.Undersection 24andschedule 3,transferdutyimposedontheaggregated
transaction is $12,475.Page 52Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 31]Ifthecommissionerdecidestoapportionthetransferdutyequallybetween the
dutiable transactions, the amount of transfer duty payableis
$3118.75 for each transaction.Under the
Administration Act, part 3, the commissioner will make areassessment for the transactions for lots 1
to 3. The assessment noticemust state the
matters mentioned in section 26(2) of that Act.(6)Eachpartytoeachofthedutiabletransactionsmust,whenlodging the
instrument, ELN transaction document or transferduty
statement relating to the transaction, give notice to thecommissioner stating details known to the
party about—(a)all of the dutiable property included
or to be included inthe arrangement mentioned in
subsection (1); and(b)the dutiable value of each dutiable
transaction.Note—Under the
Administration Act, the requirement under this subsection isa
lodgement requirement for which a failure to comply is an
offenceunder section 121 of that Act.(7)Thissectiondoesnotapplytoadutiabletransactiontotheextent that it relates to an exchange
of dutiable property.31Partitions(1)This section applies to a dutiable
transaction under which thefollowing
happens (thepartition)—(a)dutiable property held by persons
jointly as joint tenantsor tenants in common (each aco-owner) is
transferred,oragreedtobetransferred,to1ormoreoftheco-owners;(b)thedutiablepropertytransferred,oragreedtobetransferred, includes the interest
held by the transfereein the property immediately before the
transaction.(2)The dutiable value of the dutiable
transaction is the greater ofthe
following—(a)theamountbywhichtheunencumberedvalueofthedutiablepropertytransferred,oragreedtobetransferred, is more than the
unencumbered value of theCurrent as at [Not applicable]Page
53
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 32]interestheldbythetransfereeinthepropertyimmediately
before the transaction;(b)the
consideration paid by any party to the transaction.(3)Thissectiondoesnotapplytoatransactionifsection 48applies to the
transaction.32Transfer by way of
security—land(1)This section applies if the
commissioner is satisfied—(a)there has been a
dutiable transaction that is a transfer ofdutiablepropertybywayofsecurity(theoriginaltransfer); and(b)the property is land; and(c)transfer duty has been paid on the
transaction; and(d)thepropertyhasbeenretransferredtothepersonwhotransferred it by way of security
(theretransfer) or hasbeen
transferred to a person to whom the property hasbeentransmittedbydeathorbankruptcy(alsotheretransfer).(2)The commissioner must make a
reassessment of transfer dutypaid on the
original transfer to reduce the duty to the amountthat
would have been payable if the amount secured by thetransfer had been secured by a mortgage for
which mortgageduty were imposed.(3)Transfer duty is not imposed on the dutiable
transaction that isthe retransfer.(4)Subsection (2)appliestothereassessmentdespitethelimitationperiodundertheAdministrationActforreassessments.Note—See
the Administration Act, part 3 (Assessments of tax), division
3(Reassessments).Page 54Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 33]33Transfer by way of security—other dutiable
property(1)Transfer duty is not imposed on a
dutiable transaction if—(a)the transaction
is a transfer of dutiable property by wayof security;
and(b)the property is not land.(2)Subsection (3) applies if—(a)after the transfer by way of security,
the transferee, orthetransferee’sassignee,acquiresownershipofthedutiable
property free from any interest of the transferor,or
transferor’s assignee; and(b)thetransferee,orthetransferee’sassignee,weretonewlyacquirethedutiablepropertyatthetimeoftheacquisition
mentioned in paragraph (a), the acquisitionwould be a
dutiable transaction.(3)The acquisition
of the ownership of the dutiable property bythe transferee
is taken to be a dutiable transaction and transferdutyimposedonthetransactionmustbereducedbytheamount of mortgage duty, if any, paid
on the transfer.Part 6Special
provisions aboutdutiable transactions relatingto
Queensland business assetsDivision 1Some basic
concepts aboutQueensland businesses and theirassets34What
is aQueensland business assetAQueenslandbusinessassetisabusinessassetofaQueensland
business.Current as at [Not applicable]Page
55
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 35]35What
is abusiness asset(1)Each
of the following is abusiness asset—(a)goodwill;(b)astatutorybusinesslicenceusedforcarryingonabusiness;(c)arighttouseastatutorybusinesslicenceusedforcarrying on a business;(d)the
business name used for carrying on a business;(e)a
right under a franchise arrangement used for carryingon a
business;(f)a debt of a business if the debtor
resides in Queensland;(g)a supply right
of a business;(h)intellectual property used for
carrying on a business;(i)personal
property in Queensland of a business.(2)For
subsection (1)—(a)abusinessassetmentionedinsubsection (1)(b)thatisissued or given under—(i)aQueenslandActisusedforcarryingonabusiness; or(ii)aCommonwealthActisusedforcarryingonabusinessifitisused,exploitedorexercisedinQueensland; and(b)another business asset is used for carrying
on a businessif it is used, exploited or exercised in
Queensland.36What is aQueensland
businessAQueensland businessis a
business—(a)that is conducted on or from a place
in Queensland; or(b)theconductofwhichconsistswhollyorpartlyofsupplying land, money, credit or goods or
any interest inPage 56Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 37]them,orprovidinganyservice,toQueenslandcustomers;
or(c)that has ceased but satisfied
paragraph (a) or (b) at anytime in the 1
year before a dutiable transaction that is thetransfer, or
agreement for the transfer, of an asset of thebusiness.Example for paragraph (c)—Abusiness conductedfromaplaceinQueenslandgoesintoliquidation.
Three months after the business stops trading, theliquidatortransfersbusinessassetsofthebusiness.Fordeterminingwhetherthetransferofthebusinessassetsisadutiabletransaction,thebusinessisaQueenslandbusinessbecauseparagraph
(a)was satisfied in the 1 year beforethetransfer.Division 2Transactions for particular assets ofQueensland businesses37When
transaction for particular Queensland businessassets not
dutiable transaction(1)Ifadebtofabusinessthatisevidencedbyanegotiableinstrument is
the subject of a transaction, the transaction is nota
dutiable transaction unless—(a)anothertypeofdutiablepropertyisthesubjectofthesametransactionor,undersection
30,itisaggregatedwith a dutiable
transaction; or(b)under the transaction, the negotiable
instrument is or istobetransferredwithall,orsubstantiallyall,ofthenegotiable
instruments of the business.(2)If a
supply right of a business is the subject of a transaction,the
transaction is not a dutiable transaction unless—(a)anothertypeofdutiablepropertyisthesubjectofthesametransactionor,undersection
30,itisaggregatedwith a dutiable
transaction; orCurrent as at [Not applicable]Page
57
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 38](b)underthetransaction,thesupplyrightisoristobetransferredwithall,orsubstantiallyall,ofthesupplyrights of the business.(3)If
intellectual or personal property of a business is the
subjectof a transaction, the transaction is not a
dutiable transactionunless, under section 30, it is
aggregated with 1 or more of thefollowing—(a)a
dutiable transaction for a Queensland business asset,other than intellectual or personal
property;(b)a dutiable transaction for land in
Queensland.(4)For subsections (1)(a), (2)(a) and
(3), section 30 applies as ifthe transaction
were a dutiable transaction.38When
consignment of trading stock of Queenslandbusiness is a
dutiable transaction(1)This section
applies if—(a)the owner of a Queensland business
transfers or agreestotransferaQueenslandbusinessasset,otherthantradingstockofthebusiness,toaperson(thenewowner); and(b)theownerplacesallormostofthetradingstockonconsignmentforsalebyaperson,whetherornotthenewowner,(theconsignee)intheconductofthebusiness by the
new owner; and(c)havingregardtothetermsoftheconsignmentitisreasonable to conclude that the
consignment is, or is partof, an arrangement to avoid transfer
duty.(2)Withoutlimitingsubsection (1)(c),thetermsoftheconsignment include the
following—(a)the amount payable to the owner by the
consignee andthe terms of payment;(b)the
price ultimately payable to the owner for the tradingstock and the way in which it is worked
out;(c)the basis of working out the
consignee’s commission;Page 58Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 39](d)the
right of the consignee to mix the trading stock withother property not owned by the
owner;(e)the right of the consignee to deal
with the trading stockas if it were the consignee’s or other
than as agent of theowner.(3)The
placing of the trading stock on consignment is taken to bea
transfer of the stock.Note—Accordingly, the
transfer is a dutiable transaction being the transfer of aQueensland business asset because trading
stock is a business assetbeing personal property.39Surrender of Queensland business asset
so replacementasset may be granted(1)ThissectionappliesifaQueenslandbusinessassetissurrendered by a person (theowner) so that a
similar businessasset may be granted, issued, given to or
obtained by anotherperson.(2)For
imposing transfer duty—(a)thesurrenderistakentobeatransferofthebusinessasset by the owner to the other person when
the similarbusiness asset is granted, issued, given or
obtained; and(b)the owner and other person are the
parties to the dutiabletransaction that is the transfer of
the business asset.Current as at [Not applicable]Page
59
Duties
Act 2001Chapter 2 Transfer duty[s 40]Part
7Dutiable transactions relatingto
partnershipsNotauthorised—indicativeonlyDivision 1Preliminary40Interpretation for property held by
partnership or trustAreferencetoapartnershiportrustholdingpropertyisareference to the holding of the
property by the partners for thepartnership or
trustees on trust.Division 2Some basic
concepts aboutpartnership acquisitions41What
is apartnership acquisitionApersonmakesapartnershipacquisitionifthepersonacquires a
partnership interest in a partnership that—(a)holds dutiable property; or(b)has an indirect interest in dutiable
property.Note—Section 498
includes provision about references to dutiable property.42What is a partner’spartnership interest(1)A
partner’spartnership interestis—(a)ifthepartnerhasavariablepartnershipentitlementundersubsection (2)—theproportionthatthevalueofthe
partner’s entitlements as a partner bears to the valueoftheentitlementsofallpartnersinthepartnershipexpressed as a
percentage; or(b)if the partner is entitled only to
share in the profits of thepartnershipandhasgivenorisrequiredtogiveconsideration,orhasmadeorisrequiredtomakeaPage
60Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 43]contributiontothecapitalofthepartnership,fortheacquisitionoftheprofit-sharingright—thepartner’sprofit-sharing
percentage; or(c)if paragraph (a) or (b) does not
apply—the greater of thefollowing—(i)the
percentage of the capital of the partnership thepartner has contributed or is obliged to
contribute;(ii)the percentage
of the losses of the partnership thepartner is
required to bear.(2)Forsubsection
(1)(a),apartnerhasavariablepartnershipentitlementinapartnershipif,intheordinarycourseofdetermining the partner’s entitlement to
share in the profits orobligationtocontributetothecapitalorlossesofthepartnership, the entitlement or
obligation varies or may varyfrom time to
time.43What is a partnership’sindirect interestin
dutiablepropertyA partnership
has anindirect interestin dutiable
property if—(a)through a partnership interest or
trust interest there is aconnectionbetweenthepartnershipanddutiableproperty of the
other partnership or trust; or(b)through a series of partnership interests or
trust interests,or a combination of any of them, there is a
connectionbetweenthepartnershipanddutiablepropertyofapartnership or
trust in the series.44Acquiring a partnership
interest(1)Apersonacquiresapartnershipinterestifapartnershipisformed or the person’s partnership interest
increases.(2)Without limiting subsection
(1)—(a)a partnership may be formed on—(i)a change in the membership of a
partnership; orCurrent as at [Not applicable]Page
61
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 45](ii)the
merger of 2 or more partnerships; or(b)a
person’s partnership interest may increase—(i)under the terms of a partnership agreement;
or(ii)on the
retirement of a partner from a partnership;or(iii)onachangeinthetermsofapartnershipagreement
effecting a change in the interests of thepartners.(3)However,apartner’svariablepartnershipentitlementundersection 42 does not increase if—(a)thepartner’sentitlementtoshareintheprofitsorobligationtocontributetothecapitalorlossesofthepartnershipincreasesmerelybecauseofthepartner’sperformance as a partner; and(b)there is no arrangement
stating—(i)theextentofthefuturevariationtothepartner’sentitlement or
obligation; or(ii)the
consideration for the variation.Division 3Dutiable value of partnershipacquisitions45What
is the dutiable value of a partnership acquisitionThe
dutiable value of a partnership acquisition is the greaterof
the following—(a)theconsiderationfortheacquisitionsofarastheconsideration relates to dutiable property,
or an indirectinterest in dutiable property, held by the
partnership;(b)the value of the acquisition worked
out under section 46or 47.Page 62Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 46]Notauthorised—indicativeonly46What is the value of a partnership
acquisition—general(1)Subject to subsections (5) and (6),
the value of a partnershipacquisition is the total of the
amounts worked out by applyingthe partner’s
partnership interest to the unencumbered value,when the
liability for transfer duty arises, of—(a)thedutiablepropertyheldbythepartnership(therelevant partnership); and(b)anyindirectinterestindutiablepropertyheldbytherelevant partnership.(2)For subsection (1)(b), the
unencumbered value of an indirectinterest under
section 43(a) of the relevant partnership is theamount worked out by applying to the
unencumbered value ofthe dutiable property held by the
entity in which the relevantpartnership has
a partnership or trust interest, the partnershipor
trust interest of the relevant partnership in that entity.(3)For subsection (1)(b), the
unencumbered value of an indirectinterest under
section 43(b) of the relevant partnership is theamount worked out by—(a)first applying to the unencumbered value of
the dutiableproperty held by the ultimate entity, the
partnership ortrust interest of the partnership or trust
(thelast partnerorbeneficiary)thatisapartnerorbeneficiaryoftheultimate entity; and(b)applying to the amount worked out
under paragraph (a),andtheunencumberedvalueofanydutiablepropertyheld by the last
partner or beneficiary, the partnership ortrust interest
of the next partnership or trust in the seriesof partnerships
or trusts that is a partner or beneficiaryof the last
partner or beneficiary; and(c)applying the calculation in paragraph (b)
for each of theotherpartnershipsortrustsintheseriesuntilthefirstentity’s
partnership interest or trust interest is used in thecalculation; and(d)applying to the amount last worked out under
paragraph(c) and the unencumbered value of any
dutiable propertyCurrent as at [Not applicable]Page
63
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 47]held by the
first entity, the partnership or trust interest ofthe
relevant partnership.(4)Schedule
4containsanexampleofhowthevalueofapartnership
acquisition is worked out.(5)Fordeterminingthevalueofanewpartner’spartnershipacquisitiononformationofapartnership,thevalueofanydutiable property the partner
contributed to the partnership onits formation
must be disregarded.(5A)For subsection
(5), a person is a new partner only if—(a)the
person was not in partnership with any partners ofthe
partnership immediately before its formation; or(b)ontheperson’spartnershipacquisition,thepersonbecomesapartnerinanadditionalpartnershiptoapartnershipinwhichthepersonisapartnerwithanypartnersoftheadditionalpartnershipimmediatelybefore its
formation.(5B)However,
subsection (5A)(b) does not apply to a person whomakesapartnershipacquisitioninapartnershipthatwasformed because of a change in the
membership of the partnersof another partnership (theold
partnership) if the person hada partnership
interest in the old partnership.(6)Fordeterminingthevalueofapartner’spartnershipacquisitionthatisanincreaseinthepartner’spartnershipinterest,thepartner’spartnershipinterestistakentobetheincrease in the
partner’s partnership interest.47What
is the value of a partnership acquisition—merger of2 or
more partnerships(1)This section applies if—(a)aperson(thepartner)firstmakesapartnershipacquisition(thenewpartnershipacquisition)onthemerger of 2 or
more partnerships; andPage 64Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 47]Notauthorised—indicativeonly(b)thepersonhadapartnershipinterest(theoldpartnership interest) in 1 of the
merging partnerships;and(c)the
partner were to make a partnership acquisition fortheoldpartnershipinterestimmediatelybeforethemerger, the value of the partnership
acquisition wouldinclude all or part of the unencumbered
value of dutiableproperty(thecontinuingproperty)thatbecomesdutiable property of the merged
partnership.(2)The value of the new partnership
acquisition must be reducedby the lesser
of—(a)theamountthatwouldbethevalueofthenewpartnershipacquisitionifthedutiablepropertyofthemergedpartnershipcomprisedonlythecontinuingproperty;
or(b)theamountthatrepresentsthevalueofthepartner’spartnershipacquisitionfortheoldpartnershipinterestmentionedinsubsection (1)(c)immediatelybeforethemergerworkedoutasifthedutiablepropertyoftheformerpartnershipcomprisedonlythecontinuingproperty.Example for working out dutiable value under
this section—X is a 30% partner in the XYZ partnership
that has dutiable property of$10m. The XYZ
partnership merges with another partnership, to form anew
partnership (the merged partnership). X has a 40%
partnershipinterest in the merged partnership. The
merged partnership has dutiableproperty with an
unencumbered value of $12m, including $2m of thedutiable property of the XYZ partnership
(the continuing property).ThevalueofX’snewpartnershipacquisitionisworkedoutasfollows—Example—1The value of X’s
interest in the merged partnership is $4.8m, being40%
(X’s partnership interest in the merged partnership) of $12m(theunencumberedvalueofthemergedpartnership’sdutiableproperty).2The
reduction under subsection (2)(a) is $800,000, being 40%
(X’spartnershipinterestinthemergedpartnership)of$2m(thecontinuing
property).Current as at [Not applicable]Page
65
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 48]3The
reduction under subsection (2)(b) is $600,000, being 30%
(X’spartnershipinterestintheXYZpartnership)of$2m(thecontinuing
property).The value of X’s partnership acquisition is
$4.2m, being $4.8m less$600,000whichisthelesseroftheamountsworkedoutundersubsection
(2).Division 4Dutiable value
of other dutiabletransactions for dutiable property ofpartnership48Dutiable value of dutiable transaction
reduced fortransfer of dutiable property to partner on
retirement ordissolution(1)Thissectionappliesif,onaperson(theretiringpartner)ceasing to be a partner in a partnership
because of the retiringpartner’sretirementfromthepartnershiporitsdissolution,dutiable
property of the partnership is transferred or agreed tobe
transferred to the retiring partner.(2)The
dutiable value of the dutiable transaction for the transfer,or
agreement for the transfer, of the dutiable property to theretiring partner must be reduced by an
amount worked out byapplyingtheretiringpartner’spartnershipinterestinthepartnershiptotheunencumberedvalueofthedutiableproperty immediately before the retirement
or dissolution.Example for subsection (2)—A,BandCareinpartnershipinequalshares.Bhadaone-thirdpartnership
interest immediately before retiring. On B ceasing to be apartner, A and C transfer land to B. The
dutiable value of the landacquired by B will be reduced by
one-third.Page 66Current as at
[Not applicable]
Notauthorised—indicativeonlyPart
8Duties Act 2001Chapter 2
Transfer duty[s 49]Dutiable
transactions relatingto trustsDivision 1Preliminary49Application of pt 8(1)Thispartappliestoallexpresslyorintentionallycreatedtrusts, regardless of how they are
created.(2)However, this part does not apply to a
trust acquisition or trustsurrender of a trust interest in a
public unit trust other than amajority trust
acquisition in a land holding trust.Notes—1For subsection (2), see division 7
(Public unit trusts), subdivisions7 (Majority
trust acquisitions in land holding trusts) and 8 (Indirecttrust interests).2Anacquisitionofaninterestinalistedunittrustthatisalandholder may
be dutiable under chapter 3, part 1 (Landholderduty).50Joint trusteesIf a trust has 2
or more trustees, the trustees are taken to be asingle person for this chapter.Note—Under section
65, trustees are jointly and severally liable for transferduty
payable.Current as at [Not applicable]Page
67
Duties
Act 2001Chapter 2 Transfer duty[s 51]Division 2Some basic
concepts aboutpropertyNotauthorised—indicativeonly51Interpretation
for property held by trust or partnershipAreferencetoatrustorpartnershipholdingpropertyisareference to the holding of the
property by the trustees on trustor the partners
for the partnership.52Contracted property and trust
interests(1)For a trust, contracted property is
taken to be dutiable propertyheld by the
trust.(1A)If a trust has
made a purchase or sale agreement for a trustinterest, the
trust is taken to have an indirect interest in thetrust-related dutiable property.(2)Fordeterminingthedutiablevalueofatrustcreation,trusttermination, trust acquisition or trust
surrender—(a)a sale agreement made by the trustee
is taken not to havebeen made; and(b)apurchaseagreementmadebythetrusteeistakentohave
been completed.(3)Subsection (3A) applies if—(a)contractedproperty,oranindirectinterestindutiablepropertymentionedinsubsection (1A),isincludedindetermining the dutiable value of a trust
creation, trusttermination, trust acquisition or trust
surrender; and(b)afterwards, the sale agreement for the
property or trustinterest is completed or the purchase
agreement for theproperty or trust interest is not
completed.(3A)Thecommissionermustmakeareassessmentasifthecontracted
property or indirect interest were never held by thetrust.(4)For
the reassessment, the parties liable to pay transfer duty onthe
trust creation, trust termination, trust acquisition or
trustPage 68Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 53]surrender must
lodge the instruments required for the originalassessment.(5)In
this section—purchaseagreementincludesanuncompletedagreement,whetherornotconditional,fortheacquisitionofatrustinterest through
which the trust would have, if the agreementwere completed,
an indirect interest in dutiable property (thetrust-related
dutiable property).sale agreementincludes an
uncompleted agreement, whetheror not
conditional, for the disposal of a trust interest throughwhichthetrusthasanindirectinterestindutiableproperty(also thetrust-related
dutiable property).Division 3Creation and
termination of trusts53Creating trust of
dutiable property(1)A trustofdutiablepropertyis
createdifaperson,whohasacquiredpropertyotherthanastrustee,startstoholdtheproperty as trustee.(2)Also, a trust of dutiable property is
created if all the followingapply—(a)a person holds dutiable property on
trust (trust 1);(b)the person is also trustee of another
trust (trust 2);(c)the person ceases to hold the dutiable
property as trusteeoftrust1andstartstoholdthedutiablepropertyastrustee for trust 2;(d)when the person starts to hold the
dutiable property astrustee for trust 2—(i)a person who has a trust interest for
the dutiableproperty under trust 2 did not have a trust
interestfor that property when it was held for trust
1; or(ii)a person who has
a trust interest for the dutiableproperty under
trust 2 had a trust interest for thatCurrent as at
[Not applicable]Page 69
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 54]propertywhenitwasheldfortrust1andthatperson’s trust
interest increases.Note—Section 498
includes provision about references to dutiable property.54Terminating trust of dutiable
propertyA trust of dutiable property is terminated
if a person, havingheld the property as trustee, starts to hold
the property otherthan as trustee.Division 4Some
basic concepts about trustacquisitions and trust
surrenders55What is atrust
acquisitionA person makes atrust
acquisitionif the person acquires atrust interest
in a trust that—(a)holds dutiable property; or(b)has an indirect interest in dutiable
property.Note—Under section
81, an indirect trust acquisition in a land holding trust istakentobeatrustacquisition.Anindirecttrustacquisitionistheacquisition of an interest in a land
holding trust through 1 or morecorporations,
partnerships or trusts, or a combination of any of them.See
definitionsindirect trust acquisitionandindirect trust interestinthe dictionary.56What
is atrust surrenderA person makes
atrust surrenderif the person
surrenders atrust interest in a trust that holds
dutiable property or has anindirect
interest in dutiable property.Page 70Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 57]57What
is atrust interest(1)Atrustinterestisaperson’sinterestasabeneficiaryofatrust, other than a life
interest.(2)For a trust that is a discretionary
trust, only a taker in defaultof an
appointment by the trustee can have a trust interest.(3)Also, for a trust that is a
superannuation fund, a member of thefund has a trust
interest in the fund.Note—For exemption
from transfer duty for a trust acquisition or surrender ofa
member’s interest in a superannuation fund, see section 119.58What is a trust’sindirect
interestin dutiable propertyA trust has
anindirect interestin dutiable
property if—(a)through a trust interest or
partnership interest, there is aconnectionbetweenthetrustanddutiablepropertyofthe other trust or partnership;
or(b)through a series of trust interests or
partnership interests,or a combination of any of them, there
is a connectionbetweenthetrustanddutiablepropertyofatrustorpartnership in the series.59Acquiring a trust interest(1)A person acquires a trust interest
if—(a)the person becomes a beneficiary of a
trust, whether oncreation of the trust or otherwise;
or(b)being a beneficiary of a trust, the
person’s trust interestincreases, other than because of the
surrender of anotherperson’s trust interest in the trust
for which transfer dutyhas been paid.(2)If a
beneficiary’s trust interest is subject to a prior life
interest,the interest does not increase merely
because the life tenantdies or, over time, the extent of the
life interest reduces.Current as at [Not applicable]Page
71
Duties
Act 2001Chapter 2 Transfer duty[s 60]Notauthorised—indicativeonly60Beneficiary’s
trust interest is percentage of orproportionate to
property held on trust(1)A beneficiary’s
trust interest is—(a)forabeneficiarywhoisatakerindefaultunderadiscretionary trust—(i)the percentage of the trust income or
trust propertythebeneficiarywouldreceiveindefaultofappointment by the trustee; or(ii)if the
beneficiary would receive both trust incomeand trust
property in default of appointment by thetrustee, the
greater percentage of the trust incomeor trust
property the beneficiary would receive; or(b)forabeneficiaryofatrust,otherthanadiscretionarytrust,whoseentitlementissolelytoincomeoftheproperty held on trust—the proportion
that the value ofthebeneficiary’sentitlementbearstothevalueoftheentitlementsofallbeneficiariesexpressedasapercentage;
or(c)foranotherbeneficiary—theproportionthatthebeneficiary’sentitlementunderthetrustbearstotheunencumberedvalueofthepropertyheldontrustexpressed as a
percentage.(2)For subsection (1)(c), the
beneficiary’s entitlement under thetrust is—(a)the amount of the unencumbered value
of the propertyheldontrustthatthebeneficiarycouldreceiveasaresult of the acquisition of the
beneficiary’s trust interestdetermined at
the time of acquisition of the interest; or(b)the
entitlement stated in subsection (3) if—(i)the
beneficiary’s entitlement under the trust is notsubject to a prior life interest; and(ii)thebeneficiary’sentitlementunderthetrustmayincrease, including from nothing, on the
fulfilmentofanycondition,contingencyortheexerciseornon-exercise of any power or discretion;
andPage 72Current as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 61](iii)the
condition, contingency, power or discretion ispartofanarrangementasignificantpurposeofwhich is to lessen the amount of the
beneficiary’sentitlement at a particular time.(3)For subsection (2)(b), the
beneficiary’s entitlement under thetrust is the
maximum interest in the property held on trust thatthe
beneficiary would have on the fulfilment of the conditionor
contingency or the exercise or non-exercise of the power ordiscretion.(4)For
a majority trust acquisition, a reference in this section to
abeneficiary’sentitlementunderthetrustincludestheentitlementunderthetrustofrelatedpersonsofthebeneficiary.61Who
is arelated person(1)A
person is arelated personof another
person if—(a)for individuals—they are members of
the same family;or(b)foranindividualandacorporation—thepersonoramember of the
person’s family is a majority shareholder,director or
secretary of the corporation or a related bodycorporate of the
corporation, or has an interest of 50% ormore in it;
or(c)for an individual and a trustee—the
person or a relatedpersonunderanotherprovisionofthissectionisabeneficiary of
the trust; or(d)for corporations—they are related
bodies corporate; or(e)foracorporationandatrustee—thecorporationorarelated person under another provision
of this section isa beneficiary of the trust; or(f)for trustees—(i)there is a person who is a beneficiary of
both trusts;orCurrent as at [Not applicable]Page
73
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 62](ii)apersonisbeneficiaryof1trustandarelatedperson under
another provision of this section is abeneficiary of
the other trust.(2)Also,apersonisarelatedpersonofanotherpersonifthepersons acquire
trust interests in a land holding trust and theacquisitions
form, evidence, give effect to or arise from whatis
substantially 1 arrangement.(3)However, a person is not arelated personof another
personundersubsection
(1),otherthansubsection (1)(d),ifthecommissioner is satisfied the trust
interests of the persons in aland holding
trust—(a)were acquired, and will be used,
independently; and(b)were not acquired, and will not be
used, for a commonpurpose.Division 5Dutiable value of trust acquisitionsand
trust surrenders62What is the dutiable value of a trust
acquisition or trustsurrenderThe dutiable
value of a trust acquisition or trust surrender isthe
greater of the following—(a)the
consideration for the acquisition or surrender so faras
the consideration relates to dutiable property, or anindirect interest in dutiable property, held
by the trust;(b)thevalueoftheacquisitionorsurrenderworkedoutunder section 63.63What
is the value of a trust acquisition or trust surrender(1)Subjecttosubsections (6)to(8),thevalueofatrustacquisitionortrustsurrenderisthetotaloftheamountsworked out by applying the beneficiary’s
trust interest to thePage 74Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 63]Notauthorised—indicativeonlyunencumberedvalue,whentheliabilityfortransferdutyarises, of—(a)thedutiablepropertyheldbythetrust(therelevanttrust);
and(b)anyindirectinterestindutiablepropertyheldbytherelevant trust.Note—Undersection
52(1),dutiablepropertyincludescontractedproperty.Also, under section 52(1A), the relevant
trust may be taken to hold anindirect
interest in dutiable property through a trust interest that is
thesubject of a purchase or sale
agreement.(2)For subsection (1), the beneficiary’s
trust interest for a trustsurrender is the beneficiary’s trust
interest immediately beforethe
surrender.(3)For subsection (1)(b), the
unencumbered value of an indirectinterest under
section 58(a) of the relevant trust is the amountworkedoutbyapplyingtotheunencumberedvalueofthedutiable
property held by the entity in which the relevant trusthasatrustorpartnershipinterest,thetrustorpartnershipinterest of the
relevant trust in that entity.(4)For
subsection (1)(b), the unencumbered value of an indirectinterest under section 58(b) of the relevant
trust is the amountworked out by—(a)first applying to the unencumbered value of
the dutiablepropertyheldbytheultimateentity,thetrustorpartnership interest of the trust or
partnership (thelastbeneficiary or
partner) that is a beneficiary or partner ofthe
ultimate entity; and(b)applying to the
amount worked out under paragraph (a),andtheunencumberedvalueofanydutiablepropertyheldbythelastbeneficiaryorpartner,thetrustorpartnership interest of the next trust or
partnership in theseriesoftrustsorpartnershipsthatisabeneficiaryorpartner of the last beneficiary or partner;
and(c)applying the calculation in paragraph
(b) for each of theothertrustsorpartnershipsintheseriesuntilthefirstCurrent as at
[Not applicable]Page 75
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 63]entity’s trust
interest or partnership interest is used in thecalculation;
and(d)applying to the amount last worked out
under paragraph(c) and the unencumbered value of any
dutiable propertyheld by the first entity, the trust or
partnership interest ofthe relevant trust.(5)Schedule 4 contains an example of how
the value of a trustacquisition is worked out.(6)For determining the value of a
beneficiary’s trust acquisitionthat is an
increase in the beneficiary’s trust interest, other thana
majority trust acquisition, the beneficiary’s trust interest
istaken to be the increase in the
beneficiary’s trust interest.(7)Subsection (8) applies to a majority trust
acquisition that is anincreaseinabeneficiary’strustinterest(therelevanttrustacquisition)thathashappenedinthefollowingcircumstances—(a)the
trust interest of the beneficiary and related personsof
the beneficiary was 50% or more immediately beforethe
relevant trust acquisition;(b)transferdutywaspreviouslypaidforamajoritytrustacquisitioninthetrustmadebythebeneficiaryorrelated persons;(c)sincethemajoritytrustacquisitionmentionedinparagraph (b), no other related person
of the beneficiaryhas made a trust acquisition in the
trust.(8)For determining the value of the
beneficiary’s trust acquisitionthatistherelevanttrustacquisition,thebeneficiary’strustinterest is taken to be the increase in the
beneficiary’s trustinterest.Page 76Current as at [Not applicable]
Division 6Duties Act
2001Chapter 2 Transfer duty[s 64]Liability to transfer dutyNotauthorised—indicativeonly64Liability to pay transfer duty on
creation or termination oftrust(1)Ifatrustofdutiablepropertyiscreatedorterminated,thetrustee of the trust is the party to the
dutiable transaction thatis the creation or termination of the
trust.(2)If the trustee of the trust does not
pay the transfer duty, thebeneficiaries of the trust are jointly
and severally liable for theduty.65Liability of joint trusteesIf a
trust has 2 or more trustees, the trustees are jointly andseverally liable for any transfer duty
imposed.66When no transfer duty on trust
acquisition or trustsurrender(1)If,
because of the creation of a trust of dutiable property, aperson acquires a trust interest in the
property, transfer duty isnot imposed on the acquisition
if—(a)transfer duty has been paid for the
dutiable transactionthat is the creation of the trust of
the property; or(b)the dutiable transaction that is the
creation of the trust ofthe property is exempt from transfer
duty.(2)If, because of the acquisition of
dutiable property by a trust, aperson acquires
a trust interest in the property, transfer duty isnot
imposed on the acquisition of the trust interest if—(a)the trustee has paid transfer duty for
the acquisition ofthe property; or(b)thedutiabletransactionthatistheacquisitionoftheproperty is exempt from transfer duty;
or(c)duty is not imposed on the acquisition
of the property bythe trustee.Current as at
[Not applicable]Page 77
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 67](3)If,
because of the termination of a trust of dutiable property,
aperson surrenders a trust interest in the
property, transfer dutyis not imposed on the surrender
if—(a)transfer duty has been paid for the
dutiable transactionthat is the termination of the trust
of the property; or(b)thedutiabletransactionthatistheterminationofthetrust of the property is exempt from
transfer duty.67Parties to trust acquisition and trust
surrender(1)Foratrustacquisition,thebeneficiaryacquiringthetrustinterest is the
party to the dutiable transaction.(2)Foratrustsurrender,thetrusteeandthebeneficiarywhosetrustinterestissurrenderedarethepartiestothedutiabletransaction.Note—Under section 17, the parties to a dutiable
transaction are liable to paytransfer duty
imposed on the transaction.Division 7Public unit trustsSubdivision
1Preliminary68What
is apublic unit trustApublic unit trustis—(a)a listed unit trust; or(b)a widely held unit trust; or(c)a wholesale unit trust; or(d)a pooled public investment unit trust;
or(e)a declared public unit trust.Page
78Current as at [Not applicable]
Notauthorised—indicativeonlySubdivision 2Duties Act
2001Chapter 2 Transfer duty[s 69]Basic concepts about listed unittrusts69What
is alisted unit trustAlisted unit trustis a unit trust
the units in which are quotedon the market
operated by a recognised stock exchange.Notes—1Section 498Aincludesprovisionaboutwhenthequotationofsecurities is suspended.2Anacquisitionofaninterestinalistedunittrustthatisalandholder may
be dutiable under chapter 3, part 1 (Landholderduty).Subdivision 3Basic concepts
about widely heldunit trusts70What
is awidely held unit trust(1)Awidely held unit trustis a
unit trust, other than a listed unittrust,thatisaregisteredmanagedinvestmentschemeforwhich—(a)units in the trust have been issued to the
public; and(b)50 or more persons are beneficially
entitled to the unitsin the trust; and(c)more
than 20 persons are beneficially entitled to at least75%
of the total units in the trust.Note—Also, under section 71, the commissioner may
treat a unit trust as awidely held unit trust.(2)However, for a trust acquisition or
trust surrender of a trustinterest in a trust, a unit trust is
not a widely held unit trust ifsubsection
(1)(b) and (c) is not satisfied before and after thetrust acquisition or trust surrender.Current as at [Not applicable]Page
79
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 71](3)For
subsection (2), a trust acquisition or trust surrender of atrustinterestinaunittrustincludesaseriesoftrustacquisitions or
trust surrenders under an arrangement.(4)If
subsection (2) applies to a unit trust, the trust is not a
widelyheld unit trust from immediately before the
trust acquisition ortrust surrender or the first
acquisition or surrender under thearrangement.(5)For
subsection (1), a person is taken to be beneficially
entitledtoallunitsheldbythepersonandrelatedpersonsoftheperson.71When unit trust may be treated as
widely held unit trust(1)This section
applies if the commissioner is satisfied—(a)units in a unit trust (thestart up units) will be issued
tothepublictoanextentandwiththeentitlementsmentioned in
section 70(1) within 1 year after the firstissue of units
to the public; and(b)the start up units are the only units
in the unit trust to beissuedfromandincludingthefirstissuetothepublicuntil the unit trust becomes a widely held
unit trust (thestart-up period).(2)The commissioner may treat the unit
trust as a widely heldunit trust for the start-up
period.(3)However,ifthestart-upunitsarenotissuedinthewaymentioned in subsection (1)(a) or are not
the only units issuedintheunittrustinthestart-upperiod(thedisqualifyingcircumstances)—(a)the trustee must, within 28 days after
the disqualifyingcircumstanceshappen,givethecommissionernoticeabout the disqualifying circumstances;
and(b)the unit trust is taken not to have
been a widely held unittrust in the start-up period;
and(c)the commissioner must make an
assessment for transferduty for each trust acquisition or
trust surrender in thePage 80Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 72]start-up period
as if the trust were not a widely held unittrust in the
period; and(d)the start date for the Administration
Act, section 54(4),is61daysaftertherelevanttrustacquisitionortrustsurrender.Subdivision
4Basic concepts about wholesaleunit
trusts72What is awholesale unit
trust(1)Awholesale unit
trustis a unit trust, other than a listed
unittrust—(a)thatisestablishedandmanagedbyafundsmanager;and(b)the units in
which are predominantly acquired by, for oron account of,
wholesale investors.(2)Awholesale unit trustincludes a unit
trust that holds land inQueensland, or has an indirect
interest in land in Queensland,only if the
trust was established, and continues, solely for theinvestmentoffundsplacedwithitbywholesaleinvestorsusing the funds manager’s funds management
and investmentservices.(3)However, for a trust acquisition or trust
surrender of a trustinterest in a trust, a unit trust is
not a wholesale unit trust if—(a)thetrustisestablishedormanagedforaparticularperson;
or(b)subsection (1)(b)orifapplicablesubsection
(2)isnotsatisfiedbeforeandafterthetrustacquisitionortrustsurrender.(4)For
subsection (3), a trust acquisition or trust surrender of atrustinterestinaunittrustincludesaseriesoftrustacquisitions or
trust surrenders under an arrangement.Current as at
[Not applicable]Page 81
Duties
Act 2001Chapter 2 Transfer duty[s 73](5)Ifsubsection
(3)appliestoaunittrust,thetrustisnotawholesaleunittrustfromimmediatelybeforethetrustacquisitionortrustsurrenderorthefirstacquisitionorsurrender under the arrangement.Notauthorised—indicativeonly73What is afunds manager(1)Afunds manageris—(a)a body corporate that provides funds
management andinvestmentservicestowholesaleinvestorsasitsprincipal
business if—(i)thebodycorporatemanagesfundsofmorethan$500,000,000 invested with it; and(ii)thebusinessisnotconductedtoprovidetheservices only to particular wholesale
investors; and(iii)thebodycorporateisrecognisedbyotherfundsmanagersasacompetitorwiththemfortheservices; or(b)a
body corporate that is a member of a corporate groupof a
financial institution or an insurer whose principalbusiness is providing funds management and
investmentservices to wholesale investors if—(i)the body corporate or the corporate
group managesfunds of more than $500,000,000 invested
with itby wholesale investors; and(ii)thebusinessisnotconductedtoprovidetheservices only to particular wholesale
investors; and(iii)thebodycorporateisrecognisedbyotherfundsmanagersasacompetitorwiththemfortheservices.(2)Subsection (3) applies if the commissioner
is satisfied a bodycorporate or corporate group will provide
funds managementand investment services to wholesale
investors to the extentmentionedinsubsection (1)(a)or(b)withinthestart-upperiod.Page
82Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 74](3)Thecommissionermaytreatthebodycorporateasafundsmanager for the start-up period.(4)However, if the body corporate or
corporate group does notprovidefundsmanagementandinvestmentservicesasmentioned in subsection (1) in the
start-up period—(a)the body corporate must, within 28
days after the end ofthe start-up period, give the
commissioner notice of thatfact; and(b)thebodycorporateistakennottohavebeenafundsmanager in the
start-up period; and(c)the commissioner
must make an assessment for transferduty for each
trust acquisition or trust surrender in thestart-up period
as if the body corporate were not a fundsmanager in the
period; and(d)the start date for the Administration
Act, section 54(4),is61daysaftertherelevanttrustacquisitionortrustsurrender.(5)In
this section—insurermeans—(a)a person who is authorised under
theInsurance Act 1973(Cwlth) to carry
on an insurance business; or(b)a
life company.start-up period, for a body
corporate, means 1 year after thefirst
acquisition by a wholesale investor of a trust interest in aunit
trust established and managed by the body corporate.74Who is awholesale
investorAwholesale investorin a wholesale
unit trust is—(a)afundsmanager,otherthanthefundsmanagerthatestablishedandmanagesthetrust,investingfundsofanotherwholesaleunittrustmanagedbythefundsmanager;
orCurrent as at [Not applicable]Page
83
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 75](b)thetrusteeofanotherwholesaleunittrustinvestingfundsofanotherwholesaleunittrustmanagedbythetrustee; or(c)thetrusteeofasuperannuationfundundertheSuperannuationIndustryActhavingmorethan$10,000,000 in
assets; or(d)apersonwhohasmorethan$10,000,000investedinwholesale unit trusts.Subdivision 5Basic concepts
about pooled publicinvestment unit trusts75What
is apooled public investment unit trust(1)Apooledpublicinvestmentunittrustisaunittrust,otherthan a listed
unit trust, widely held unit trust, wholesale unittrust or declared public unit trust, that is
a registered managedinvestmentscheme,exemptmanagedinvestmentschemeorpooled superannuation trust for
which—(a)either of the following
applies—(i)units in the trust have been issued to
the public;(ii)at least 75% of
the total units in the trust are heldby 2 or more
large qualified holders; and(b)at
least 50 persons are entitled to units in the trust; and(c)more than 20 persons are entitled to
at least 75% of thetotal units in the trust.Note—See sections 77
(Who is holder of units in pooled public investment unittrust) and 78 (Who is entitled to units in
pooled public investment unittrust).(2)However, for a trust acquisition or
trust surrender of a trustinterest in a trust, a unit trust is
not a pooled public investmentunit trust
unless—Page 84Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 76](a)if
subsection (1)(a)(i) applies—subsection (1)(b) and (c)is
satisfied before and after the trust acquisition or trustsurrender; or(b)if
subsection (1)(a)(ii) applies—subsection (1)(a)(ii), (b)and
(c) is satisfied before and after the trust acquisitionor
trust surrender.(3)For subsection (2), a trust
acquisition or trust surrender of atrustinterestinaunittrustincludesaseriesoftrustacquisitions or
trust surrenders under an arrangement.(4)If
subsection (2) applies to a unit trust, the trust is not a
pooledpublic investment unit trust from
immediately before the trustacquisitionortrustsurrenderorthefirstacquisitionorsurrender under the arrangement.76Who is aqualified
holderand alarge qualified
holder(1)Aqualified
holderof units in a unit trust is—(a)the trustee of a listed unit trust,
widely held unit trust,wholesale unit trust or declared
public unit trust; or(b)the trustee of a
complying superannuation fund; or(c)the
trustee of a complying approved deposit fund; or(d)a life company if the units held
represent an investmentofitsstatutoryfundsmaintainedbyitundertheLifeInsurance Act
1995(Cwlth); or(e)a
person of a class approved under section 76A; or(f)a person approved under section
76B.(2)Alarge qualified
holderof units in a unit trust is a
qualifiedholder with more than 50 members.76AApproval of class of foreign unit
holders as qualifiedholdersThe commissioner
may, by gazette notice, approve a class ofpersonsasqualifiedholdersofunitsinaunittrustifthecommissioner is
satisfied persons of that class hold the unitsCurrent as at
[Not applicable]Page 85
Duties
Act 2001Chapter 2 Transfer duty[s 76B]inacapacitythat,underthelawofaforeigncountryorexternal Territory, corresponds
to—(a)anentitymentionedinsection 76(1)(a)otherthanthetrustee of a declared public unit trust;
or(b)an entity mentioned in section
76(1)(b) to (d).Notauthorised—indicativeonly76BApproval of
particular foreign unit holder as qualifiedholder(1)The trustee of a unit trust may apply
to the commissioner forthe approval, for section 76(1)(f), of
a stated person who holdsunits in the trust (theunit
holder).(2)The application
must—(a)be in the approved form; and(b)besupportedbyenoughinformationtoenablethecommissioner to decide the
application.(3)The commissioner may approve the
application if satisfied theunit holder
holds the units in a capacity that, under the law ofa
foreign country or external Territory, corresponds to—(a)anentitymentionedinsection 76(1)(a)otherthanthetrustee of a declared public unit trust;
or(b)an entity mentioned in section
76(1)(b) to (d).(4)Ifthecommissionerreasonablyrequiresadviceaboutaparticularmatterbeforedecidingtheapplication,thecommissioner may refuse to deal further with
the applicationuntil the applicant pays, or agrees to pay,
the reasonable costsof obtaining the advice.(5)Thecommissionermaygiveapprovalsubjecttoconditionsthe commissioner
considers appropriate.Example—A condition may
state that the approval ends if there is a particularchange in the circumstances of the person to
whom the approval relates.(6)Thecommissionermustgivenoticeofthedecisionontheapplication to
the applicant.Page 86Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 76C](7)If,becauseofthedecision,thecommissionermakesanassessmentonthebasisthataparticularpersonisnotapproved, or is
approved on stated conditions, an objection tothedecisionmaybemadeaspartofanobjectiontotheassessment.Note—For
objections and appeals against assessments, see the
AdministrationAct, part 6.(8)An
approval takes effect on the day it is given or on the laterday
stated in the notice of the decision to give the approval.76CApproval holders must notify
commissioner of materialchanges(1)This
section applies to an approval in force under section 76Bifthereisamaterialchangeinthecircumstancesexistingwhen
the approval was given.(2)Within 28 days
after the approval holder becomes aware, orought reasonably
to have become aware, of the change, theapprovalholdermustgivethecommissionernoticeofthechange.Note—Failure to give
the notice is an offence under the Administration Act,section 120.76DCancellation or variation of
approvals(1)The commissioner may, by notice to the
holder of an approvalin force under section 76B, cancel the
approval or vary it in astated way if the commissioner
considers—(a)a condition of the approval is no
longer being satisfiedor complied with; or(b)there has been a material change in
the circumstancesexisting when the approval was given.(2)The cancellation or variation has
effect on the day stated in thenotice
(theeffective day).Current as at [Not applicable]Page
87
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 76E](3)Theeffectivedaymaybeearlierthanthedaythenoticeisgiven but not earlier than the day the
condition mentioned insubsection (1)(a) stopped being
satisfied or complied with orthe day of the
material change in the circumstances mentionedin subsection
(1)(b).(4)If, because of the decision to cancel
or vary the approval, thecommissionermakesanassessmentonthebasisthat,ataparticular time,
a particular person was not approved or wasapprovedonstatedconditions,anobjectiontothedecisionmay be made as
part of an objection to the assessment.Note—For
objections and appeals against assessments, see the
AdministrationAct, part 6.76EExempt managed investment schemes(1)For section 75(1), a unit trust that
is a managed investmentscheme is taken to be an exempt
managed investment scheme,duringthedeemingperiodforthetrust,iftheschemehasbeen approved under section 76F as a
deregistered managedinvestment scheme.(2)In
this section—deeming period, for a unit
trust, means the period—(a)starting
immediately before the first trust acquisition ortrust surrender of a trust interest in the
trust followingitsderegistrationundertheCorporationsAct,section601PA;
and(b)endingimmediatelybeforethetimethateitherofthefollowing happens—(i)theASICordermentionedinsection76F(3)(a)ceases to apply;(ii)aunitinthetrustisissuedortransferredtoaperson who is not a wholesale
client.Page 88Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 76F]76FApproval of unit trust as a deregistered
managedinvestment scheme(1)Thetrusteeofaunittrustthatisamanagedinvestmentscheme may apply
to the commissioner for the approval of thescheme as a
deregistered managed investment scheme.Note—See
section 76E(1).(2)The application must—(a)be in the approved form; and(b)besupportedbyenoughinformationtoenablethecommissioner to decide the
application.(3)The commissioner may give the approval
if—(a)ASICmadeanexemptionordeclarationundertheCorporationsAct,section601QA(theASICorder),enabling an application for deregistration
of the scheme(thederegistrationapplication)tobemadeundertheCorporations Act, section 601PA; and(b)for the purpose of the deregistration
application, all themembersoftheschemeagreedtheschemeshouldbederegistered; and(c)all
the members of the scheme were wholesale clients—(i)whentheyacquired(bywayofissueortransfer)their interest
in the scheme; and(ii)when the
deregistration application was made; and(d)ASICderegisteredtheschemeundertheCorporationsAct,section601PA,applyingchapter5CofthatActunder the ASIC order; and(e)theschemeisnotrequiredtoberegisteredundertheCorporationsAct,section601EDbecauseofanexemption from that section under the
ASIC order; and(f)the commissioner is satisfied it would
be appropriate togive the approval, having regard to—Current as at [Not applicable]Page
89
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 76G](i)the
reasons why the members of the scheme agreedthe scheme
should be deregistered; and(ii)the
reasons for the decision by ASIC to deregisterthe scheme;
and(iii)the terms of the
ASIC order; and(iv)whethertheschemehaseverbeenapublicunittrustand,ifso,whyitisnolongerapublicunittrust; and(v)the
circumstances of the scheme’s operation sinceit was
deregistered by ASIC; and(vi)the purposes of
this division.(4)Thecommissionermustgivetheapplicantnoticeofthedecision on the
application.(5)If,becauseofthedecisionontheapplication,thecommissionermakesanassessmentonthebasisthattheschemeisnotanexemptmanagedinvestmentschemeforsection75(1),anobjectiontothedecisionmaybemadeaspart
of an objection to the assessment.(6)If
the approval is given, it takes effect on—(a)the
day it is given; or(b)if the notice of the decision to give
the approval states aday on which the approval takes
effect—that day.(7)The day mentioned in subsection (6)(b)
may be earlier or laterthan the day the approval is
given.76GApproval holders must notify
commissioner if deemingperiod ends(1)This
section applies in relation to an approval for a unit trustin
force under section 76F if either of the following happens(thenotifiable
event)—(a)the ASIC order
mentioned in section 76F(3)(a) ceases toapply;Page
90Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 77](b)aunitinthetrustisissuedortransferredtoapersonwho is not a
wholesale client.(2)Within28daysafterthetrusteebecomesaware,oroughtreasonably to
have become aware, of the notifiable event, thetrusteemustgivethecommissionernoticeofthenotifiableevent.Note—Failure to give
the notice is an offence under the Administration Act,section 120.77Who
is holder of units in pooled public investment unittrust(1)For
section 75, a qualified holder is taken to hold the units in
aunit trust held for the holder by a
custodian.(2)For section 75(1)(b) and (c)—(a)a trustee of a complying
superannuation fund that hasinvestedinapooledsuperannuationtrustistakentoholdthenumberofunitsinaunittrustheldbythetrustee of the pooled superannuation
trust that is workedoutbyapplyingthefund’sinterestinthepooledsuperannuation trust to the units held by
the trustee; and(b)amemberofapooledpublicinvestmentunittrustistaken to hold the number of units in a unit
trust held bythe trustee of the pooled public investment
unit trust thatis worked out by applying the member’s
interest in thepooled public investment unit trust to the
units held bythe trustee.(3)Forsubsection (2)(a),acomplyingsuperannuationfund’sinterest in a pooled superannuation trust is
the proportion thatthe fund’s investment bears to the total of
all investments inthe trust expressed as a percentage.(4)For subsection (2)(b), a member’s
interest in a pooled publicinvestmentunittrustistheproportionthatthevalueofthemember’s entitlement as a member bears
to the value of theCurrent as at [Not applicable]Page
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 78]entitlementsofallmembersinthetrustexpressedasapercentage.78Who
is entitled to units in pooled public investment unittrust(1)For
section 75(1)(b) and (c)—(a)a member of a
large qualified holder of units in a unittrust is taken
to be entitled to the number of units in thetrustthatisworkedoutbyapplyingthemember’sinterest in the
holder to the units in the trust held by theholder;
and(b)another holder of units in the trust
is entitled to the unitsheld.(2)For
subsection (1)(a), a member’s interest in a large qualifiedholderistheproportionthatthevalueofthemember’sentitlement as a
member bears to the value of the entitlementsof all members
in the holder expressed as a percentage.(3)Forsection 75,apersonwhois
entitledtounitsintheunittrustistakentobeentitledtoallunitsthat,undersubsection
(1)(a) and (b), the person and related persons of theperson are entitled.Subdivision
6Basic concepts about declaredpublic unit trusts79What
is adeclared public unit trustAdeclared public unit trustis a
unit trust declared under aregulation to be
a public unit trust for this division.Page 92Current as at [Not applicable]
Notauthorised—indicativeonlySubdivision 7Duties Act
2001Chapter 2 Transfer duty[s 80]Majority trust acquisitions in landholding trusts80What
is amajority trust acquisitionA
person who makes a trust acquisition in a land holding trustmakes amajority trust
acquisitionif—(a)theperson,orthepersonandrelatedpersonsoftheperson (whether
alone or jointly), acquire a trust interestin the trust of
50% or more; or(b)theperson,orrelatedpersonsoftheperson(whetheralone or
jointly), acquire a trust interest in the trust that,when
aggregated with trust interests already held by theperson and related persons of the person
(whether aloneor jointly), is 50% or more.81Interpretation for majority trust
acquisitions(1)Thissectionappliesforimposingtransferdutyonmajoritytrust
acquisitions.(2)An indirect trust interest in a land
holding trust being acquiredby a person is
taken to be a trust interest in the trust.(3)Also, an indirect trust interest in a land
holding trust alreadyheld by an acquirer or related person
of the acquirer is taken tobe a trust
interest in the trust.(4)For an indirect
trust interest in a land holding trust taken to beatrustinterestundersubsection
(2)or(3),theacquirerandanyrelatedpersonsoftheacquireraretakentobebeneficiaries.(5)An
indirect trust acquisition is taken to be a trust
acquisitionin the land holding trust in which the
indirect trust interest isacquired.Current as at
[Not applicable]Page 93
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 81A]81AParticular trust interests disregarded for
majority trustacquisitions(1)This
section applies if—(a)under section 80, a person would have
made a majoritytrust acquisition in a wholesale unit trust;
and(b)all the persons who held or acquired
the trust interestscomprisingthemajoritytrustacquisitionaregroupcompanies of a
corporate group; and(c)the funds
manager of the wholesale unit trust is a groupcompany of the
corporate group; and(d)thereisnoarrangementtoavoidtheimpositionoftransfer duty.(2)Forsection 80,thetrustinterestofapersonmentionedinsubsection (1)(b)whoisaqualifiedholdermustbedisregarded.(3)To
remove any doubt, it is declared that section 80 applies toother trust interests, including trust
interests held through thequalified holder.82Deduction—transfer duty for majority trust
acquisition(1)This section applies if—(a)transfer duty has been paid or is
payable on a dutiabletransaction that is a majority trust
acquisition; and(b)transfer duty or landholder duty is
imposed or has beenpaid on indirect trust acquisitions and
trust acquisitionsrelating to the majority trust
acquisition.(2)The duty mentioned in subsection
(1)(b) must be reduced bytheamountofthetransferdutypaidorpayableundersubsection (1)(a) to the extent that the
indirect trust interestsand trust interests were included in
working out the dutiablevalue of the majority trust
acquisition.Page 94Current as at
[Not applicable]
Subdivision 8Duties Act
2001Chapter 2 Transfer duty[s 83]Indirect trust interestsNotauthorised—indicativeonly83Person’s indirect trust interest is
proportionate to landholding trust’s dutiable
propertyA person’s indirect trust interest in a land
holding trust is theproportionthattheunencumberedvalueoftheperson’sentitlementinthelandholdingtrustbearstotheunencumberedvalueofdutiablepropertyheldbythelandholding trust
expressed as a percentage.Note—Section 498
includes provision about references to dutiable property.84What is the value of person’s
entitlement in land holdingtrust(1)The
unencumbered value of a person’s entitlement in a landholding trust is the amount worked out
by—(a)if the person has a subordinate
interest in an entity (thefirstbeneficiary)thatisabeneficiaryofthelandholding
trust—(i)firstapplyingtotheunencumberedvalueofthedutiable
property held by the land holding trust, thefirst
beneficiary’s trust interest in the land holdingtrust; and(ii)applyingtotheamountworkedoutundersubparagraph
(i), the person’s subordinate interestin the first
beneficiary; or(b)if paragraph (a) does not
apply—(i)firstapplyingtotheunencumberedvalueofthedutiable
property held by the land holding trust, thesubordinateinterestoftheentity(alsothefirstbeneficiary)thatisabeneficiaryofthelandholding trust;
and(ii)applyingtotheamountworkedoutundersubparagraph(i),thesubordinateinterestoftheCurrent as at
[Not applicable]Page 95
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 84A]nextentityintheseriesofentitiesthatisashareholder,partnerorbeneficiaryofthefirstbeneficiary
connecting the land holding trust to theperson;
and(iii)applyingthecalculationinsubparagraph(ii)foreachoftheotherentitiesintheseriesuntiltheperson’ssubordinateinterestisappliedtotheamountworkedoutundertheapplicationofsubparagraph(ii)fortheentityinwhichtheperson’s subordinate interest is
held.(2)For subsection (1)(b)(iii)—(a)thereferenceinsubsection (1)(b)(ii)totheamountworked out under subsection (1)(b)(i) is a
reference tothe amount worked out under the previous
application ofsubsection (1)(b)(ii); and(b)the reference to the first beneficiary
is a reference to thenext shareholder, partner or
beneficiary in the series forwhich subsection
(1)(b)(ii) is being applied.Part 8AConcessions for farm-inagreementsDivision 1Some
basic concepts about farm-inagreements84AWho
is afarmor(1)Afarmoris—(a)a person to whom an explorationauthority,isgrantedundertherelevantActfortheauthority,evenifthepersonisyettoberegisteredastheholderoftheauthority under that Act; or(b)anotherpersontowhomtheexplorationauthorityhasbeen transferred under the relevant
Act for the authority,Page 96Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 84B]eveniftheotherpersonisyettoberegisteredastheholder of the authority under that
Act.(2)Forsubsection
(1),therelevantActforanexplorationauthority is the
Act under which the authority is granted.Notauthorised—indicativeonly84BWhat is anupfront farm-in
agreement(1)Anupfront farm-in
agreementis a written agreement enteredinto
by a farmor and another person (thefarmee) in
relation toan exploration authority, under
which—(a)the farmor must make 1 or more
transfers to the farmeeofastatedinterestintheexplorationauthority,eachinterest being less than 100% of the total
interest in theauthority; and(b)on
the transfer of each interest, the interest is held by thefarmee subject to the farmee spending a
stated amount(anexplorationamount)onrelevantexplorationordevelopment—(i)after the agreement is entered into;
and(ii)onorbeforetheexpenditurecompletiondateforthe amount; and(c)the
farmee must, if the obligation under the agreementmentioned in paragraph (b) is not complied
with for theinteresttransferred,transfertheinterestbacktothefarmor.(2)However, if the farm-in agreement is a
100% transfer farm-inagreement, the last interest in the
exploration authority to betransferredundertheagreementneednotbeheldbythefarmeesubjecttoanobligationmentionedinsubsection (1)(b).84CWhat
is adeferred farm-in agreement(1)Adeferred farm-in
agreementis a written agreement enteredinto
by a farmor and another person (thefarmee) in
relation toan exploration authority, under
which—Current as at [Not applicable]Page
97
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 84D](a)thefarmeeisentitledto1ormoretransfersfromthefarmor of a stated interest in the
exploration authority,each interest being less than 100% of
the total interest inthe authority; and(b)the
entitlement to each transfer arises only if the farmeespendsastatedamount(anexplorationamount)onrelevant
exploration or development—(i)after the agreement is entered into;
and(ii)onorbeforetheexpenditurecompletiondateforthe amount.(2)However, if the farm-in agreement is a 100%
transfer farm-inagreement, the last interest in the
exploration authority to betransferredundertheagreementneednotbesubjecttoanobligation
mentioned in subsection (1)(b).84DWhat
is a100% transfer farm-in agreementA100%transferfarm-inagreement,foranexplorationauthority, is a
deferred farm-in agreement or upfront farm-inagreement under
which, on the completion of all the transfersof interests in
the exploration authority that are proposed to bemade
by the farmor under the agreement, 100% of the interestin
the exploration authority will be held by the farmee.84EWhat is theexpenditure
completion dateand anECDvariation(1)Theexpenditure completion datefor
an exploration amountfor the transfer of an interest in an
exploration authority undera farm-in
agreement is—(a)the day stated in the agreement on or
before which theexploration amount must be spent; or(b)ifthefarmorandfarmeeagreetovarythedaymentioned in paragraph (a)—the day as
varied; or(c)if the day mentioned in paragraph (b)
is further varied—the day as further varied.Page
98Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 84F](2)A
variation mentioned in subsection (1)(b) or (c) is anECDvariation.84FWhat isrelevant
exploration or developmentExplorationordevelopmentisrelevantexplorationordevelopmentfor an
exploration amount relating to an interestin an
exploration authority the subject of a farm-in agreementif—(a)theexplorationordevelopmentiscomprisedof,orassociated with, the carrying out of
an activity under theexploration authority; and(b)all of the exploration or development
is carried out afterthe farm-in agreement is entered
into.Division 2Transfer duty
for farm-inagreements84GFarm-in agreement is an agreement for the
transfer ofdutiable property(1)Afarm-inagreementisanagreementforthetransferofdutiable property mentioned in section
9(1)(b).(2)Section 21 does not apply in relation
to the agreement.84HExemption—particular transfers to
farmor under upfrontfarm-in agreementIf transfer duty
imposed on an upfront farm-in agreement ispaid, no
transfer duty is imposed on a transfer of an interest inthe
exploration authority from the farmee to the farmor madebecause of the obligation mentioned in
section 84B(1)(c).Current as at [Not applicable]Page
99
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 84I]84IExclusion of s 22(2) for particular dutiable
transactionsunder farm-in agreementSection 22(2)
does not apply to the transfer of an interest in anexploration authority if—(a)both of the following apply—(i)the transfer is made under a 100%
transfer farm-inagreement; and(ii)the
transfer results in the farmee holding 100% ofthe interest in
the exploration authority; or(b)theinterestistransferredtothefarmeeforadeferredfarm-in
agreement, even though the farmee has failed tospendallorpartoftheexplorationamountforthetransferundertheagreementinthewaymentionedinsection 84C(1)(b).Division 3Concessions for transfer duty forfarm-in agreements84JHow
transfer duty is initially assessed on farm-inagreement(1)This section applies for assessing
liability for transfer duty ona farm-in
agreement.(2)The dutiable value of a farm-in
agreement is the considerationpaidorpayabletothefarmor,orarelatedpersonofthefarmor, for the
farmor entering into the agreement, other thanan exploration
amount.(3)Section 502(1)(a) and (b) and
(2)(a)—(a)appliesinrelationtotheconsiderationmentionedinsubsection (2); and(b)doesnotapplyinrelationtoanyotherconsiderationpayable under
the agreement.Page 100Current as at
[Not applicable]
Notauthorised—indicativeonlyDivision 4Duties Act
2001Chapter 2 Transfer duty[s 84K]Lodgement and noticerequirements for
upfront farm-inagreements84KLodgement requirement on expenditure of
explorationamountThe farmee under
an upfront farm-in agreement must, within14daysafterspendingtheexplorationamountforeachinterest in the
exploration authority, lodge—(a)information,intheapprovedform,abouttheexpenditure of the exploration amount;
and(b)theupfrontfarm-inagreementoratransferdutystatement for
the agreement.Note—Under the
Administration Act, the requirement under this section is alodgement requirement for which a failure to
comply is an offenceunder section 121 of that Act.84LNotice requirement for farmee in
particularcircumstances(1)This
section applies if—(a)an interest in an exploration
authority is transferred tothe farmee under
an upfront farm-in agreement; and(b)thefarmeefails,undertheagreement,tospendallorpartoftheexplorationamountfortheinterestonorbefore the
expenditure completion date for the amount.(2)Thefarmeemust,within30daysaftertheexpenditurecompletion
date—(a)give notice to the commissioner, in
the approved form,of the matter mentioned in subsection
(1)(b); and(b)lodge the farm-in agreement or a
transfer duty statementfor the agreement.Current as at
[Not applicable]Page 101
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 84M]Note—Failure to give the notice mentioned in
paragraph (a) is an offenceunder the
Administration Act, section 120. Also, the requirement underparagraph (b) is a lodgement requirement
under the Administration Actfor which a
failure to comply is an offence under section 121 of thatAct.(3)If
the original expenditure completion date is varied under thefarm-inagreement,thefarmeemustcomplywithsubsection (2) in relation to a failure to
spend an explorationamount on or before each of the
following—(a)the original expenditure completion
date for the amount;(b)theoriginalexpenditurecompletiondate,asvariedunder the
agreement;(c)eachvariationtothedatementionedinparagraph(b)made
under the agreement.(4)In this
section—originalexpenditurecompletiondate,foranexplorationamountforaninterestinanexplorationauthorityunderanupfrontfarm-inagreement,meansthedaystatedintheagreement on or
before which the exploration amount must bespent.Division 5Reassessments84MWhen
commissioner must reassess transfer duty(1)The
commissioner must make a reassessment of transfer dutyfor
a farm-in agreement if, under the agreement, either of thefollowing events happen (each areassessment event)—(a)for an upfront farm-in agreement, the
farmee is requiredto—(i)lodge the
information and farm-in agreement or atransferdutystatementfortheagreementundersection 84K;
orPage 102Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 84M](ii)give
notice and lodge the farm-in agreement or atransferdutystatementfortheagreementundersection
84L(2);(b)foradeferredfarm-inagreement—aninterestinanexploration
authority is transferred by the farmor to thefarmee.Note—Seealsosection
84Pforwhenthecommissionermustmakeareassessment.(2)However, subsection (1)(a)(ii) does not
apply if—(a)the farmee transfers the interest back
to the farmor underthe agreement before the expiry of—(i)the period for complying with section
84L(2); or(ii)ifthecommissionerconsidersalongerperiodisappropriate—the longer period;
or(b)both of the following apply—(i)anECDvariationhasbeenmadefortheexpenditure of
the exploration amount;(ii)the commissioner
is satisfied the ECD variation isnot part of an
arrangement to avoid the impositionof transfer
duty.(3)Also, subsection (1) does not apply
if—(a)therequirementmentionedinsubsection (1)(a)relatesto
the transfer of an interest in an exploration authorityunderanupfrontfarm-inagreementthatisa100%farm-inagreementand,onthecompletionofthetransfer,100%oftheinterestintheauthoritywillbeheld
by the farmee; or(b)thetransferofaninterestinanexplorationauthoritymentioned in subsection (1)(b) is made under
a deferredfarm-inagreementthatisa100%farm-inagreementand,onthecompletionofthetransfer,100%oftheinterest in the
authority will be held by the farmee.Current as at
[Not applicable]Page 103
Duties
Act 2001Chapter 2 Transfer duty[s 84N](4)Subsection (1) applies despite the
limitation period under theAdministration
Act for reassessments.Note—See the
Administration Act, part 3 (Assessments of tax), division 3(Reassessments).Notauthorised—indicativeonly84NHow transfer duty
is reassessed on farm-in agreements(1)Subject to subsections (3) and (4), for a
reassessment undersection 84Mthedutiablevalueofthefarm-inagreementincludeseachofthefollowing,otherthananexplorationamount—(a)theconsiderationpaidorpayabletothefarmor,orarelated person of the farmor, for the
farmor entering intothe agreement;(b)an
amount relating to the transfer of an interest in theexplorationauthoritythesubjectofareassessmentevent,paidorpayableonorbeforethedaythelatestreassessment event happens;(c)anyotherconsiderationundertheagreementpaidorpayable to the farmor, or a related
person of the farmor,onorbeforethedaythelatestreassessmenteventhappens.(2)If
subsection (1) applies for a reassessment, section 502(1)(a)and
(b) and (2)(a)—(a)appliesinrelationtotheconsiderationmentionedinsubsection (1); and(b)doesnotapplyinrelationtoanyotherconsiderationpayable under
the agreement.(3)Subsection (4)appliestoareassessmentforareassessmenteventmentionedinsection 84M(1)(a)(ii)inrelationtoaninterest if the farmee has failed to
transfer the interest back tothe farmor under
the agreement within the time mentioned insection
84M(2)(a) and—(a)an ECD variation has not been made for
the expenditureof the exploration amount; orPage
104Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 84O](b)both
of the following apply—(i)anECDvariationhasbeenmadefortheexpenditure of
the exploration amount;(ii)the commissioner
is satisfied the variation is partofanarrangementtoavoidtheimpositionoftransfer duty.(4)Thecommissionermustmakethereassessmenttoimposetransferdutyonthetransactionthatistheagreementmentioned in section 84M(1) as if the
transaction were not afarm-in agreement under this
part.(5)This section applies despite section
84J.Division 6Miscellaneous84OApplication of penalty tax under
Administration ActTheAdministrationAct,section 58(1)(c)doesnotapplyinrelation to a reassessment made by the
commissioner undersection 84M, unless—(a)section 84N(4) applies for the reassessment;
or(b)the farmee has failed to comply
with—(i)alodgementrequirementforthereassessmentevent to which
the reassessment relates; or(ii)arequirementtogivethecommissionernoticeunder section 84L(2) for the reassessment
event towhich the reassessment relates.84PExclusion of arrangements to avoid the
imposition oftransfer duty(1)This
section applies to a dutiable transaction that is a farm-inagreement if the transaction is part of an
arrangement to avoidthe imposition of transfer
duty.Current as at [Not applicable]Page
105
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 85](2)Thecommissionermustmakeanassessmenttoimposetransfer duty on
the transaction as if the transaction were not afarm-in agreement under this part.(3)Subsection (2) applies despite the
limitation period under theAdministration
Act for reassessments.Note—See the
Administration Act, part 3, division 3.Part 9Concessions for homesDivision 1Preliminary85Purpose of pt 9Thepurposeofthispartistoprovideforconcessionsfortransfer duty for a dutiable transaction
that is—(a)the transfer, or agreement for the
transfer, of a home orfirst home or of vacant land on which
a first home is tobe constructed; or(b)the
acquisition, on its creation, grant or issue, of a newright that is a lease—(i)of
residential land on which a home or first home isconstructed or of vacant land on which a
first homeis to be constructed; and(ii)for which a
premium, fine or other consideration ispayable;
orNote—In relation to
paragraph (b), see also section 614.(c)thevesting,undersection 9(1)(d),ofahomeorfirsthome or of
vacant land on which a first home is to beconstructed.Page 106Current as at [Not applicable]
Division 2Duties Act
2001Chapter 2 Transfer duty[s 86]Some
basic concepts aboutconcessions for homesNotauthorised—indicativeonly86What is ahomeand
afirst home(1)A
residence is a person’shomeif the person’s
occupation datefor the residence is within 1 year after the
person’s transferdate for the residential land.Note—Fortransferdutytobeimposedforresidentialland,itmustbeinQueensland, see section
10(1)(a).(2)Aperson’shomeistheperson’sfirsthomeif,beforeacquiring the
home—(a)thepersondidnothold,andneverbeforeheld,aninterestinotherresidentiallandinQueenslandorelsewhere other than—(i)as
trustee for another person; or(ii)as
lessee; or(iii)as the holder of
a security interest; and(b)the person was
not, and had never been, a vacant landconcession
beneficiary in relation to land other than theresidential land
on which the home is constructed.(3)Subsection (2)(a)(ii) does not apply to the
interest in land of alessee of a lease—(a)ofresidentiallandonwhichahomeorfirsthomeisconstructed; and(b)forwhichapremium,fineorotherconsiderationispayable.86AWhat
isresidential landResidentiallandisland,orthepartofland,onwhicharesidenceisconstructed,andincludesthecurtilageattributabletotheresidenceifthecurtilageisusedforresidential purposes.Current as at
[Not applicable]Page 107
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 86B]86BWhat
is afirst homefor a residence
to be constructed onvacant land(1)Aresidencethatistobeconstructedonvacantlandisaperson’sfirst homeif—(a)the person’s occupation date for the
residence is within2yearsaftertheperson’stransferdateforthevacantland; and(b)before acquiring the vacant
land—(i)the person did not hold, and never
before held, aninterestinresidentiallandinQueenslandorelsewhere other than—(A)as
trustee for another person; or(B)as
lessee; or(C)as the holder of a security interest;
and(ii)the person was
not, and had never been, a vacantlandconcessionbeneficiaryinrelationtolandother than the
vacant land on which the residenceis to be
constructed.(2)Subsection (1)(b)(i)(B) does not apply
to the interest in landof a lessee of a lease—(a)ofresidentiallandonwhichahomeorfirsthomeisconstructed; and(b)forwhichapremium,fineorotherconsiderationispayable.86CWhat
isvacant landA person’s land
isvacant landif—(a)a residence is to be constructed on
the land; and(b)whenthepersonacquiredtheland,therewasnobuilding or part
of a building on the land.Page 108Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 86D]86DWhat
is avacant land concession beneficiary(1)A person is avacant land
concession beneficiaryin relationto particular
land if—(a)the person was—(i)a
transferee under a dutiable transaction that wasthetransfer,oragreementforthetransfer,oftheland; or(ii)a
lessee under a dutiable transaction that was theacquisition, mentioned in section 85(b), of
a leaseof the land; or(iii)avestedpersonforthelandunderadutiabletransactionthatwasthevesting,mentionedinsection 85(c), of the land; and(b)undersection
92or93A,aconcessionappliedtothetransaction;
and(c)at the time of the transaction, the
land was vacant land.(2)For subsection
(1)(b), a transaction that was assessed on thebasis of a
concession under section 92 or 93A is taken to be atransactiontowhichaconcessionundersection 92or93Aappliedevenifthetransactionwasreassessedundersection 153 or 154.87What
is aresidenceAresidenceis a building,
or part of a building, that is—(a)fixed to land; and(b)designed, or approved by a local government,
for humanhabitation by a single family unit;
and(c)used for residential purposes.Current as at [Not applicable]Page
109
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 88]88What
is a person’soccupation datefor a
residenceAperson’soccupationdateforaresidenceisthedatetheperson, as owner of the residence,
starts occupying it as theperson’s principal place of
residence.89What is a person’stransfer
datefor residential land orvacant
landA person’stransfer
datefor residential land or vacant land
isthe date the person is entitled to
possession of the land underthe dutiable
transaction that is—(a)the transfer, or
agreement for the transfer, of the land; or(b)the
acquisition, mentioned in section 85(b), of a lease ofthe
land; or(c)the vesting, mentioned in section
85(c), of the land.90What is thedutiable
valueof residential land or vacantland(1)Subsection (2) applies to a dutiable
transaction that is 1 of thefollowing in
relation to residential land or vacant land—(a)a
transfer, or agreement for the transfer, of the land;(b)an acquisition, mentioned in section
85(b), of a lease ofthe land;(c)a
vesting, mentioned in section 85(c), of the land.(2)Thedutiable
valueof the land to which the transaction
relatesis as follows—(a)for
a transaction mentioned in subsection (1)(a) or (c)—the
part of the dutiable value of the transaction that isattributable to the land;(b)foratransactionmentionedinsubsection (1)(b)—thepartofthedutiablevalueofthetransactionthatisattributable to the interest acquired
in the land.Page 110Current as at
[Not applicable]
Division 3Duties Act
2001Chapter 2 Transfer duty[s 91]Concessions for homes and firsthomesNotauthorised—indicativeonly91Concession—home(1)This
section applies if—(a)a dutiable transaction is 1 of the
following—(i)thetransfer,oragreementforthetransfer,ofresidential land;(ii)theacquisition,mentionedinsection 85(b),ofalease of residential land;(iii)thevesting,mentionedinsection 85(c),ofresidential land; and(b)either of the following applies—(i)thetransferees,lesseesorvestedpersonsareindividuals and are not trustees and
the residencewill be their home;(ii)thetransferees,lesseesorvestedpersonsaretrustees of a trust, other than a
discretionary or unittrust, the beneficiaries are
individuals all of whomare under a legal disability and the
residence wouldbe the home of all the beneficiaries if they
were thetransferees or lessees of, or vested persons
for, theland.(2)The
transfer duty imposed on the dutiable transaction is theamount worked out under subsection (3) or
(5).(3)If the dutiable value of the
residential land is not more than$350,000, the
transfer duty is the total of—(a)$1
for each $100, or part of $100, of the dutiable valueof
the land; and(b)the amount worked out by deducting,
from transfer dutyonthedutiablevalueofthedutiabletransaction,theamount worked out by applying the relevant
rate to thedutiable value of the residential
land.Current as at [Not applicable]Page
111
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 92](4)For
subsection (3), the relevant rate is the rate of transfer
dutystatedinschedule 3,column2,oppositethepartofthedutiablevalueofthedutiabletransactionattributabletothedutiablevalueoftheresidentiallandstatedinschedule 3,column 1.(5)Ifthedutiablevalueoftheresidentiallandismorethan$350,000, the transfer duty is the total
of—(a)$3500; and(b)the
amount worked out by deducting, from transfer dutyonthedutiablevalueofthedutiabletransaction,theamountworkedoutbyapplyingtherelevantrateto$350,000.(6)For
subsection (5), the relevant rate is the rate of transfer
dutystated in schedule 3, column 2, for
$350,000.92Concession—first home(1)This section applies if—(a)a dutiable transaction is 1 of the
following—(i)thetransfer,oragreementforthetransfer,ofresidential land or vacant land;(ii)theacquisition,mentionedinsection 85(b),ofalease of residential land or vacant
land;(iii)thevesting,mentionedinsection 85(c),ofresidential land or vacant land; and(b)either of the following
applies—(i)thetransferees,lesseesorvestedpersonsareallindividuals of
at least 18 years of age on the daythe liability
for transfer duty arises, the residencewillbethefirsthomeofallofthetransferees,lesseesorvestedpersonsandnoneofthetransferees, lessees or vested persons
are trustees;(ii)thetransferees,lesseesorvestedpersonsaretrustees of a trust, other than a
discretionary or unitPage 112Current as at
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Duties Act 2001Chapter 2
Transfer duty[s 92]Notauthorised—indicativeonlytrust, the beneficiaries are individuals all
of whomare under a legal disability and the
residence wouldbethefirsthomeofallthebeneficiariesiftheywerethetransfereesorlesseesof,orvestedpersons for, the
land and other residential land orvacantlandpreviouslythesubjectofatrustofwhich they were beneficiaries; and(c)either—(i)theunencumberedvalueofthelandisnotmorethan—(A)for
residential land—$500,000; or(B)for
vacant land—$320,000; or(ii)if the
unencumbered value of the land is more thanthe amount
stated in subparagraph (i) for the land,the
consideration for the dutiable transaction is atleast the unencumbered value of the
land.(1A)However, if
subsection (1)(b)(ii) applies and 1 or more of thebeneficiariesisunderalegaldisabilityonlybecausethebeneficiary is not at least 18 years of age,
this section appliesin relation to the dutiable
transaction only if the commissionerissatisfiedthereisnoavoidanceschemeinrelationtothetransaction.(2)Thetransferdutyimposedonthedutiabletransactionisasfollows—(a)for
a dutiable transaction mentioned in subsection (1)(a)inrelationtoresidentialland—theamountoftransferdutyworkedoutundersection
91lesstheconcessionamount stated in
schedule 4A;(b)for a dutiable transaction mentioned
in subsection (1)(a)in relation to vacant land—the amount
of transfer dutyworked out by applying the relevant rate to
the dutiablevalueofthetransaction,lesstheconcessionamountstated in schedule 4B.(3)The
commissioner may exempt a transferee, lessee or vestedpersonforlandfromtherequirementunderCurrent as at [Not applicable]Page
113
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 93]subsection
(1)(b)(i) that the transferee, lessee or vested personforlandbeatleast18yearsofageifthecommissionerissatisfiedthereisnoavoidanceschemeinrelationtothedutiable transaction.(4)In this section—relevantrate,foratransactionmentionedinsubsection (2)(b),meanstherateoftransferdutystatedinschedule 3,column2,oppositethedutiablevalueofthetransaction as
stated in schedule 3, column 1.93Concession—mixed and multiple claims for
individuals—residential land(1)This
section applies if—(a)adutiabletransactionis1ofthefollowing(eacharelevant transaction)—(i)thetransfer,oragreementforthetransfer,ofresidential land;(ii)theacquisition,mentionedinsection 85(b),ofalease of residential land;(iii)thevesting,mentionedinsection 85(c),ofresidential land; and(b)thereismorethan1transfereeorlessee of, orvestedperson for, the residential land to which
the transactionrelates; and(c)the
residence is—(i)the home or first home of all the
transferees, all thelesseesorallthevestedpersons(eachrelevantpersons);
or(ii)thehomeorfirsthomeof1ormoreofthetransferees, 1 or more of the lessees
or 1 or more ofthe vested persons (each alsorelevant persons) butnotallthetransferees,allthelesseesorallthevested persons;
and(d)the relevant persons are
individuals.Page 114Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 93]Notauthorised—indicativeonly(2)Also, this section applies if—(a)a dutiable transaction is a relevant
transaction in relationtoresidentiallandonwhichmorethan1residenceisconstructed; and(b)1ormoreoftheresidencesis,for1ormoreofthetransferees, 1 or more of the lessees
or 1 or more of thevested persons (each alsorelevant persons), a home
orfirst home; and(c)the
relevant persons are individuals.(3)In
addition, this section applies if a dutiable transaction is
arelevant transaction in relation to a part
interest in residentialland that, if it were in relation to
the whole interest in the land,would be a
dutiable transaction to which this section appliesundersubsection
(1)or(2),otherthantherequirementformore
than 1 transferee, lessee or vested person for the land.(4)For subsections (1)(c) and (2)(b), a
residence may be treatedasthefirsthomeofarelevantpersononlyiftherelevantperson is at least 18 years of age on the
day the liability fortransfer duty arises.(5)Thecommissionermayexemptarelevantpersonfromtherequirement that the relevant person be at
least 18 years of ageif the commissioner is satisfied there
is no avoidance schemein relation to the dutiable
transaction.(6)The transfer duty imposed on a
dutiable transaction to whichthis section
applies under subsection (1)(c)(i) or (2) is the totalof—(a)foreachrelevantperson,theamountworkedoutbyapplyingthetransferee’s,lessee’sorvestedperson’sinterest to the concessional duty;
and(b)the amount worked out by deducting,
from transfer dutyon the dutiable value of the transaction,
the amount (thededuction amount) worked out by
applying the relevantrate to the lesser of the
following—(i)thetotalofthevalueofeachrelevantperson’sinterest;Current as at [Not applicable]Page
115
Duties
Act 2001Chapter 2 Transfer duty[s 93]Notauthorised—indicativeonly(ii)$350,000.(7)The transfer duty imposed on a
dutiable transaction to whichthissectionappliesundersubsection
(1)(c)(ii)or(3)isthetotal of—(a)foreachrelevantperson,theamountworkedoutbyapplying the
person’s interest to the concessional duty;and(b)the amount worked out by deducting,
from transfer dutyon the dutiable value of the transaction,
the amount (alsothedeductionamount)workedoutbyapplyingtherelevant rate to the lesser of the
following—(i)thetotalofthevalueofeachrelevantperson’sinterest;(ii)thetotaloftherelevantpersons’interestsmultiplied by
$350,000.(8)For subsections (6) and (7)—(a)the concessional duty is the transfer
duty that—(i)ifsection
91weretoapplytothedutiabletransaction—would be equal to the amount
workedout under section 91(3)(a) or the amount
stated insection 91(5)(a); or(ii)ifsection 92weretoapplytothedutiabletransaction—would be equal to the amount
workedout under section 91(3)(a) or the amount
stated insection 91(5)(a) less the amountofthedeductionunder section 92(2)(a); and(b)the relevant person’s interest is the
proportion that theshare of the person in the whole dutiable
property bearsto the total of the shares of—(i)foradutiabletransactiontowhichthissectionapplies under
subsection (3)—all the co-owners, orthe owner, on
completion of the transaction; or(ii)foranotherdutiabletransaction—alltherelevantpersons;
andPage 116Current as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 93A](c)the
value of a relevant person’s interest is worked out byapplying the person’s interest to the
dutiable value of theresidential land; and(d)therelevantrateistherateoftransferdutystatedinschedule 3, column 2, opposite the part of
the dutiablevalueofthedutiabletransactionattributabletothededuction amount as stated in schedule
3, column 1.(9)For working out the concessional duty
under subsection (8)(a)for a relevant person under subsection
(2), the residential landmentioned in section 91(3) or (5), and
schedule 4A, is the partof the residential land relating to
the person’s home or firsthome.(10)For
a relevant person under subsection (2), the residential landmentionedinsubsection (8)(c)isthepartoftheresidentialland relating to
the person’s home or first home.93AConcession—mixed and multiple claims for
individuals—vacant land(1)This
section applies if—(a)adutiabletransactionis1ofthefollowing(eacharelevant transaction)—(i)the transfer, or
agreement for the transfer, of vacantland;(ii)theacquisition,mentionedinsection 85(b),ofalease of vacant land;(iii)the vesting,
mentioned in section 85(c), of vacantland; and(b)thereismorethan1transfereeorlessee of, orvestedpersonfor,thevacantlandtowhichthetransactionrelates;
and(c)the residence, when constructed, will
be the first homeof 1 or more of the transferees, 1 or more
of the lesseesor1ormoreofthevestedpersons(eachrelevantCurrent as at [Not applicable]Page
117
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 93A]persons)
but not all the transferees, all the lessees or allthe
vested persons; and(d)the relevant persons are
individuals.(2)In addition, this section applies if a
dutiable transaction is arelevant transaction in relation to a
part interest in vacant landthat,ifitwereinrelationto thewholeinterestintheland,would be a dutiable transaction to which
this section appliesunder subsection (1), other than the
requirement for more than1 transferee, lessee or vested person
for the land.(3)For subsection (1)(c), a residence may
be treated as the firsthome of a relevant person only if the
relevant person is at least18 years of age
on the day the liability for transfer duty arises.(4)Thecommissionermayexemptarelevantpersonfromtherequirement that the relevant person be at
least 18 years of ageif the commissioner is satisfied there
is no avoidance schemein relation to the dutiable
transaction.(5)The transfer duty imposed on the
dutiable transaction is theamount worked
out by deducting, from transfer duty on thedutiable value
of the transaction, the lesser of the followingamounts—(a)thetotalamountworkedoutby,foreachrelevantperson,applyingtherelevantperson’sinteresttotheconcessionamountstatedinschedule 4Boppositethedutiable value of the vacant
land;(b)thetotalamountworkedoutby,foreachrelevantperson, applying the relevant person’s
interest to transferduty on the dutiable value of the
vacant land.(6)Forsubsection
(5),therelevantperson’sinterestistheproportion that the share of the
relevant person in the wholedutiable
property bears to the total of the shares of—(a)for
a dutiable transaction to which this section appliesunder subsection (1)—all the transferees,
all the lesseesor all the vested persons for the land;
orPage 118Current as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 94](b)for
a dutiable transaction to which this section appliesunder subsection (2)—all the co-owners, or
the owner,on completion of the transaction.94Concession—mixed and multiple claims
for trustees—residential land(1)This
section applies if—(a)a dutiable transaction is 1 of the
following—(i)thetransfer,oragreementforthetransfer,ofresidential land;(ii)theacquisition,mentionedinsection 85(b),ofalease of residential land;(iii)thevesting,mentionedinsection 85(c),ofresidential land; and(b)the
transferee, lessee or vested person is a trustee of atrust, other than a discretionary or unit
trust; and(c)the beneficiaries of the trust are
individuals all of whomare under a legal disability.(2)Section 93 applies to the transaction
as if the beneficiaries arethetransfereesorlesseesof,orvestedpersonsfor,theresidential land.(3)However,section
93(4)and(5)appliesinrelationtoabeneficiary only if the beneficiary is
under a legal disabilityonly because the beneficiary is not at
least 18 years of age.94AConcession—mixed
and multiple claims for trustees—vacant
land(1)This section applies if—(a)a dutiable transaction is 1 of the
following—(i)the transfer, or agreement for the
transfer, of vacantland;Current as at
[Not applicable]Page 119
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 95](ii)theacquisition,mentionedinsection 85(b),ofalease of vacant land;(iii)the vesting,
mentioned in section 85(c), of vacantland; and(b)the transferee, lessee or vested
person is a trustee of atrust, other than a discretionary or
unit trust; and(c)the beneficiaries of the trust are
individuals all of whomare under a legal disability.(2)Section 93A applies to the transaction
as if the beneficiariesarethetransfereesorlesseesof,orvestedpersonsfor,thevacant land.(3)However,section
93A(3)and(4)applyinrelationtoabeneficiary only if the beneficiary is
under a legal disabilityonly because the beneficiary is not at
least 18 years of age.95Application for
concessionAn application for a concession for transfer
duty on a dutiabletransaction under this division must be made
in the approvedform.Division 4Miscellaneous95AOccupation date—particular arrangements for
retirementvillage(1)This
section applies if—(a)a dutiable transaction is the
transfer, agreement for thetransfer,orvestingmentionedinsection 85(c),ofresidentiallandthatisanaccommodationunitinaretirement
village; and(b)the transferee, or the vested person
for the land, entersintoaretirementvillageleasingarrangementfortheunit.Page 120Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 96](2)A
reference in section 88 to a person occupying a residence asowner of the residence includes the
transferee, or the vestedperson for the land, occupying the
unit under the sublease.Notauthorised—indicativeonlyPart
10Concessions for dutiabletransactions for
particularfamily businessesDivision 1Preliminary96Purposes of pt 10The purposes of
this part are to—(a)provideaconcessionfortransferdutyonparticulardutiable
transactions for dutiable property used to carryon
particular family businesses of primary production;and(b)provideaconcessionfortransferdutyonparticulardutiable
transactions by way of gift of dutiable propertyused
to carry on particular family prescribed businesses.97Dutiable transactions to which pt 10
applies(1)This part applies to each of the
following dutiable transactionsif the
conditions applying to the transaction are satisfied—(a)the transfer, or agreement for the
transfer, of businessproperty;(b)a
partnership acquisition if property of the partnershipincludes business property;(c)a trust acquisition, other than a
trust acquisition on thecreation of a trust or a trust
acquisition for a unit trust, ifproperty of the
trust includes business property;(d)the
creation of a trust, or trust acquisition on the creationof a
trust, of—Current as at [Not applicable]Page
121
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 98](i)business property; or(ii)anindirectinterestindutiablepropertyifthedutiable
property includes business property;(e)a
trust acquisition for a unit trust if the property of thetrust includes business property.(2)Forsubsection
(1)(d)(ii),anindirectinterestindutiablepropertyisapartnershiportrustinterestinafamilypartnership,familytrustorfamilyunittrustthatholdsthedutiable property.98Conditions for transfer or agreement for
transfer ofbusiness property(1)The
conditions applying to a dutiable transaction mentionedin
section 97(1)(a) are as follows—(a)the
transferor or person directing the transfer is—(i)ifthebusinesspropertyisusedtocarryonabusiness of primary production—a
defined relativeof the transferee; or(ii)otherwise—an ancestor of the
transferee;(b)thetransfereedoesnotacquirethebusinesspropertyas—(i)trustee,otherthanastrusteeofatrustforthebeneficiaries mentioned in subsection
(2); or(ii)agent or nominee
of another person;(c)the business for which the business
property is used iscarried on by the defined relative or
ancestor, whetheralone or with others;(d)thebusinessisintendedtobecarriedonbythetransferee,
whether alone or with others.(2)For
subsection (1)(b)(i)—(a)the beneficiary
of the trust is a minor, and—Page 122Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 99](i)ifthebusinesspropertyisusedtocarryonabusinessofprimaryproduction—theminorisadefined relative
of the person creating the trust; or(ii)otherwise—the minor is a descendant of the
personcreating the trust; and(b)there are no other beneficiaries of the
trust, other than aperson who would become a beneficiary of the
trust onthe death of the beneficiary mentioned in
paragraph (a).99Conditions for partnership
acquisitions(1)The conditions applying to a dutiable
transaction mentionedin section 97(1)(b) are as
follows—(a)the partnership is a family
partnership for the acquirer;(b)the
transferor or person directing the acquisition is—(i)ifthebusinesspropertyisusedtocarryonabusiness of primary production—a
defined relativeof the acquirer; or(ii)otherwise—an ancestor of the
acquirer;(c)theacquirerdoesnotacquirethepartnershipinterestas—(i)trustee,otherthanastrusteeofatrustforthebeneficiaries mentioned in subsection
(2); or(ii)agent or nominee
of another person;(d)the business for which the business
property is used iscarried on by the defined relative or
ancestor with theother partners;(e)the
business is intended to be carried on by the acquirer,whether alone or with other partners.(2)For subsection (1)(c)(i)—(a)the beneficiary of the trust is a
minor, and—Current as at [Not applicable]Page
123
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 100](i)ifthebusinesspropertyisusedtocarryonabusinessofprimaryproduction—theminorisadefined relative
of the person creating the trust; or(ii)otherwise—the minor is a descendant of the
personcreating the trust; and(b)there are no other beneficiaries of the
trust, other than aperson who would become a beneficiary of the
trust onthe death of the beneficiary mentioned in
paragraph (a).100Conditions for particular trust
acquisitions(1)The conditions applying to a dutiable
transaction mentionedin section 97(1)(c) are as
follows—(a)the trust is a family trust for the
acquirer;(b)thepersondisposingoftheinterestordirectingtheacquisition is—(i)ifthebusinesspropertyisusedtocarryonabusiness of primary production—a
defined relativeof the acquirer; or(ii)otherwise—an ancestor of the
acquirer;(c)the acquirer does not acquire the
interest as—(i)trustee,otherthanastrusteeofatrustforthebeneficiaries mentioned in subsection
(2); or(ii)agent or nominee
of another person;(d)the business for which the business
property is used iscarried on by the defined relative or
ancestor, whetheralone or with others;(e)the
business is intended to be carried on by the acquirer,whether alone or with others.(2)For subsection (1)(c)(i)—(a)the beneficiary of the trust is a
minor, and—Page 124Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 101](i)ifthebusinesspropertyisusedtocarryonabusinessofprimaryproduction—theminorisadefined relative
of the person creating the trust; or(ii)otherwise—the minor is a descendant of the
personcreating the trust; and(b)there are no other beneficiaries of the
trust, other than aperson who would become a beneficiary of the
trust onthe death of the beneficiary mentioned in
paragraph (a).101Conditions for creation of trusts and
particular trustacquisitionsThe conditions
applying to a dutiable transaction mentionedin section
97(1)(d) are as follows—(a)the trust is a
family trust for the acquirer;(b)the
beneficiary of the trust is a minor, and—(i)ifthebusinesspropertyisusedtocarryonthebusinessofprimaryproduction—theminorisadefined relative
of the person creating the trust; or(ii)otherwise—the minor is a descendant of the
personcreating the trust;(c)there are no other beneficiaries of the
trust other than aperson who would become a beneficiary of the
trust onthe death of the beneficiary mentioned in
paragraph (b);(d)theacquirerdoesnotacquiretheinterestasagentornominee of another person;(e)the business for which the business
property is used iscarriedonbythepersoncreatingthetrust,whetheralone or with others;(f)thebusinessisintendedtobecarriedonforthebeneficiary,
whether alone or with others.Current as at
[Not applicable]Page 125
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 102]102Conditions for acquisitions of interest in
family unittrusts(1)The
conditions applying to a dutiable transaction mentionedin
section 97(1)(e) are as follows—(a)the
trust is a family unit trust for the acquirer;(b)thepersondisposingoftheinterestordirectingtheacquisition is—(i)ifthebusinesspropertyisusedtocarryonabusiness of primary production—a
defined relativeof the acquirer; or(ii)otherwise—an ancestor of the
acquirer;(c)the acquirer does not acquire the
interest as—(i)trustee,otherthanastrusteeofatrustforthebeneficiaries mentioned in subsection
(2); or(ii)agent or nominee
of another person;(d)the business for which the business
property is used iscarried on by the defined relative or
ancestor, whetheralone or with others;(e)the
business is intended to be carried on by the acquirer,whether alone or with others.(2)For subsection (1)(c)(i)—(a)the beneficiary of the trust is a
minor, and—(i)ifthebusinesspropertyisusedtocarryonabusinessofprimaryproduction—theminorisadefined relative
of the person creating the trust; or(ii)otherwise—the minor is a descendant of the
personcreating the trust; and(b)there are no other beneficiaries of the
trust, other than aperson who would become a beneficiary of the
trust onthe death of the beneficiary mentioned in
paragraph (a).Page 126Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 104]104Dutiable transactions by way of giftFor
this part, a dutiable transaction is by way of gift if there
isno consideration or the unencumbered value
of the dutiableproperty is greater than the consideration
for the transaction.Division 2Concessions for
transfer duty fordutiable transactions105How
transfer duty is assessed on dutiable transaction—primary production business(1)This section applies for assessing
transfer duty on a dutiabletransaction to
which this part applies if business property towhichthetransactionrelatesisusedtocarryonaprimaryproduction
business.(2)The dutiable value of the business
property is taken to be nil.(3)In
addition, if the dutiable property the subject of the
dutiabletransaction includes residential land
adjacent to land used tocarry on the business, the dutiable
value of the residential landis taken to be
nil.105AHow transfer duty is assessed on
dutiable transaction—prescribed business(1)This section applies for assessing
transfer duty on a dutiabletransaction to
which this part applies—(a)if business
property to which the transaction relates isused to carry on
a prescribed business; and(b)to the extent
the transaction is by way of gift.(2)The
unencumbered value of the business property is limited tothe
amount by which the value exceeds $500,000.(3)Subsection (2) has effect subject to section
106.Current as at [Not applicable]Page
127
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 106]106Special provision for assessing transfer
duty if total giftsof property used for prescribed business
exceed$500,000(1)This
section applies to a dutiable transaction to which this partapplies if—(a)business property to which the transaction
relates is usedto carry on a prescribed business;
and(b)the transferee or acquirer has, since
12 December 1984,been gifted business property, a partnership
interest, atrust interest or a marketable security;
and(c)the gift was made by or at the
direction of the ancestorof the transferee or acquirer;
and(d)the ancestor was a party to, or
directed, the transaction;and(e)the
gifted business property or the business property ofthe
partnership, trust or corporation to which the giftedinterest or security relates is also used to
carry on theprescribed family business.(2)Theunencumberedvalueofthebusinesspropertytowhichthe transaction
relates is limited to the amount by which thetotal value of
the property mentioned in subsection (1)(a) and(e) exceeds
$500,000.(3)Subsection (1)(b)doesnotapplytoamarketablesecuritygifted on or after 1 January 2007.107Application for concession for
transfer duty under pt 10An application for a concession for
transfer duty on a dutiabletransaction
under this part must—(a)be made in the
approved form; and(b)be lodged when the instrument that
effects or evidencesthetransactionortransferdutystatementforthetransaction is lodged for
assessment.Page 128Current as at
[Not applicable]
Part
11Concessions forsuperannuationDuties Act
2001Chapter 2 Transfer duty[s 108]Notauthorised—indicativeonly108Dutiable transactions to which pt 11
applies(1)This part applies to the following
dutiable transactions—(a)a transfer of
dutiable property between superannuationfundstoeffectamergerof2ormoresuperannuationfunds or the
splitting of a superannuation fund into 2 ormore
superannuation funds, if the trustees of the fundsdeclarethenewfundorfundswillbecomplyingsuperannuation
funds within 1 year after the merger orsplit;(b)the creation of a trust of dutiable
property because of thevariationorreconstitutionofasuperannuationfundifthe trustees of the fund declare that
the fund, after thevariationorreconstitution,willbeacomplyingsuperannuation fund within 1 year after the
creation ofthe trust.(2)However, this part does not apply if the
dutiable transaction ispart of an arrangement the sole or
dominant purpose of whichis to avoid duty on the disposition of
dutiable property of, orto, a superannuation fund.109Concession for transfer dutyTransfer duty imposed on a dutiable
transaction to which thispart applies is $20.110Documents to accompany
applicationAn application for an assessment of duty
under this part mustbe accompanied by the
following—(a)anexplanationofthebackgroundtothedutiabletransactionandtheentitlements,ifany,tobeextinguished or created;Current as at [Not applicable]Page
129
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 115](b)copiesofthegoverningrulesofthesuperannuationfunds and any
proposed amendments of the rules;(c)a
statement of the dutiable property the subject of thetransaction;(d)a
copy of each instrument relating to the transaction;(e)astatutorydeclarationfromatrusteeofeachofthesuperannuationfundsconcernedstatingthat,inthetrustee’sopinion,thefundwillbeacomplyingsuperannuation fund within 1 year after the
transaction.Part 13Exemptions for
transfer dutyDivision 1Exemptions for
cancelledagreements and particularagreements entered into beforeregistration of companies115Exemption—cancelled agreements(1)Transfer duty is not imposed on a
dutiable transaction that isanagreementforthetransferofdutiableproperty(thecancelled
agreement) if—(a)the
agreement is ended because of a breach of it by aparty to it; or(b)the
agreement is ended because of non-fulfilment of acondition of it; or(c)the
agreement is brought to an end by frustration; or(d)the agreement is ended with the
consent of the parties toit and there is no resale
agreement.(2)For subsection (1)(d), an agreement is
a resale agreement if—(a)undertheagreement,anyofthedutiablepropertythesubjectofthecancelledagreementisorwillbetransferred or is agreed to be
transferred; andPage 130Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 116](b)the
transferee under the cancelled agreement or a relatedperson of the transferee receives, or will
receive, directlyor indirectly a financial benefit other
than—(i)the release of the transferee from the
transferee’sobligation under the cancelled agreement;
or(ii)aninterestinthedutiablepropertytotheextentthattheunencumberedvalueoftheinterestdoesnot represent a
profit for the transferee because ofthe resale
agreement.(3)If,onanassessment,transferdutyhasbeenpaidonanagreementthatisnotliable to transferdutybecauseofthissection,thecommissionermustmakeareassessmentifanapplicationismadewithin6monthsaftertheagreementisended or within the longer period the
commissioner allows.(4)Theapplicantmustlodgethecancelledagreementwiththeapplication.116Exemption—particular agreements entered into
beforeregistration of company(1)Subsection (2) applies if—(a)atransfereeentersintoanagreement(thefirstagreement)for,orforthebenefitof,acompanyproposedtoberegisteredundertheCorporationsAct;and(b)the company is
named in the first agreement; and(c)thecompany,oracompanythatisreasonablyidentifiable
with it, is registered under the CorporationsAct; and(d)thefirstagreementisendedsothatthecompanycanenter into an agreement as the transferee of
the dutiableproperty.(2)Transfer duty is not imposed on the dutiable
transaction that isthe first agreement for the transfer of the
dutiable property.(3)Subsection (4) applies if—Current as at [Not applicable]Page
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 117](a)atransfereeentersintoanagreementfor,orforthebenefit of, a company proposed to be
registered underthe Corporations Act; and(b)the company is named in the agreement;
and(c)thecompany,oracompanythatisreasonablyidentifiable
with it, is registered under the CorporationsAct; and(d)undertheCorporationsAct,section 131,thecompanyratifies the
agreement after it is registered.(4)Transfer duty is not imposed on the dutiable
transaction that isthe transfer of the dutiable property to the
company if transferduty imposed on the agreement is
paid.Note—See also section
241A in relation to the imposition of AFAD on theagreement in particular
circumstances.(5)If, on an assessment, transfer duty
has been paid on a dutiabletransaction that
is not liable to transfer duty because of thissection,thecommissionermustmakeareassessmentifanapplicationismadewithin6monthsaftertheagreementisendedorratifiedorthelongerperiodthecommissionerallows.(6)The applicant must lodge the first
agreement or transfer withthe application.Division 2Exemptions for trusts117Exemption—change of trustee(1)Transfer duty is not imposed on a
dutiable transaction for thesole purpose of
giving effect to a change of a trustee if—(a)the
transaction is not part of an arrangement—(i)involvingachangeintherightsorinterestofabeneficiary of the trust; or(ii)terminating the
trust; andPage 132Current as at
[Not applicable]
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Transfer duty[s 118](b)transfer duty has been paid on all trust
acquisitions ortrust surrenders for which transfer duty is
imposed forthe trust before the transaction.(2)Also, transfer duty is not imposed on
a dutiable transaction forthe sole purpose of giving effect to a
change of a trustee if—(a)thetransactionispartofanarrangementinvolvingachange in the rights or interest of a
beneficiary of thetrust; and(b)transfer duty has been paid on all trust
acquisitions ortrust surrenders—(i)oftrustinterestsinthetrustmadeunderthearrangement; and(ii)for
which transfer duty is imposed; and(c)transfer duty has been paid on all trust
acquisitions ortrust surrenders for which transfer duty is
imposed forthe trust before the transaction; and(d)thechangeoftrusteeis notpartofanarrangementtoavoid the imposition of duty.Note—In relation to
subsection (2), see also section 615.118Exemption—trust acquisition or surrender in
family trust(1)Transfer duty is not imposed on a
dutiable transaction that is atrust
acquisition or trust surrender of a trust interest if—(a)the trust is established and
maintained as a discretionarytrustprimarilyforthebenefitofthemembersofaparticular family or a family company;
and(b)the person acquiring or surrendering
the trust interest isamemberofthefamilywho,orisafamilycompanythat, does not
benefit in the capacity of trustee.(2)Also, transfer duty is not imposed on a
dutiable transactionthat is a trust acquisition or trust
surrender if—Current as at [Not applicable]Page
133
Duties
Act 2001Chapter 2 Transfer duty[s 118]Notauthorised—indicativeonly(a)the trust is
established and maintained primarily for thebenefit of the
members of a particular family or a familycompany;
and(b)the trust acquisition or trust
surrender is a result of—(i)a member of the
family becoming or ceasing to beamemberofaclassofbeneficiariesofthetrustbecause of the
birth or death of the member; or(ii)thepersonacquiringorsurrenderingthetrustinterest
becoming or ceasing to be a member of aclass of
beneficiaries of the trust consisting of thechildren,
stepchildren or grandchildren of a namedmember or
members of the family.(3)Forsubsection (1)(a)or(2)(a),adiscretionarytrustisestablishedandmaintainedprimarilyforthebenefitofthemembers of a
particular family or a family company if—(a)theprimarybeneficiariesofthetrustconsistonlyofmembers of the family or the family company;
and(b)the takers in default of an
appointment for capital by thetrustee of the
trust consist only of members of the familyor the family
company.(4)However, subsection (3)(b) is taken to
be satisfied if the lasttaker in default of an appointment for
capital by the trustee ofthe trust is—(a)a
person decided under theSuccession Act 1981;
or(b)a charitable institution.(5)For subsection (2)(a), a trust other
than a discretionary trust isestablishedandmaintainedprimarilyforthebenefitofthemembers of a
particular family or a family company if at least90%
of the trust interests in the trust are held by members ofthe
family or the family company.(6)Forapplyingthissection,aperson(thefirstperson)isamember of the particular family of another
person (theotherperson)
if—(a)the first person is the spouse of the
other person; orPage 134Current as at
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Transfer duty[s 119](b)the
first person, or the first person’s spouse, is any of thefollowinginrelationtotheotherperson,ortheotherperson’s spouse—(i)child, stepchild or adopted child;(ii)grandchild or
great grandchild;(iii)brother, sister,
aunt, uncle or cousin;(iv)parent,
step-parent, adoptive parent, grandparent orgreat
grandparent.(7)In this section—family
company, for a trust, means a corporation in which
allits directors and shareholders are members
of the particularfamily for which the trust is established
and maintained.spouseincludes former
spouse.119Exemption—trust acquisition or
surrender insuperannuation fundTransfer duty is
not imposed on a dutiable transaction that is atrust
acquisition or trust surrender of a trust interest—(a)of a member in a superannuation fund
if the transactionisforthesolepurposeofprovidingsuperannuationbenefits for the
member; or(b)to the extent the transaction gives
effect to a distributionofbenefitsofapersonwhowasamemberofasuperannuation fund on the person’s
death.120Exemption—trust acquisition or
surrender formembership of particular unincorporated
association(1)Transfer duty is not imposed on a
dutiable transaction that is atrustacquisitionortrustsurrenderofatrustinterestofamemberofanunincorporatedassociationtowhichthissection applies if—(a)the
transaction is solely the result of a person becomingamemberoftheassociationforthesolepurposeofCurrent as at [Not applicable]Page
135
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duty[s 121]enjoyingthebenefitsofmembershipandnoconsideration is paid or payable by
the person other thanmembership fees; or(b)the transaction is solely the result
of a person ceasing tobe a member of the association and no
consideration isreceivedbythepersonotherthanarefundofmembership fees.(2)This
section applies to an unincorporated association that—(a)has at least 7 members; and(b)is not formed or carried on for
providing financial gainfor its members; and(c)doesnothaveasitsmainpurposetheholdingofproperty—(i)in
which its members have a disposable interest; or(ii)that the members
have a right to divide between allor some of them;
or(iii)forusebysomeorallofitsmembersoramongpersons claiming
through, or nominated by, someor all of its
members; or(iv)fordistribution,orfordistributionoftheincomefromit,amongsomeorallofitsmembersoramong persons claiming through, or nominated
by,some or all of its members; and(d)does not have an object of raising a
fund by subscriptionof its members to make loans to
them.(3)For subsection (2)(b), an association
is not formed or carriedonforprovidingfinancialgainforitsmembersmerelybecause1ormoreofthecircumstancesmentionedintheAssociations
Incorporation Act 1981, section 4, apply to it.121Exemption—trust acquisition or
surrender for dutiableproperty comprising only existing
rightsTransfer duty is not imposed on a dutiable
transaction that is atrust acquisition or trust surrender
of a trust interest if—Page 136Current as at
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Transfer duty[s 122](a)the
only dutiable property of the trust are existing rightsof
the holder of a mortgage, charge, bill of sale or othersecurity over dutiable property located in
Queensland;and(b)theexistingrightshavebeengiveninfavourofthetrustee for the sole purpose of being
held for the benefitof the beneficiaries of the trust who
have provided, orwillfromtimetotimeprovide,financialaccommodation.122Exemption—restructure of stapled
entities(1)Transfer duty is not imposed on a
dutiable transaction that is atrust
acquisition or trust surrender of a trust interest in a
listedunit trust or a widely held unit trust
if—(a)thepurposeofthetransactionistogiveeffecttoaschemethatqualifiesorwould,onitscompletion,qualify as a
roll-over under theIncome Tax AssessmentAct 1997(Cwlth), subdivision 124.Q; and(b)when the scheme is completed, the
interposed trust willbe a listed unit trust or a widely
held unit trust; and(c)the transaction
is not part of an arrangement to avoid theimposition of
transfer duty.(2)Subsection (1) does not apply
if—(a)the interposed trust is not a listed
unit trust or a widelyheld unit trust when the scheme is
completed; or(b)the interposed trust ceases to be a
listed unit trust or awidely held unit trust within 3 years
after the scheme iscompleted; or(c)theinterposedtrustdoesnotretainalltheownershipinterests in the
stapled entities for at least 3 years afterthe date of the
transaction.(3)Despite subsection (2)(c), subsection
(1) continues to apply ifthecommissionerissatisfiedtheinterposedtrustdidnotretainalltheownershipinterestsbecause1ormoreoftheCurrent as at
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duty[s 123]stapledentitiesceasedtoexistotherthanunderanarrangement, a significant purpose of
which was to avoid therequirement to retain all the
ownership interests for at least 3years.(4)If subsection (1) does not apply, the
commissioner must makea reassessment to impose transfer duty
on the transaction as ifthe exemption from duty had never
applied.(5)Subsection (4)appliestothereassessmentdespitethelimitationperiodundertheAdministrationActforreassessments.Note—See
the Administration Act, part 3, division 3.(6)If
an event mentioned in subsection (2) happens, a party to thetransaction must, within 28 days after the
event happens—(a)givenoticeoftheeventtothecommissionerintheapproved form; and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the transaction are lodged for reassessment.Note—Failure to give the notice is an offence
under the AdministrationAct, section 120.(7)Without limiting subsection (3), a company
registered underthe Corporations Act ceases to exist if it
is deregistered underthat Act.123Exemption—particular distribution of
dutiable property toa beneficiary(1)Transfer duty is not imposed on a dutiable
transaction that isthe transfer, or agreement for the transfer,
of dutiable propertytoabeneficiary,orthesurrenderofatrustinterestofabeneficiary, to
the extent it represents the beneficiary’s trustinterest on a distribution by the trustee
under a trust.(2)However, subsection (1) applies only
if the commissioner issatisfied—Page 138Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 123]Notauthorised—indicativeonly(a)thedutiablepropertybeingdistributedtothebeneficiary—(i)is
the same property held on trust at the time thebeneficiaryacquiredthebeneficiary’strustinterest; or(ii)representstheproceedsofre-investmentofpropertyheldontrustwhenthebeneficiaryacquired the
beneficiary’s trust interest in the trust;and(b)under this chapter—(i)transferdutyimposedhasbeenpaidforthedutiable
transactions that are the creation of a trustof the dutiable
property or the trust acquisition ofthe
beneficiary’s trust interest; or(ii)the
transactions are exempt from transfer duty.(3)Thetrustacquisitionofabeneficiary’strustinterestisnotexemptfromtransferdutyforthepurposesofsubsection (2)(b)(ii)iftransferdutyisnotimposedontheacquisition
because of the operation of section 66(2).(4)Also, subsection (1) applies only to the
extent transfer duty ispaid for the distribution of the
dutiable property if—(a)a concession for
transfer duty has been provided underpart 10 for the
dutiable property; and(b)any of the
following applies—(i)if the property of the trust is
business property usedto carry on a business of primary
production—thebeneficiary is not a defined relative of the
personwho created the trust;(ii)if
the property of the trust is business property usedto
carry on a prescribed business—the beneficiaryis not a
descendant of the person who created thetrust;(iii)the property of
the trust is not, at the time of thedistribution,businesspropertyorthebusinessisCurrent as at [Not applicable]Page
139
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duty[s 124]notintendedtobecarriedonbythebeneficiary,whether alone or
with others.124Exemption—deceased person’s
estateTransferdutyisnotimposedonthefollowingdutiabletransactions—(a)atransfer,oragreementforthetransfer,ofdutiableproperty to the
extent that it gives effect to a distributionin the estate of
a deceased person;(b)the creation of a trust of dutiable
property to the extentthatitgiveseffecttoadistributionintheestateofadeceased person;(c)atransfer,oragreementforthetransfer,ofdutiableproperty to the
extent that it gives effect to a court orderunder theSuccession Act 1981, part 4.Note—Also, see
section 66 (When no transfer duty on trust acquisition or
trustsurrender).125Exemption—particular vestings of dutiable
propertyTransfer duty is not imposed on a dutiable
transaction that is,or arises from—(a)a
vesting of dutiable property on a statutory trust for saleor
partition under theProperty Law Act 1974, part 5;
or(b)a vesting of dutiable property in a
receiver or trustee inbankruptcyoraretransferofthepropertytothebankrupt on the bankrupt’s discharge
from bankruptcy.126Exemption—transactions for trust
created for personunder legal disabilityTransferdutyisnotimposedonadutiabletransactionthatis—Page 140Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 126A](a)thetransfer,oragreementforthetransfer,ofdutiablepropertyfromthetrusteeofatrustcreatedunderthePublic Trustee Act 1978, section 59, to
the beneficiaryof the trust; or(b)the
surrender of a trust interest of the beneficiary as aresult of the transfer or agreement for the
transfer.Notauthorised—indicativeonly126AExemption—special disability
trusts(1)Transferdutyisnotimposedonadutiabletransactionthatis—(a)the transfer, or
agreement for the transfer, of an eligiblehome to the
trustee of a special disability trust; or(b)the
creation of a special disability trust holding dutiableproperty, to the extent the dutiable
property is an eligiblehome; or(c)atrustacquisitioninaspecialdisabilitytrust,totheextentthetrustinterestacquiredrelatestoaneligiblehome.(2)In
this section—eligible home, in relation to
a special disability trust, meansresidential land
that is being, or will be, used as the principalplace of residence by the beneficiary of the
trust.special disability trustmeans a special
disability trust under—(a)theSocial Security Act 1991(Cwlth), section
1209L; or(b)theVeterans’EntitlementsAct1986(Cwlth),section 52ZZZW.127Exemption—declaration of charitable
trustTransferdutyisnotimposedonadutiabletransactionthatis—(a)the creation of
a trust, that is a charitable trust only, ofdutiable
property; orCurrent as at [Not applicable]Page
141
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 128](b)a
trust acquisition in a trust that is a charitable trust
only.128Exemption—community purpose
associationsTransfer duty is not imposed on a dutiable
transaction that isthecreationofatrustofdutiablepropertyoratrustacquisitionforwhichdetailsofthetrustarerequiredtoberegistered under theLand
Title Act 1994if—(a)the association
of persons for which the property is heldontrustisformedforprovidingrecreationoramusement,promotingreligion,charity,patriotismortheartsorachievinganotherobjectthat,inthecommissioner’sopinion,isusefultothecommunity;and(b)theassociation’sconstitutionprovidesfortheapplication of
its funds to its objects and prohibits thedistributionofanypartofitsfundsorprofitstoitsmembers.Division 3Exemptions for particularinvestment schemes129Exemption—transfer by direction to primary
custodianfor responsible entity of registered managed
investmentscheme(1)Transfer duty is not imposed on a transfer
of dutiable propertyfromapersonasvendortoanotherpersonasprimarycustodian for
the responsible entity of a registered managedinvestment
scheme.(2)However, subsection (1) applies only
if—(a)the transfer is made under a dutiable
transaction that istheagreementforthetransferofthepropertyenteredinto
between the person as vendor and the responsibleentity as purchaser; andPage 142Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 130](b)thepropertyisacquiredbytheresponsibleentityasscheme property; and(c)transfer duty imposed on the
transaction has been paid.130Exemption—other
transfers of scheme property ofregistered
managed investment scheme(1)Transferdutyisnotimposedonthefollowingdutiabletransactions (relevant
transactions)—(a)for scheme
property of a registered managed investmentschemeotherthanatrustinterest—atransfer,oragreement for the transfer, of the
scheme property from1 property holder for the scheme to
the other propertyholder for the scheme; or(b)for scheme property of a registered
managed investmentscheme that is a trust interest—a trust
acquisition madeby 1 property holder for the scheme, if the
trust interestwasheldbytheotherpropertyholderfortheschemeimmediately
before the acquisition.(2)However,subsection (1)doesnotapplyiftherelevanttransaction is
part of an arrangement under which—(a)theschemeproperty,oraninterestintheschemeproperty, ceases to be scheme property;
or(b)the persons who are members of the
registered managedinvestment scheme do not have the same trust
interest intheschemepropertyaftertherelevanttransactionhappensastheyhadimmediatelybeforethearrangement was entered into.(3)In this section—property
holder, for a registered managed investment
scheme,means—(a)the
responsible entity of the scheme; or(b)a
person as primary custodian for the responsible entityof
the scheme.Current as at [Not applicable]Page
143
Duties
Act 2001Chapter 2 Transfer duty[s 130A]schemepropertyincludesatrustinterestofaregisteredmanaged
investment scheme held by a property holder for thescheme.Notauthorised—indicativeonlyDivision 3AExemptions for
eligiblesuperannuation entities130AExemption—transfer by direction to custodian
for asuperannuation entity(1)Subjecttosubsections (2)and(3),transferdutyisnotimposed on a transfer of dutiable
property from a person asvendor to another person as custodian
for the trustee of one ofthefollowingentities(eachaneligiblesuperannuationentity)—(a)a public
superannuation entity;(b)acomplyingsuperannuationfund,ifthetrusteehas,undertheSuperannuationIndustryAct,section
19(4),givenawrittennoticeelectingtoapplythatActinrelationtothefundtoAPRAoranentityotherthanAPRA.(2)Subsection (1) applies only if—(a)the transfer is made under a dutiable
transaction that istheagreementforthetransferofthepropertyenteredintobetweenthepersonasvendorandthetrusteeaspurchaser; and(b)the
property is acquired by the trustee as fund property;and(c)transfer duty
imposed on the transaction has been paid.(3)If
the trustee of the eligible superannuation entity has given
awritten notice to an entity other than APRA
as mentioned insubsection (1)(b), subsection (1) applies
only if the transfer ofdutiable property is the transfer of
an acquirable asset to thecustodian to be held on trust for the
trustee in compliance withthe Superannuation Industry Act,
section 67A(1)(b).Page 144Current as at
[Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 130B](4)In
this section—APRAsee the
Superannuation Industry Act, section 10.Notauthorised—indicativeonly130BExemption—other transfers of fund
property of eligiblesuperannuation entities(1)Subjecttosubsections (2)and(3),transferdutyisnotimposed on a transfer, or agreement
for the transfer, of fundproperty of an eligible superannuation
entity from—(a)the trustee of the entity to a person
as custodian for thetrustee; or(b)a
person as custodian for the trustee of the entity to thetrustee.(2)Subsection (1) does not apply if the
transfer or agreement ispart of an arrangement under
which—(a)thefundproperty,oraninterestinthefundproperty,ceases to be fund property; or(b)thepersonswhoaremembersoftheeligiblesuperannuation entity do not have the same
trust interestin the fund property after the property is
transferred oragreement is made as they had immediately
before thearrangement was entered into.(3)If the trustee of the eligible
superannuation entity has given awritten notice
to an entity other than APRA as mentioned insection
130A(1)(b),subsection (1)appliestothetransferoragreement only if—(a)foratransactionmentionedinsubsection (1)(a)—theproperty the subject of the transfer or
agreement is anacquirableassetthatis,oncompletionofthetransfer,heldontrustbythecustodianforthetrusteeincompliancewiththeSuperannuationIndustryAct,section
67A(1)(b); or(b)foratransactionmentionedinsubsection (1)(b)—theproperty the subject of the transfer or
agreement is anacquirableassetthat,immediatelybeforethetransfer,Current as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 130C]washeldontrustbythecustodianforthetrusteeincompliancewiththeSuperannuationIndustryAct,section
67A(1)(b).Division 3BExemptions for
asset-backedsecuritiesSubdivision
1Some basic concepts forasset-backed
securities130CWhat is anasset-backed
security(1)Anasset-backed
securityis—(a)an entitlement
or interest of a person in—(i)an
entitlement of a financier for a financial asset orpool
of financial assets; or(ii)amountspayabletoafinancierunderafinancialasset or pool of
financial assets whether or not onthe same
conditions applying under the asset andwhether or not
the person is entitled to a transfer ofthe asset or
pool of assets; or(b)adebenture,promissorynote,billofexchange,stock,bond,noteorothersecuritycreating,evidencingoracknowledgingindebtednessissuedormadebyacorporationifthepaymentsunderthesecurityarereceived by the corporation—(i)substantially from the receipts,
whether of capitalorincome,fromafinancialassetorpooloffinancial assets; or(ii)if
another extent is prescribed under a regulation—to
the extent prescribed, from the receipts, whetherof
capital or income, from a financial asset or poolof
financial assets; orPage 146Current as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 130D](c)a
security by which an interest in, or mortgage or chargeover,anentitlement,interestorsecuritymentionedinparagraph (a) or (b) is created;
or(d)a covered bond within the meaning of
theBanking Act1959(Cwlth),section
26,ifthecoverpoolforthecovered bond under that section
consists of either of thefollowing—(i)a
financial asset;(ii)a pool of
financial assets.(2)However, the term does not
include—(a)amortgage,otherthanamortgagementionedinsubsection (1)(c); or(b)a transfer of a mortgage or financial
asset.(3)It does not matter whether an
asset-backed security is effectedby an instrument
or another way.130DWho is afinancierAfinancierisalenderorbailorwhoprovidesfinancialaccommodation under a financial
asset.130EWhat is afinancial
asset(1)Afinancial
assetis any of the following—(a)a
loan, including any security for the loan;(b)a
credit card account;(c)a hire purchase
agreement;(d)a chattel lease, whether finance or
operating;(e)a vehicle dealer floor plan
agreement;(f)the rights of a financier that
are—(i)usually conferred in relation to an
asset mentionedin paragraphs (a) to (e); andCurrent as at [Not applicable]Page
147
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 130F](ii)incidental to the asset.(2)In
this section—credit card accountmeans an account
kept by a credit cardproviderforacreditcardholderrecordingthebalanceofaccount between the provider and the holder
for credit cardtransactions for the holder’s credit
card.credit card transactionmeans a debit or
adjustment to a creditcard holder’s credit card account
that—(a)is for—(i)a
payment by a credit card provider to a merchantto whom the
holder’s credit card is produced; or(ii)a
cash advance made by a credit card provider to,or at the
direction of, the holder; and(b)involvesthegivingofcreditbytheprovideroranadjustment of credit previously given
by the provider.130FWhat is apool of
financial assets(1)Apool of
financial assetsis a pool or collection of assets
thatconsists solely of financial assets.(2)Also,apooloffinancialassetsisapoolorcollectionofassetsthatconsistssubstantiallyor,ifanotherextentisprescribedunderaregulation,totheextentprescribed,offinancial assets or amounts paid under
financial assets, or acombinationofthem,iftheotherassetsinthepoolorcollection are cash or an authorised
investment.130GWhat is an authorised
investmentAnauthorisedinvestment,forapooloffinancialassets,isany of the following—(a)abond,debenture,stockorTreasurybilloftheCommonwealth or
a State;Page 148Current as at
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Transfer duty[s 130H](b)adebentureorstockofapublicstatutorybodyestablishedunderanActoftheCommonwealthoraState;(c)a
note or other security of the Commonwealth or a State;(d)adepositwith,oracertificateofdepositoranothersecurity issued
by, a financial institution;(e)a
bill of exchange, promissory note or other negotiableinstrument accepted, drawn or endorsed by a
financialinstitution;(f)an
asset-backed security or mortgage-backed security.Subdivision 2Exemptions130HExemption—particular transactions for
asset-backedsecurities(1)Transfer duty is not imposed on a dutiable
transaction that is atransfer, or agreement for the
transfer, of—(a)an asset-backed security; or(b)a financial asset or pool of financial
assets for creating,issuing, marketing or securing an
asset-backed security.(2)Also, transfer
duty is not imposed on a dutiable transactionthat—(a)is the creation of a trust of dutiable
property or a trustacquisition; and(b)is
required for creating, issuing, marketing, acquiring orsecuring an asset-backed security.(3)Inaddition,transferdutyisnotimposedonadutiabletransaction that is a trust surrender
required to give effect to aredemption of an
asset-backed security.Current as at [Not applicable]Page
149
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duty[s 130I]Division
3CExemptions for mortgage-backedsecurities130IExemption—mortgage-backed securities(1)Transfer duty is not imposed on a
dutiable transaction that is atransfer, or
agreement for the transfer, of a mortgage or poolofmortgagesforcreating,issuing,marketingorsecuringamortgage-backed security.(2)Also, transfer duty is not imposed on
a dutiable transactionthat—(a)is
the creation of a trust of dutiable property or a trustacquisition; and(b)is
required for creating, issuing, marketing, acquiring orsecuring a mortgage-backed security.(3)Inaddition,transferdutyisnotimposedonadutiabletransaction that is a trust surrender
required to give effect to aredemption of a
mortgage-backed security.Division 4Exemptions for
dealings underparticular Acts131Exemption—dealings under Aboriginal and
Torres StraitIslander Land ActsTransferdutyisnotimposedonthefollowingdutiabletransactions—(a)the
issue, under theAboriginal Land Act 1991orTorresStrait Islander
Land Act 1991, of a deed of grant in feesimple;(b)the
issue of a lease prepared for theAboriginal Land
Act1991, section 287 or
theTorres Strait Islander Land Act1991, section
191;Page 150Current as at
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Transfer duty[s 132](c)a
surrender, under or for theAboriginal Land
Act 1991orTorresStraitIslanderLandAct1991, of a deed
ofgrant or lease mentioned in paragraph (a) or
(b);(d)theacquisitionofaninterestinlandbecausetheAboriginalLandAct1991,section 199,ortheTorresStraitIslanderLandAct1991,section 148,ceasestoapply to the land.132Exemption—vesting under boundary adjustment
plansTransfer duty is not imposed on the vesting
of land because ofthe registration of—(a)a
boundary adjustment plan under theIntegrated
ResortDevelopment Act 1987, part 5,
division 4, subdivision B;or(b)aboundaryadjustmentplanundertheMixedUseDevelopment Act 1993, part 5,
division 11; or(c)astratumboundaryadjustmentplanundertheMixedUse Development
Act 1993, part 6, division 2; or(d)aboundaryadjustmentplanundertheSouthBankCorporation Act 1989, section
42.133Exemption—community titles
schemes(1)Subjecttosubsection (2),transferdutyisnotimposedonatransfer, or agreement for the
transfer, of a lot that, under theBody Corporate
and Community Management Act 1997, is alot
included in a community titles scheme if—(a)thetransferorisacorporation(thetransferorcorporation); and(b)under that Act, the transferor
corporation is the originalowner for the
scheme; and(c)the transferee held shares in the
transferor corporationthatweresurrenderedtoobtainthetransferofthelotfrom the
transferor corporation; andCurrent as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 133](d)the
separate area that the lot comprises corresponds withtheseparateareathetransfereehadarighttooccupyimmediately
before surrendering the transferee’s shares;and(e)the separate area that the lot
comprises has been used forresidentialpurposesimmediatelybeforethetransfereesurrenderedthetransferee’ssharesandwill,afterregistration of the plan and the transfer of
the lot to thetransferee, be used for residential
purposes.(2)Subsection (1)appliestothetransferoragreementforthetransferofalotbyatransferorcorporationonorafterthecommencement day only if—(a)before the commencement day—(i)shareswereissuedbythetransferorcorporation;and(ii)the
corporation’s constitution provided, and on andfrom the
commencement day continues to provide,that a person
who holds the shares has the right tooccupytheseparateareamentionedinsubsection (1)(d); or(b)beforethecommencementday,thetransfereeenteredinto
an agreement with the transferor corporation underwhich—(i)thetransfereeisentitledtopurchasethesharesmentioned in
subsection (1)(c) from the transferorcorporation;
and(ii)becauseofthepurchaseoftheshares,thetransferee has the right to occupy the
separate areamentioned in subsection (1)(d).(3)In this section—commencement
daymeans the day this section commences.Page
152Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 134]134Exemption—forfeiture ordersTransfer duty is not imposed on a dutiable
transaction that isthe transfer, or agreement for the transfer,
of dutiable propertyunder—(a)anyofthefollowingundertheCriminalProceedsConfiscation Act 2002—(i)third party order;(ii)an
exclusion order;(iii)an innocent
interests exclusion order;(iv)a buy-back
order;(v)a request under section 175; or(b)theDrugs Misuse Act
1986, section 39(4).135Exemption—industrial organisationsTransferdutyisnotimposedonadutiabletransactionthatis—(a)thevestingofdutiablepropertyinanindustrialorganisationundertheIndustrialRelationsAct2016,chapter 12, part 14; or(b)thetransfer,oragreementforthetransfer,ofdutiablepropertyfromtrusteesofanindustrialorganisationundertheIndustrialRelationsAct2016totheorganisation.136Exemption—dealings under Land ActTransferdutyisnotimposedonthefollowingdutiabletransactions—(a)a
grant under theLand Act 1994, in fee simple
in trust,ofunallocatedStatelandforacommunitypurposeunder that Act;(b)a
grant under theLand Act 1994, in fee simple,
of landcomprisedinafreeholdinglease,grazinghomesteadCurrent as at [Not applicable]Page
153
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 137]perpetual lease,
or perpetual lease for pastoral purposes,under that Act,
to the lessee;(c)a surrender under theLand
Act 1994of land held in feesimple to the
State;(d)a transfer, or agreement for the
transfer, of a road licenceissued under
theLand Act 1994, section 103,
if the valueof the licence is not more than $200;(e)atransfer,oragreementforthetransfer,ofapastorallease under
theLand Act 1994, other than a
preferentialpastoral holding issued under theLand
Act 1962, fromthe mortgagee to
the mortgagor having the effect of arelease of the
mortgage;(f)the acquisition of a new right that is
a change of tenureunder theLand Act
1994, section 504 or 505;(g)the
acquisition of a new right that is a lease, licence orpermitissuedundertheLandAct1994,otherthanapost-Wolfe freeholding lease under
that Act.137Exemption—mining, petroleum and other
particularlegislation(1)Transferdutyisnotimposedonadutiabletransactionthatis—(a)the grant of a
resource authority; or(b)the transfer, or
an agreement for the transfer, of a miningclaim, or a
share in a mining claim, under theMineralResources Act 1989if the
consideration is not more than$100.(2)Transferdutyisnotimposedonadutiabletransactionthatis—(a)thegrantofatenureundertheOffshoreMineralsAct1998; or(b)the transfer, or agreement for the
transfer, of a tenure orinterest in a tenure, under that
Act.Page 154Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 138](3)Transferdutyisnotimposedonadutiabletransactionthatis—(a)thegrantofanaccessauthority,licence,permitorpipeline licence under thePetroleum (Submerged Lands)Act
1982; or(b)thetransfer,agreementforthetransferorsurrender,of—(i)anauthority,licenceorpermitmentionedinparagraph (a); or(ii)aninterestinanauthority,licenceorpermitmentioned in
paragraph (a).(4)Subsection (1) applies to a dutiable
transaction if liability fortransfer duty
arose or arises on or after 1 March 2002.138Exemption—manufactured homes(1)Transfer duty is not imposed on any of
the following dutiabletransactions—(a)atransfer,oragreementforthetransfer,ofamanufacturedhomepositionedonasiteunderasiteagreement;(b)atransfer,oragreementforthetransfer,ofamanufactured home not positioned on a
site if—(i)the manufactured home is acquired for
positioningon a site under a site agreement; and(ii)thetransferoragreementisnotpartofatransaction involving the transferor’s
agreement forthe transfer of ownership of land;(c)a transfer, or agreement for the
transfer, of a person’srightsandobligationsasoccupierofamanufacturedhome under a
site agreement for the home.(2)In
this section—manufacturedhomeseetheManufacturedHomes(Residential Parks) Act 2003,
section 10.Current as at [Not applicable]Page
155
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 139]siteseetheManufacturedHomes(ResidentialParks)Act2003, section
13.139Exemption—dealings under South Bank
Corporation ActTransferdutyisnotimposedonadutiabletransactionthatis—(a)thetransfer,oragreementforthetransfer,ofdutiableproperty for
which no fee or charge is payable under theSouth Bank
Corporation Act 1989, section 23; or(b)thedeterminationorpartialdeterminationofaleaseunder theSouth Bank Corporation Act 1989,
schedule 4,part 2 or 3.140Exemption—particular water
entitlementsTransfer duty is not imposed on a dutiable
transaction that isthe grant of a water entitlement to the
extent that it replacesand represents—(a)a
water entitlement held by the grantee; or(b)anauthoritytotakewaterundertherepealedWaterResourcesAct1989heldbythegranteeimmediatelybefore the
repeal of that Act.141Exemption—particular statutory
bodies(1)Transfer duty is not imposed on a
dutiable transaction that isthe transfer, or
agreement for the transfer, of dutiable propertyto
any of the following bodies—(a)the
Library Board of Queensland constituted under theLibraries Act 1988;(b)theQueenslandArtGalleryBoardofTrusteesconstituted
under theQueensland Art Gallery Act 1987;(c)the Queensland
Museum Board of Trustees constitutedunder theQueensland Museum Act 1970;Page 156Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 142](d)the
Queensland Performing Arts Trust constituted undertheQueensland Performing Arts Trust Act
1977;(e)the Queensland
Theatre Company constituted under theQueensland
Theatre Company Act 1970.(2)Transfer duty is not imposed on a dutiable
transaction that is agiftofdutiablepropertyundertheQueenslandInstituteofMedical Research Act 1945,
section 14, to the Council of theQueenslandInstituteofMedicalResearchconstitutedunderthat
Act.Division 5Miscellaneous
exemptions142Exemption—charitable
institutions(1)Transfer duty is not imposed on a
transfer, or agreement forthe transfer, of dutiable property
to—(a)acharitableinstitutiontoconductanartunion,iftheprizefortheartunionistoberepresentedwhollyorpartly by the dutiable property
transferred; or(b)the winner of a prize in the art
union.(2)In this section—artunionseetheCharitableandNon-ProfitGamingAct1999, section
6.charitable institutiondoes not include
a charitable institutionmentioned in the Administration Act,
section 149C(2)(a).143Exemption—change of tenure(1)Transfer duty is not imposed on an
agreement for a transferenteredinto,oratransfermade,solelyforthepurposeofchanging the registered ownership of
property—(a)from tenants in common to joint
tenants; or(b)from joint tenants to tenants in
common.(2)Subsection (1) applies only if—Current as at [Not applicable]Page
157
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 144](a)the
total value of the co-owners’ interests in the propertyimmediately before the agreement was entered
into, orthe transfer had effect, is not changed;
and(b)either—(i)forsubsection (1)(a)—immediatelybeforetheagreementwasenteredintoorthetransferhadeffect, the owners held the property
as tenants incommon in equal shares; or(ii)for subsection
(1)(b)—after the transfer has effect,the owners hold
the property as tenants in commonin equal
shares.144Exemption—joint tenancyTransferdutyisnotimposedonadutiabletransactionthatarisesbyoperationoflawbecauseofthedeathofajointtenant.145Exemption—transfer to State for public
or communitypurposeTransfer duty is
not imposed on a dutiable transaction that is atransfer of land
to, or vesting of land in a way mentioned insection
9(1)(d)(i) in, the State for—(a)apublicpurposeundertheAcquisitionofLandAct1967; or(b)a community purpose under theLand
Act 1994.146Exemption—leases
of particular residences(1)Transfer duty is
not imposed on an acquisition of a new rightthat is a lease
of land in Queensland if—(a)the new right is
an instrument that is—(i)a lease of a
dwelling house; or(ii)a site
agreement; andPage 158Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 147](b)theleasedpremisesarenotusedforcarryingonabusiness or commercial venture;
and(c)there is no premium, fine or other
consideration payablefor the grant of the new right.(2)In this section—leasedpremisesincludesthelandthesubjectofasiteagreement.147Exemption—surrender of leaseTransfer duty is not imposed on a dutiable
transaction that is asurrender of a lease of land in
Queensland if—(a)there is no premium, fine or other
consideration paid orpayable for the surrender; or(b)anypremium,fineorotherconsiderationpaidorpayable for the surrender is paid by
the lessor.148Exemption—marketable securities
etc.Transfer duty is not imposed on any of the
following dutiabletransactions—(a)atransfer,oragreementforthetransfer,ofstock,debentures or
bonds of an authority established under aState Act or an
Act of another State;(b)a transfer, or
agreement for the transfer, of a corporatedebt
security.149Exemption—debt factoring
agreements(1)Transfer duty is not imposed on a
transfer, or agreement forthetransfer,ofabusinessassetthatisabookdebtifthetransaction is part of a debt
factoring agreement between theparties.(2)In this section—Current as at
[Not applicable]Page 159
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 150]debtfactoringagreementmeansanagreementforpurchasing, acquiring or factoring a book
debt for providingfinance to the transferor of the book
debt.150Exemption—particular chattels(1)Transfer duty is not imposed on a
dutiable transaction that isthetransfer,oragreementforthetransfer,ofanyofthefollowingchattelstakenunderastatutorylicence,profitaprendre, sharefarming agreement or other
similar arrangementif the condition in subsection (2) for the
chattel is compliedwith—(a)standing timber;(b)gas,
petroleum or mineral;(c)gravel, rock,
stone, sand, clay, earth or soil;(d)primary produce;(e)fish
or livestock;(f)water.(2)For
subsection (1), the condition is—(a)for
a chattel mentioned in paragraphs (a) to (d)—it mustbeseveredorreleased,andtaken,fromlandinQueensland by the transferee; or(b)for a chattel mentioned in paragraph
(e) or (f)—it mustbe taken from land in Queensland by the
transferee.151Exemption—particular residences(1)Transfer duty is not imposed on a
dutiable transaction that isthe transfer, or
agreement for the transfer, by way of gift, from1
party to a subsisting marriage, de facto relationship or
civilpartnership,totheotherpartytothemarriage,defactorelationship or
civil partnership, of an interest in residentialland
if—Page 160Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 151A](a)after the transfer, the residential land
will be owned bythepartiesasjointtenantsortenantsincommoninequal shares; and(b)theresidencewillbetheprincipalresidenceoftheparties.(2)Subsection (1) applies even if liability
under a mortgage overthe interest in the land, in existence
immediately before thetransaction,isassumedbytheotherpartyunderthetransaction.Note—In
relation to subsection (2), see also section 616.151AExemption—indigenous land use
agreements(1)Transferdutyisnotimposedonthefollowingdutiabletransactions,ifthedutiabletransactionsatisfiestherequirements stated in subsection
(2)—(a)a transfer, or agreement for the
transfer, of land;(b)the acquisition of a new right that is
land in Queensland.(2)For subsection (1), the requirements
are—(a)the dutiable transaction is expressly
provided for in anindigenous land use agreement; and(b)thesolepurposeofthedutiabletransactionistogiveeffect to the
indigenous land use agreement; and(c)the
transfer or agreement for the transfer of land, or theacquisition of the right, is in exchange for
the surrenderof native title rights and interests under
theNative TitleAct1993(Cwlth)foranareaoflandtowhichtheindigenous land use agreement relates;
and(d)the commissioner is satisfied the land
will be used bythe transferee or acquirer for an eligible
use on or beforethe day that is 6 months after the
transferee or acquirerisentitledtopossessionoftheland,orthelaterdayfixedbythecommissionerbynoticegiventothetransferee or
acquirer (thestart date); andCurrent as at [Not applicable]Page
161
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 152](e)the
commissioner is satisfied the land will be used forthe
eligible use for at least 12 months from the start date(theduration
period).(3)Subsection (4)
applies if, after an assessment is made on thebasis of an
exemption under subsection (1), the commissioneris
satisfied the land the subject of the dutiable transaction—(a)has not been used for an eligible use
by the start date;but(b)will be
used—(i)foraneligibleusebyalaterdate(thenewstartdate)
fixed by the commissioner by notice given tothe transferee
or acquirer; and(ii)for the eligible
use for at least 12 months from thenew start date
(thenew duration period).(4)Thecommissionermustnotmakeareassessmentmerelybecause the land has not been used for an
eligible use by thestart date if the land starts to be used for
the eligible use by thenew start date.(5)In
this section—indigenouslanduseagreementmeansanindigenouslanduseagreementregisteredontheregisterofindigenouslanduse
agreements under theNative Title Act 1993(Cwlth), part8.152Exemption—to correct clerical error in
previous dutiabletransaction(1)Transferdutyisnotimposedonadutiabletransactiontocorrect a clerical error in a previous
dutiable transaction aboutthe same property if—(a)no additional consideration is paid or
payable; and(b)the beneficial interests in the
property change only to theextent necessary
to correct the error.Examples of clerical errors in a
dutiable transaction about property—•an
accidental misdescription of the propertyPage 162Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 152A]•an
accidental misdescription of a party to the transaction(2)To remove any doubt, it is declared
that an error by a partyabouttheappropriatenessofatransactiontoachieveaparticularintendedlegalresultisnotaclericalerrorinthetransaction.(3)Adutiabletransactiontowhichthissectionappliesisasection 152
exempt transaction.152AExemption—previous dutiable transaction for
a section152 exempt transaction if clerical error is
amisdescription of property(1)Transfer duty is not imposed on a
dutiable transaction that isthepreviousdutiabletransactionforasection 152exempttransaction if—(a)thepreviousdutiabletransactionisthetransfer,oragreement for the transfer, of dutiable
property; and(b)the clerical error in the previous
dutiable transaction is amisdescription of the property;
and(c)in addition to the section 152 exempt
transaction, thereisanothertransfer,oragreementforthetransfer,ofdutiable property (thethird dutiable
transaction) that,other than for
the error, would have been the subject ofthe previous
dutiable transaction; and(d)thesolepurposeofthethirddutiabletransactionistocorrect the error; and(e)noconsiderationispaidorpayableforanydutiabletransaction
entered into to correct the error, other thantheconsiderationalreadypaidorpayablefortheprevious dutiable transaction;
and(f)the beneficial interests in the
property the subject of thepreviousdutiabletransactionandthirddutiabletransactionchangeonlytotheextentnecessarytocorrect the error.(2)If,underanassessment,transferdutyisimposedonaprevious dutiable transaction to which
subsection (1) applies,Current as at [Not applicable]Page
163
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 153]on application
in the approved form by a party to the previousdutiabletransactionthecommissionermustmakeareassessment of transfer duty on the basis
that transfer duty isnot imposed on the previous dutiable
transaction.(3)In this section—previousdutiabletransactionmeansapreviousdutiabletransactionmentionedinsection 152(1)inrelationtoasection 152 exempt transaction.Part
14Reassessments for transferdutyDivision 1Reassessments for concessions forhomes153Reassessment—disposal after occupation date
forresidence(1)This
section applies if—(a)transferdutyonadutiabletransactionthatis1ofthefollowing is assessed on the basis of
a concession undersection 91, 92, 93 or 93A—(i)thetransfer,oragreementforthetransfer,ofresidential land or vacant land;(ii)theacquisition,mentionedinsection 85(b),ofalease of residential land or vacant
land;(iii)thevesting,mentionedinsection 85(c),ofresidential land or vacant land; and(b)a transferee, lessee or vested person
for the land, withinthe year after the transferee’s,
lessee’s or vested person’soccupation date
for the residence, disposes of the land,other than
because of an intervening event, by—(i)transferring part or all of it; orPage
164Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 153](ii)leasing or otherwise granting exclusive
possessionof part or all of it to another person;
or(iii)for a lease of
residential land on which a home orfirsthomeisconstructedorofvacantlandonwhichafirsthomeistobeconstructedandforwhichapremium,fineorotherconsiderationispayable—surrendering the lease.(1A)For subsection
(1)(b), a transferee, lessee or vested person forland
does not dispose of land if—(a)the
transferee, lessee or vested person transfers part ofthe
land to the transferee’s, lessee’s or vested person’sspouse; and(b)the
transfer is exempt from duty under section 151.(1B)Also, for subsection (1)(b), a transferee or
vested person forlanddoesnotdisposeofresidentiallandthatisanaccommodation unit in a retirement
village only by enteringinto a retirement village leasing
arrangement for the unit.(2)Thecommissionermustmakeareassessmenttoimposefurthertransferdutyonthedutiabletransactionworkedoutusing the following formula—where—Cmeans the difference between the transfer
duty that wouldhavebeenimposedonthedutiabletransactioniftheconcession had not applied to the
transferee, lessee or vestedperson and
transfer duty assessed on the dutiable transaction.ODmeansthenumberofdaysbetweenthetransferee’s,lessee’s or
vested person’s occupation date for the residenceand
the date of disposal of the land, both days inclusive.TDmeansthefurthertransferdutypayableonthereassessment.(3)If—Current as at [Not applicable]Page
165
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 154](a)undersubsection
(1A)orsection 154(2A),thissectionor section 154
does not apply to a transferee’s, lessee’sorvestedperson’stransferofpartofthelandtothetransferee’s, lessee’s or vested
person’s spouse; and(b)under subsection
(1)(b), the transferee, lessee or vestedperson later
disposes of the land or part of it;this section
applies to the later disposal as if the transferee,lessee or vested person had not transferred
the part of the landto the transferee’s, lessee’s or
vested person’s spouse.154Reassessment—noncompliance with
occupancyrequirements(1)This
section applies if—(a)transferdutyonadutiabletransactionthatis1ofthefollowing is assessed on the basis of
a concession undersection 91, 92, 93 or 93A—(i)thetransfer,oragreementforthetransfer,ofresidential land or vacant land;(ii)theacquisition,mentionedinsection 85(b),ofalease of residential land or vacant
land;(iii)thevesting,mentionedinsection 85(c),ofresidential land or vacant land; and(b)either of the following happens other
than because of anintervening event—(i)atransferee,lesseeorvestedpersonforlanddisposes of the
land before the occupation date;(ii)atransferee’s,lessee’sorvestedperson’soccupation date for the residence on the
land is notwithin—(A)ifthedutiabletransactionrelatedtoresidentialland—1yearafterthetransferdate for the
land; orPage 166Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 154](B)ifthedutiabletransactionrelatedtovacantland—2 years
after the transfer date for theland.(2)For subsection (1)(b)(i), a
transferee, lessee or vested personfor land
disposes of land if—(a)the lessee of a
home or vacant land lease surrenders thelease; or(b)the transferee, lessee or vested
person transfers, leasesor otherwise grants exclusive
possession of part or all ofthe land to
another person; or(c)the transferee, lessee or vested
person acquires the landsubject to a lease, granted before the
transfer date, overall or part of the land.(2AA)Subsection (2) does not apply if—(a)another person (theoccupier) has exclusive
possessionof the land before the occupation date;
and(b)the occupier—(i)isthetransferoroftheland,ortheowneroftheland immediately before the vesting;
or(ii)has exclusive
possession of the land under a leasegranted before
the transfer date; and(c)the
occupier—(i)ifparagraph(b)(i)applies—vacatesthelandassoon
as reasonably practicable or within 6 monthsafter the
transfer date, whichever is the earlier; or(ii)ifparagraph(b)(ii)applies—vacatesthelandontheterminationofthecurrenttermoftheleasereferred to in subsection (2)(c), or within
6 monthsafter the transfer date, whichever is the
earlier.(2A)Also,forsubsection (1)(b)(i),atransferee,lesseeorvestedperson for land
does not dispose of land if—Current as at
[Not applicable]Page 167
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 155](a)the
transferee, lessee or vested person transfers part ofthe
land to the transferee’s, lessee’s or vested person’sspouse; and(b)the
transfer is exempt from duty under section 151.(2B)Also, for subsection (1)(b)(i), a transferee
or vested person forlanddoesnotdisposeofresidentiallandthatisanaccommodation unit in a retirement
village only by enteringinto a retirement village leasing
arrangement for the unit.(3)Thecommissionermustmakeareassessmenttoimposetransfer duty on
the dutiable transaction as if the concessionhad never
applied to the transferee, lessee or vested person.(4)If—(a)under subsection (2A), this section does not
apply to atransferee’s, lessee’s or vested person’s
transfer of partof the land to the transferee’s, lessee’s or
vested person’sspouse; and(b)undersubsection
(1)(b)(i),thetransferee,lesseeorvested person later disposes of the
land or part of it;this section applies to the later disposal
as if the transferee,lessee or vested person had not
transferred the part of the landto the
transferee’s, lessee’s or vested person’s spouse.(5)In this section—home or vacant
land leasemeans a lease—(a)ofresidentiallandonwhichahomeorfirsthomeisconstructed or of vacant land on which
a first home is tobe constructed; and(b)forwhichapremium,fineorotherconsiderationispayable.155When
transferees, lessees and vested persons for landmust
give notice for reassessment(1)Thissectionappliesifanotifiableeventhappensafteranassessment, on the basis of a
concession under section 91, 92,Page 168Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 155]Notauthorised—indicativeonly93
or 93A, of transfer duty on a dutiable transaction that is 1of
the following (each arelevant transaction)—(a)the transfer, or
agreement for the transfer, of residentialland or vacant
land;(b)the acquisition, mentioned in section
85(b), of a lease ofresidential land or vacant
land;(c)thevesting,mentionedinsection 85(c),ofresidentialland or vacant
land.(2)Within28daysafterthenotifiableeventhappens,eachtransferee, lessee or vested person for land
in relation to therelevant transaction must—(a)give notice in the approved form to
the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
for the transaction are lodged for a reassessment oftransfer duty on the transaction.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(3)In
this section—leasedoes not include
a lease or sublease entered into as partof a retirement
village leasing arrangement.notifiable
event, for residential land or vacant land,
means—(a)thetransfer,leaseorotherwisegrantingofexclusivepossession of
all or part of the land before, or within 1year after, the
transferee’s, lessee’s or vested person’soccupation date
for the residence on the land; or(b)if
the relevant transaction is the acquisition, mentionedinsection 85(b),ofaleaseofresidentialorvacantland—the
surrender of the lease before, or within 1 yearafter, the
lessee’s occupation date for the residence onthe land;
or(c)failuretocomplywiththeoccupancyrequirementforthe
residence on the land.Current as at [Not applicable]Page
169
Duties
Act 2001Chapter 2 Transfer duty[s 156]Division 2Reassessments
for concessionsand exemptions for superannuationNotauthorised—indicativeonly156Reassessment—noncomplying superannuation
fund orpublic superannuation entity(1)This section applies if—(a)transfer duty has been assessed on a
dutiable transactionon the basis of—(i)a
concession under part 11; or(ii)an
exemption under part 13, division 3A, for a fundortrustmentionedinthedefinitionpublicsuperannuation entity, paragraph (e);
and(b)at the first anniversary of the
transaction—(i)ifparagraph(a)(i)applies—thesuperannuationfundscreatedbythesplit,merger,variationorreconstitutionarenotcomplyingsuperannuationfunds; or(ii)if paragraph
(a)(ii) applies—the fund or trust is nota public
superannuation entity.(2)Within 28 days
after the first anniversary, the trustees of thefunds mentioned in subsection (1)(b)(i) or
trustees of the fundor trust mentioned in subsection
(1)(b)(ii) must—(a)give notice in the approved form to
the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
for the transaction are lodged for a reassessment oftransfer duty on the transaction.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(3)Thecommissionermustmakeareassessmenttoimposetransferdutyonthetransactionasiftheconcessionorexemption had never applied.Page
170Current as at [Not applicable]
Notauthorised—indicativeonlyDivision 3Duties Act
2001Chapter 2 Transfer duty[s 156A]Reassessments for cancelledtransfers of dutiable property156AReassessment of duty for cancelled
transfer of dutiableproperty(1)This
section applies if—(a)transfer duty has been assessed on a
transfer of dutiableproperty effected or evidenced by an
instrument or ELNtransaction document; and(b)theinstrumentorELNtransactiondocumentiscancelled by the parties before it has
legal effect; and(c)thedutiablepropertyhasnotbeentransferredtothetransferee or a related person of the
transferee; and(d)theinstrumentorELNtransactiondocumentwasnotcancelled—(i)to
give effect to a resale agreement; or(ii)as
part of an arrangement under which any of thedutiablepropertyisorwillbetransferred,orisagreedtobetransferred,tothetransfereeorarelated person of the
transferee.(2)For this section, an instrument or ELN
transaction documenthas legal effect if—(a)foraninstrumentorELNtransactiondocumentthat,whenrecordedinaregister,willeffectthetransferofdutiableproperty—theinstrumentorELNtransactiondocument is
lodged for recording in the register; or(b)arighthasbeenexercised,oranobligationfulfilled,under the
instrument or ELN transaction document; or(c)theinstrumentorELNtransactiondocumenthasbeenrelied on in any
other way.(3)For subsection (1)(d)(i), an agreement
is a resale agreementif—Current as at
[Not applicable]Page 171
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 156B](a)under the agreement, any of the dutiable
property is orwill be transferred or is agreed to be
transferred; and(b)thetransferee,orarelatedpersonofthetransferee,receives or will
receive, directly or indirectly, a financialbenefit, other
than the release of the transferee from thetransferee’s
obligation under the transaction mentionedin subsection
(1)(a).(4)The person may lodge an application
for a reassessment in theapproved form within 6 months after
the instrument or ELNtransaction document is
cancelled.(5)Thepersonmustlodgetheinstrument,ELNtransactiondocument or a
copy of the ELN transaction document with theapplication,unlessthecommissionerdecideslodgementisunnecessary.(6)The
commissioner must make a reassessment of transfer dutyforthetransactiononthebasisthattransferdutyisnotimposed on the
transaction.Division 4Reassessments
for exemptions forindigenous land use agreements156BReassessment on application(1)This section applies if—(a)underanassessment,dutyisimposedonadutiabletransaction
because the commissioner is not satisfied ofa matter under
section 151A(2)(d) or (e) for land; and(b)on
application by the transferee or acquirer concerned,the
commissioner is satisfied, under section 151A(2)(d)and
(e), that the land has been used for an eligible usefrom
the start date and for the duration period for theland
(therelevant requirements).(2)The commissioner must make a
reassessment of duty for thetransactiononthebasisofcompliancewithsection 151A(2)(d) and (e).Page
172Current as at [Not applicable]
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Transfer duty[s 156C](3)Subsection (2)appliestothereassessmentdespitetheAdministration Act, section 21.(4)However,iftheapplicationismadebythetransfereeoracquirerafterthelimitationperiodforreassessmentsunderthe
Administration Act has expired, the application must bemadewithin6monthsaftertherelevantrequirementsaresatisfied.Note—See
the Administration Act, part 3 (Assessments of tax), division
3(Reassessments).156CReassessment—noncompliance with
particularrequirements(1)This
section applies if—(a)duty is assessed on a dutiable
transaction on the basis ofan exemption
under section 151A; and(b)after the
assessment, the land transferred or acquired—(i)is
not used for an eligible use before the start date,ornewstartdate,forthelandundersection 151A(2)(d) or (3)(b)(i); or(ii)isnotusedforaneligibleuseforthedurationperiod, or new duration period, for the land
undersection 151(2)(e) or (3)(b)(ii).(2)Within 28 days after the event
mentioned in subsection (1)(b)happens, the
transferee or acquirer must—(a)givenoticeoftheeventintheapprovedformtothecommissioner; and(b)ensuretheinstrumentsrequiredfortheassessmentofdutyarelodgedforareassessmentofdutyonthedutiable transaction.Note—Failure to give
the notice is an offence under the Administration Act,section 120.Current as at
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duty[s 156D](3)The
commissioner must make a reassessment of duty on thetransaction as if the exemption had never
applied.Note—UnpaidtaxinterestandpenaltytaxmaybepayableundertheAdministration Act, part 5.(4)Thereassessmentmustbemadewithinthelaterofthefollowing—(a)thelimitationperiodforthereassessmentundertheAdministration Act;(b)12 months after the event mentioned in
subsection (1)(b)happens.(5)Subsection (4)(b)appliesdespitetheAdministrationAct,section 22.Part 15Provisions for ELN transfersand
ELN lodgementsDivision 1Preliminary156DDefinitions for partIn this
part—completed lodgementmeans a dutiable
transaction—(a)thatisatransfer,surrenderorvestingofdutiableproperty or an
acquisition of a new right; and(b)for
which an instrument or ELN transaction documentfor an ELN
lodgement is registered under the Land TitleAct 1994, the
Land Act 1994 or the Water Act 2000; and(c)on
which a liability for transfer duty is imposed.completed
transfermeans a transfer of dutiable
property—Page 174Current as at
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Transfer duty[s 156D](a)for
which an instrument or ELN transaction documentfor an ELN
transfer is registered under the Land TitleAct 1994;
and(b)on which a liability for transfer duty
is imposed.eligible landmeans land, an
instrument of transfer of whichmust comply with
the requirements of the Land Title Act 1994,section 61 for
transferring the land under that Act.ELN
lodgementmeans a dutiable transaction, other than
anELN transfer—(a)thatisatransfer,surrenderorvestingofland,oranacquisition of a new right that is
land, registered underthe Land Title Act 1994, the Land Act
1994 or the WaterAct 2000; and(b)for
which an ELN workspace exists; and(c)that
is not eligible for a concession, exemption or otherreductionfortransferduty,otherthanaconcession,exemptionorreductionfortransferdutyforanELNlodgement prescribed by regulation.ELNtransactiondocumentmeansadocumentundertheElectronic Conveyancing National Law
(Queensland) that—(a)is—(i)foranELNtransfer—aninstrumentoftransferundertheLandTitleAct1994,section61forarelevant transfer agreement, alone or
together withan instrument of transfer under the Land Act
1994,chapter 6 or the Water Act 2000, section 170
that isunder the same relevant transfer agreement;
or(ii)foranELNlodgement—aninstrumentundertheLandTitleAct1994,theLandAct1994ortheWater Act 2000; and(b)wouldeffectadutiabletransactionthatisanELNtransfer or ELN lodgement if the document
were—(i)digitally signed; andCurrent as at [Not applicable]Page
175
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 156D](ii)lodgedelectronicallyundertheElectronicConveyancing
National Law (Queensland), section7; and(iii)registered under
the Land Title Act 1994, the LandAct 1994 or the
Water Act 2000.Note—UndertheElectronicConveyancingNationalLaw(Queensland),schedule 1,
section 12(1) definition document, a document includes arecord of information that exists in a
digital form and is capable ofbeingreproduced,transmitted,storedandduplicatedbyelectronicmeans.ELN
transfer—(a)means a transfer
of dutiable property—(i)that includes
eligible land; and(ii)for which an ELN
workspace exists; and(iii)that is to the
transferee under a relevant transferagreementandforthesameconsiderationasprovided for under the agreement; but(b)does not include a transaction for
which—(i)there is an agreement for the transfer
of dutiableproperty (thefirst
agreement); and(ii)afterthefirstagreementtakesplace,1ormoreagreementstotransferallorpartofthedutiablepropertythesubjectofthefirstagreementtakeplace
(theintervening agreements); and(iii)togiveeffecttothefirstagreementandtheinterveningagreements,1ormoretransfersofdutiablepropertywillbeeffectedby1ormoreparties to the first agreement and the
interveningagreements.ELNworkspace,foranELNtransferorELNlodgement,means the part
of an ELN on which information is entered andkept for the ELN
transfer or ELN lodgement.Page 176Current as at
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Transfer duty[s 156D]Notauthorised—indicativeonlyincompleteELNlodgementmeansanELNlodgementforwhichtheELNworkspaceisunlockedbeforeanELNtransactiondocumentfortheELNlodgementisregisteredunder the Land
Title Act 1994, the Land Act 1994 or the WaterAct 2000.incomplete ELN transfermeansanELNtransferforwhichtheELNworkspaceisunlockedbeforeanELNtransactiondocument for the
ELN transfer is registered under the LandTitle Act
1994.locked, in relation to
an ELN workspace for an ELN transferor ELN
lodgement, see section 156F(1).lodgementinformation,inanELNworkspaceforanELNlodgement, means
information in the ELN workspace that isnecessary for
either of the following purposes in relation to anELN
transaction document for the ELN lodgement—(a)complying with a provision of the Land Title
Act 1994,the Land Act 1994 or the Water Act 2000 in
relation tothe registration of the document;(b)endorsing the document under this
Act.lotmeansalotundertheBodyCorporateandCommunityManagement Act
1997or theBuilding Units
and Group TitlesAct 1980.outstanding liability, for division
4, see section 156P(1)(b).paymentcommitment,foranagreementforthetransferofdutiablepropertythatisarelevanttransferagreement,seesection 156N.relatedsee
section 156G.relevanttransferagreementmeansanagreementforthetransfer of dutiable property—(a)that includes eligible land;
and(b)on which transfer duty is imposed;
and(c)that is not eligible for a concession,
exemption or otherreductionfortransferduty,otherthanaconcession,Current as at
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duty[s 156E]exemptionorreductionfortransferdutyforanELNtransfer prescribed by regulation;
and(d)that—(i)isaggregatedundersection 30withatransferofother dutiable property under that
agreement; or(ii)isaggregatedundersection 30onlywithanotheragreement for the transfer of dutiable
property thatcomplies with paragraphs (a) to (c);
or(iii)ifsubparagraph(i)or(ii)doesnotapply—isnotaggregatedundersection 30withanyotherdutiable
transaction.signed—(a)in relation to an ELN transaction
document for an ELNtransfer—see section 156E(1); or(b)in relation to an ELN transaction
document for an ELNlodgement—see section 156E(2).subscriberseetheElectronicConveyancingNationalLaw(Queensland), section 3.transferinformation,inanELNworkspaceforanELNtransfer,meansinformationintheELNworkspacethatisnecessary for either of the following
purposes in relation to anELN transaction document for the ELN
transfer—(a)complying with a provision of
theLand Title Act 1994in relation to
the registration of the document; or(b)endorsing the document under this
Act.unlocked,inrelationtoanELNworkspaceforanELNtransfer or ELN lodgement, see section
156F(2).156EWhen an ELN transaction document is
signed(1)An ELN transaction document for an ELN
transfer issignedwhen all
transfer information in the ELN workspace for theELNtransferisdigitallysignedbyorforallpartiestotheELN transfer.Page 178Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 156F](2)AnELNtransactiondocumentforanELNlodgementissignedwhen all
lodgement information in the ELN workspacefor the ELN
lodgement is digitally signed by or for all partiesto
the ELN lodgement.Notauthorised—indicativeonly156FWhen an ELN workspace islockedandunlocked(1)An
ELN workspace for an ELN transfer or ELN lodgement islockedwhen the
subscribers to the ELN workspace are unableto amend the
transfer information or lodgement informationin the ELN
workspace.(2)An ELN workspace for an ELN transfer
or ELN lodgement isunlockedif,aftertheELNworkspacehasbeenlocked,thesubscriberstotheELNworkspacearenolongerunabletoamend the transfer information or lodgement
information inthe ELN workspace.156GWhen
dutiable transactions are related(1)Forthispart,anincompleteELNtransferandacompletedtransfer,oranincompleteELNtransferandanotherincomplete ELN
transfer, arerelatedto each other if
both aretransfers—(a)of
the same dutiable property; and(b)to
the same transferee; and(c)under the same
relevant transfer agreement.Note—There may be more than 1 ELN transfer of the
same dutiable propertyto the same transferee under the same
relevant transfer agreement—seesection
156H.(2)Alsoforthispart,anincompleteELNlodgementandacompleted lodgement, or an incomplete
ELN lodgement andanother incomplete ELN lodgement, arerelatedto each
otherif—(a)botharedutiabletransactionsofthesamedutiableproperty; andCurrent as at
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duty[s 156H](b)the
parties to the transactions are the same; and(c)if
an agreement has been entered into by the parties inrelation to the transactions—(i)1orbothtransactionsaretransfersofdutiableproperty;
and(ii)bothtransactionsareunderthesameagreement;and(iii)the agreement is
not a relevant transfer agreement.Note—Theremaybemorethan1ELNlodgementofthesamedutiablepropertythathavethesamepartiestothetransaction—seesection
156H.Division 2Provisions about
liability fortransfer dutySubdivision
1Preliminary156HEffect of multiple locking events for ELN
workspace(1)EachtimeamultiplelockingeventhappensfortheELNworkspace for an ELN transfer or ELN
lodgement, when theELN workspace is locked again—(a)anotherELNtransactiondocumentistakentoexist,regardlessofwhetheranotherELNtransactiondocument has
been created in the ELN workspace; and(b)the
document is taken to be signed by the parties to thedutiable transaction; and(c)to remove any doubt, it is declared
that—(i)foranELNtransfer—anotherdutiabletransaction that is an ELN transfer is
takento arise; orPage 180Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 2
Transfer duty[s 156I](ii)foranELNlodgement—anotherdutiabletransactionthatisanELNlodgementistaken to arise.(2)Forthissection,amultiplelockingeventhappensfortheELNworkspaceforanELNtransferorELNlodgementif,aftertheELNworkspacehasbeenunlocked,theELNworkspace is
locked again.156ILiability for transfer duty not
affected by particular events(1)To
remove any doubt, it is declared that the following eventsdo
not affect a liability for transfer duty imposed on an ELNtransfer or ELN lodgement—(a)an unlocking of the ELN workspace for
the ELN transferor ELN lodgement;(b)an
unsigning of the ELN transaction document for theELN
transfer or ELN lodgement;(c)after an event
mentioned in paragraph (a) or (b)—(i)asigningofanELNtransactiondocumentforanotherELNtransferthatisrelatedtotheELNtransfer;
or(ii)asigningofanELNtransactiondocumentforanother ELN lodgement that is related
to the ELNlodgement; or(iii)another locking of the ELN workspace;(d)thesigningofaninstrumentthat,whenrecordedinaregister, would
effect—(i)acompletedtransferrelatedtotheELNtransfer; or(ii)acompletedlodgementrelatedtotheELNlodgement.(2)In
this section—unsigning,inrelationtoanELNtransactiondocument,meansunsigningoftheELNtransactiondocumentfortheCurrent as at
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Duties
Act 2001Chapter 2 Transfer duty[s 156J]purposesoftheElectronicConveyancingNationalLaw(Queensland).Note—See
the Electronic Conveyancing National Law (Queensland),
section12(3).Notauthorised—indicativeonlySubdivision 2No multiple duty
for particularincomplete ELN transfers andincomplete ELN lodgements156JApplication of subdivisionThis
subdivision applies if—(a)1ormoreincompleteELNtransfersarerelatedtoacompleted transfer; or(b)1 or more incomplete ELN lodgements
are related to acompleted lodgement.156KWhen
liability for transfer duty is imposed(1)Subsection (2) applies to a liability for
transfer duty imposedon each of the following—(a)anyincompleteELNtransferrelatedtothecompletedtransfer, other than the first related
transfer;(b)the completed transfer.(2)Theliabilityistakentobeimposedwhentheliabilityfortransfer duty is imposed on the first
related transfer.(3)Subsection (4) applies to a liability
for transfer duty imposedon each of the following—(a)any incomplete ELN lodgement related
to the completedlodgement, other than the first related
lodgement;(b)the completed lodgement.(4)Theliabilityistakentobeimposedwhentheliabilityfortransfer duty is imposed on the first
related lodgement.Page 182Current as at
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Transfer duty[s 156L](5)This
section applies despite section 16.(6)In
this section—first related lodgementmeans the
incomplete ELN lodgementrelatedtothecompletedlodgementforwhichtheELNworkspace is first locked.firstrelatedtransfermeanstheincompleteELNtransferrelatedtothecompletedtransferforwhichtheELNworkspace is first locked.156LDeemed compliance with duty
obligation(1)AdutyobligationforanincompleteELNtransferthatisrelated to the completed transfer is
taken to be complied withwhenthedutyobligationunderthesameprovisioniscomplied with in full for the
completed transfer.(2)AdutyobligationforanincompleteELNlodgementthatisrelatedtothecompletedlodgementistakentobecompliedwithwhenthedutyobligationunderthesameprovisioniscomplied with in full for the
completed lodgement.(3)In this
section—dutyobligationmeansanobligationunderanyofthefollowing provisions—(a)aprovisionforalodgementrequirementundertheAdministration Act;(b)the Administration Act, section 30,
31, 32, 35, 54 or 58;(c)section
455A(1)(b) or 471E(1).Subdivision 3Other
provisions156MExclusion of ss 21 and 22(2) and
(2A)(1)To remove any doubt, it is declared
that section 21 does notapplytotheimpositionoftransferdutyonanyofthefollowing—Current as at
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duty[s 156N](a)an
incomplete ELN transfer that is related to—(i)a
completed transfer; or(ii)another
incomplete ELN transfer;(b)a completed
transfer;(c)an incomplete ELN lodgement that is
related to—(i)a completed ELN lodgement; or(ii)another
incomplete ELN lodgement;(d)a completed
lodgement.(2)Section 22(2) or (2A) does not apply
to an incomplete ELNtransfer that is related to a
completed transfer.(3)The fact that an incomplete ELN
transfer is not related to acompleted
transfer does not affect a liability for transfer dutyimposed on the incomplete ELN
transfer.(4)Section 22(2) does not apply to an
incomplete ELN lodgementthat is related to a completed
lodgement and for which there isan agreement
that is not a relevant transfer agreement.(5)The
fact that an incomplete ELN lodgement is not related to acompletedlodgementdoesnotaffectaliabilityfortransferduty imposed on
the incomplete ELN lodgement.(6)This
section does not limit section 156A or 499.Division 3Payment commitments156NMaking of payment commitment for relevant
transferagreement to transfer dutiable
property(1)Apayment
commitmentfor an agreement for the transfer ofdutiable property that is a relevant
transfer agreement is madeby the parties to the agreement
if—(a)the ELN workspace for an ELN transfer
of the dutiableproperty to the transferee under the
agreement is locked;andPage 184Current as at [Not applicable]
Duties Act 2001Chapter 2
Transfer duty[s 156N]Notauthorised—indicativeonly(b)the amount (thecommitment
amount) of transfer duty,assessedinterestandpenaltytaximposedontheagreement—(i)is
included in the ELN workspace as an amount tobe paid;
andExample—The settlement
schedule in the ELN workspace includesthe amount of
transfer duty, assessed interest and penaltytax imposed on
the agreement.(ii)is outstanding
when the ELN workspace becomeslocked.(2)For subsection (1)(b), an amount
isoutstandingif it has
notbeen—(a)if
the relevant self assessor is registered under chapter12,
part 2—paid to the commissioner; or(b)if
the relevant self assessor is registered under chapter12,
part 3—paid to the commissioner or received by therelevant self assessor.(3)Apaymentcommitmentmadeforanagreementforthetransferofdutiablepropertythatisarelevanttransferagreement has effect until the earlier of
the following—(a)the commissioner is paid all of the
commitment amount;(b)the ELN workspace for an ELN transfer
of the dutiablepropertytothetransfereeundertheagreementisunlocked.(4)In
this section—relevant self assessormeans a self
assessor registered underchapter 12, part 2 or 3 who, for the
purposes of endorsing anELN transaction document under section
455A—(a)assignsatransactionnumbertotheELNtransactiondocument;
or(b)is notified of a transaction number
assigned to the ELNtransactiondocumentunderasystemadministeredbythe
commissioner.Current as at [Not applicable]Page
185
Notauthorised—indicativeonlyDuties Act 2001Chapter 2 Transfer
duty[s 156O]156OPayment commitment does not affect liability
to payToremoveanydoubt,itisdeclaredthataparty’sliabilityunder this Act to pay an amount to the
commissioner is notaffected by the making of a payment
commitment for all orpart of the amount.Division 4Charge for
unpaid transfer duty156PCharge over transferee’s interest in
land for unpaidtransfer duty for ELN transfer(1)This section applies if—(a)an ELN transaction document for an ELN
transfer is—(i)stamped on the basis that duty is not
imposed onthe transfer under section 22(2A);
and(ii)registered under
theLand Title Act 1994; and(b)all or part of the commitment amount
for the paymentcommitment made for the relevant transfer
agreement isnotpaidbythedatetheamount(theoutstandingliability) is
payable.Note—For when tax
must be paid, see the Administration Act, section 30.(2)The outstanding liability is a first
charge on the transferee’sinterest in the land that is the
subject of the ELN transfer.(3)The
charge has priority over all other encumbrances over thetransferee’s interest in the land.(4)Subsection (3) applies—(a)whethertheotherencumbrancesoverthetransferee’sinterest in the
land—(i)are registered or unregistered;
or(ii)were created
before or after the charge arises undersubsection (2);
andPage 186Current as at
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Transfer duty[s 156Q](b)despite theLand Title Act
1994, part 3, divisions 2 and2A.(5)The commissioner
may lodge, under the Administration Act,part 4, division
5, a request to register the charge on the landthat is the
subject of the ELN transfer.(6)Despite section 47B of the Administration
Act, the registrarmust not register the charge if the
transferee is no longer theregistered owner
of the land.(7)On its registration, the charge is not
affected by a dispositionof the transferee’s interest in the
land.156QCommissioner may apply to Supreme
Court for order tosell(1)This
section applies if—(a)achargehasbeenregisteredoverthelandundersection 156P; and(b)theoutstandingliabilityhasnotbeenpaidwithin18months after registration.(2)ThecommissionermayapplytotheSupremeCourtforanorder to sell
the land stated in the application.(3)Atleast6monthsbeforemakingtheapplication,thecommissionermustgivethepersonsmentionedinsubsection (4) notice of the
commissioner’s intention to applyto the Supreme
Court for an order to sell the land unless theoutstanding
liability is paid within 6 months after the date ofthe
notice.(4)The persons to whom notice must be
given are—(a)the person liable to pay the
outstanding liability; and(b)the owner of the
land.156RWhen court must order sale of
land(1)The court must order the sale of the
land if it is satisfied—Current as at [Not applicable]Page
187
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duty[s 156S](a)proper notice of the application for the
order was givenunder section 156Q; and(b)there is an outstanding liability payable to
the State.(2)However, the court may make an order
only for the land thecourtconsidersissufficienttorealiseproceedstopaytheamounts mentioned in section 156S(a) to
(d).156SApplication of proceeds of saleThe
proceeds of the sale of land sold under the order must beapplied as follows—(a)first, in payment of the commissioner’s
expenses on theapplication to the court for the
order;(b)second, in payment of expenses
properly incurred by thecommissioner on the sale or any
attempted sale;(c)third, in payment of the outstanding
liability under theAdministration Act, section 42;(d)fourth,inpaymentofamountssecuredbyasecurityinterest or charge on the land recorded
before the chargementioned in section 156Q(1)(a), unless the
land is soldsubject to the security interest or
charge;(e)fifth, any balance must be applied as
the court orders.156TRegistration of transfer(1)If land is sold under the order to
sell, the person stated in theorder for this
section must—(a)sign a transfer in the appropriate
form in favour of thepurchaser; and(b)lodge the transfer with the
registrar.(2)The registrar must register the
transfer as if it had been signedby the
registered owner of the land.(3)Subsection (2) applies despite
non-production of the relevantinstrument of
title.Page 188Current as at
[Not applicable]
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Transfer duty[s 156U]156UFormer owner may recover proceeds of sale as
debt(1)The amount equal to the proceeds of
the sale of land under theorder to sell less an amount paid
under section 156S(d) is adebt payable to the former owner of
the land by the personsliable to pay the outstanding
liability for which the order wasmade.(2)Theformerownermayrecoverthedebtinacourtofcompetent jurisdiction.(3)In
this section—former owner, of land sold
under the order to sell, means theperson who owned
the land immediately before its sale.Division 5Miscellaneous156VParticular information in ELN workspace
taken to bestated to commissioner(1)For
this Act and the Administration Act, each party to an ELNtransfer or ELN lodgement, and each relevant
subscriber, istaken to have stated to the commissioner
information that is—(a)intheELNworkspaceforanELNtransferorELNlodgement; and(b)relevant to this Act or the Administration
Act.Note—For the
consequences of stating anything to the commissioner that isfalse or misleading, see the Administration
Act, section 123.(2)In this section—relevantsubscribermeansasubscriber,includingaselfassessor
registered under chapter 12, part 3, who is engagedby a
party for the ELN transfer or ELN lodgement.Current as at
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Landholder duty and corporate trustee duty[s 156W]156WEffect of self assessor’s endorsement
of ELN transactiondocument for incomplete ELN transfer or
incomplete ELNlodgement(1)Subsection (2) applies if—(a)anELNtransactiondocumentforanELNtransferisendorsed by a self assessor registered under
chapter 12,part 2 or 3; and(b)the
ELN transfer becomes an incomplete ELN transfer.(2)TheendorsementisofnoeffectfromthetimetheELNworkspace for the incomplete ELN
transfer is unlocked.(3)Subsection (4)
applies if—(a)an ELN transaction document for an ELN
lodgement isendorsed by a self assessor registered under
chapter 12,part 2 or 3; and(b)theELNlodgementbecomesanincompleteELNlodgement.(4)TheendorsementisofnoeffectfromthetimetheELNworkspace for the incomplete ELN
lodgement is unlocked.Chapter 3Landholder duty
andcorporate trustee dutyPart 1Landholder dutyDivision 1Preliminary157Imposition of landholder duty(1)Thispartimposesduty(landholderduty)onrelevantacquisitions.Page 190Current as at [Not applicable]
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Landholder duty and corporate trustee duty[s 158]Notes—1Exemptions for landholder duty are dealt
with in division 5. Also,particularacquisitionsrelatingtocorporatereconstructionsareexempt from landholder duty under chapter
10, part 1.2Additional foreign acquirer duty is
imposed on particular relevantacquisitions
under chapter 4.(2)Landholder duty is imposed—(a)for a relevant acquisition in a
private landholder—on thedutiable value of the relevant
acquisition; and(b)for a relevant acquisition in a public
landholder—in theway provided under section 179B.Division 2Some basic
concepts for landholderdutySubdivision
1Some basic concepts aboutacquiring interests in landholders158What is arelevant
acquisition(1)A person makes arelevant
acquisitionif—(a)the person
acquires a significant interest in a landholder;or(b)the person
acquires an interest in a landholder and, whenthe following
are aggregated, the aggregation results in asignificant
interest in the landholder—(i)interests held by the person in the
landholder;(ii)interests
acquired or held by related persons of theperson in the
landholder; or(c)having acquired a significant interest
in a landholder asmentioned in paragraph (a) or (b) for which
acquisitionlandholderdutywasimposed,theperson’sinterestinthe landholder increases.Current as at [Not applicable]Page
191
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Landholder duty and corporate trustee duty[s 159](2)To remove any doubt, it is declared
that for subsection (1)(b),itisnotrelevantwhether,immediatelybeforethepersonacquires the
interest—(a)an interest mentioned in subsection
(1)(b)(i) or (ii) is, ofitself, a significant interest in the
landholder; or(b)theaggregationofanyinterestsmentionedinsubsections (1)(b)(i)or(ii),ofitself,amountstoasignificant
interest in the landholder.159What areinterestsandsignificant interestsin alandholder(1)A
person has aninterestin a landholder
if the person has anentitlement as a shareholder or unit
holder to a distribution ofthe landholder’s
property—(a)for a corporation—on its winding up;
or(b)for a listed unit trust—on its
termination.(2)Apersonhasasignificantinterestinalandholderiftheperson has an interest in the
landholder of—(a)for a private landholder—50% or more;
or(b)for a public landholder—90% or
more.160Interest in landholder is percentage
of distributableproperty on winding up of a corporation or
termination ofa listed unit trustA person’s
interest in a landholder is the person’s entitlementexpressedasapercentageofthevalueofallofthelandholder’spropertythatwouldbedistributedif,immediately after the person acquires the
interest—(a)for a corporation—the corporation were
to be wound up;or(b)for a listed
unit trust—the trust were to be terminated.Page 192Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 161]161Entitlement on distribution of
corporation’s property(1)Subjecttosection 161B,theentitlementofapersononadistribution of a corporation’s
property is the greater of theentitlementofthepersonasashareholder,basedonadistribution
carried out—(a)underthecorporation’sconstitutionandtheCorporations Act; or(b)afterthepersonortheperson’srepresentative,has,tomaximise the person’s entitlement,
exercised all powersand discretions to do all or any of
the following—(i)effectorcompelachangeofthecorporation’sconstitution;(ii)varytherightsconferredbythesharesinthecorporation;(iii)payupanyuncalledamountowingtothecorporation for the shares;(iv)satisfy
conditions in the corporation’s constitutionrelating to the
shares;(v)effect or compel the substitution or
replacement ofshares in the corporation with other shares
in thecorporation.(2)In
this section—representative,ofanotherperson,meanssomeonewhoisaccustomed, or
under an obligation, or reasonably expected toactunderthedirections,instructionsorwishesoftheotherperson.161AEntitlement on distribution of listed
unit trust’s property(1)Subjecttosection 161B,theentitlementofapersononadistribution of a listed unit trust’s
property is the greater of theentitlementofthepersonasaunitholder,basedonadistribution carried out—(a)under the instrument creating the
trust; orCurrent as at [Not applicable]Page
193
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Landholder duty and corporate trustee duty[s 161B](b)afterthepersonortheperson’srepresentativehas,tomaximise the person’s entitlement,
exercised all powersand discretions to do all or any of
the following—(i)effectorcompelachangeoftheinstrumentcreating the
trust;(ii)vary the rights
conferred by the units in the trust;(iii)pay
up any uncalled amount owing to the trust forthe
units;(iv)satisfy
conditions under the instrument creating thetrust relating
to the units;(v)effect or compel the substitution or
replacement ofunits in the trust with other units in the
trust;(vi)effect or compel
the fulfilment of a condition;(vii) effect or
compel the outcome of a contingency;(viii) effect or
compel the exercise or non-exercise of apower or
discretion.(2)Theentitlementofapersonundersubsection (1)mustbeworked out without regard to the
liabilities of the trust.(3)In this
section—representative,ofanotherperson,meanssomeonewhoisaccustomed, or
under an obligation, or reasonably expected toactunderthedirections,instructionsorwishesoftheotherperson.161BMatters about applying ss 161 and
161A(1)Ifthecommissionerconsiderstheapplicationofsection 161(1)(b)or161A(1)(b)wouldbeinequitable,thecommissionermaydecidetheentitlementofapersonbebased on a distribution carried out under
section 161(1)(a) or161A(1)(a).(2)Also,ifapersonmakesarelevantacquisitionbecauseinterestsareaggregatedundersection 158(1)(b)(ii),theentitlementsundersection 161(1)(b)or161A(1)(b)ofthePage 194Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 162]person and the related persons of the person
must not be morethan 100%.162Acquiring an interest in a landholder(1)Apersonacquiresaninterestinalandholderifthepersonobtains an
interest, or the person’s interest increases, in thelandholder regardless of how it is obtained
or increased.(2)Withoutlimitingsubsection (1),apersonmayacquireaninterest in a landholder in the following
ways—(a)the purchase, gift, allotment or issue
of a share or unit;(b)the cancellation, redemption or
surrender of a share orunit;(c)the
abrogation or alteration of a right for a share or unit;(d)the payment of an amount owing for a
share or unit;(e)if the person holds an interest in the
landholder, whetheror not as trustee—by changing the capacity
in which theperson holds the interest.Example of when the capacity in which a
person holds an interestchanges—A person holds a
share or unit in a corporation or listed unit trustother than as trustee. The person’s capacity
changes if the personstarts holding the share or unit as
trustee.(3)Toremoveanydoubt,itisdeclaredthatanacquisitionofsharesorunitsisnotnecessarytoacquireaninterestinalandholder.163When
is an interest acquired(1)This section
applies—(a)if a person acquires an interest in a
landholder; or(b)foraninterestacquiredbyapersoninalandholderwhen, under
section 179(6), definitionexcluded interest,paragraph (b) and 179B(2), definitionexcluded interest,Current as at [Not applicable]Page
195
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Landholder duty and corporate trustee duty[s 164]paragraph(b),thelandholderdidnotholdlandinQueensland.(2)The
person acquires the interest—(a)if
there is an agreement to acquire the interest, whetherconditional or not, and paragraph (b) does
not apply—when the agreement is made; or(b)if there is an agreement to acquire
the interest, whetherconditional or not, and the landholder
is not a landholderwhen the agreement is made but is a
landholder whentheagreementiscompleted—whentheagreementiscompleted; or(c)otherwise—when the interest is
acquired.(3)Also, if—(a)a
person holds a security interest in a landholder; and(b)theacquisitionofthesecurityinterestwasanexemptacquisition under section 190; and(c)thepersonlateracquirestheinterestfreefromanyinterest or equity of the previous holder of
the interest(thelater
acquisition);the person acquires an interest in the
landholder at the time ofthe later acquisition.164Who is arelated
person(1)A person is arelated
personof another person if—(a)for
individuals—they are members of the same family;or(b)foranindividualandacorporation—thepersonoramember of the
person’s family is a majority shareholder,director or
secretary of the corporation or a related bodycorporate of the
corporation, or has an interest of 50% ormore in it;
orPage 196Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 165](c)for an individual and a trustee—the
person or a relatedpersonunderanotherprovisionofthissectionisabeneficiary of
the trust; or(d)for corporations—they are related
bodies corporate; or(e)foracorporationandatrustee—thecorporationorarelated person under another provision
of this section isa beneficiary of the trust; or(f)for trustees—(i)there is a person who is a beneficiary of
both trusts;or(ii)apersonisbeneficiaryof1trustandarelatedperson under
another provision of this section is abeneficiary of
the other trust.(2)Also,apersonisarelatedpersonofanotherpersonifthepersons acquire
interests in a landholder and the acquisitionsform,evidence,giveeffecttoorarisefromwhatissubstantially 1 arrangement.(3)However, a person is not arelated personof another
personundersubsection
(1),otherthansubsection (1)(d),ifthecommissioner is satisfied the
interests of the persons—(a)were acquired,
and will be used, independently; and(b)were
not acquired, and will not be used, for a commonpurpose.Subdivision
2Some basic concepts about entitiesand
their land-holdings andproperty165What
is alandholderAlandholderisanentitythathasland-holdingsinQueensland, the unencumbered value of which
are $2,000,000or more.Current as at
[Not applicable]Page 197
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Act 2001Chapter 3 Landholder duty and corporate
trustee duty[s 165A]165AWhat
is aprivate landholderandpublic landholder(1)Aprivatelandholderisalandholderthatisanunlistedcorporation.(2)Apublic landholderis a landholder
that is a listed corporationor listed unit
trust.Notauthorised—indicativeonly166What is asubsidiary(1)A
corporation is asubsidiaryof—(a)anothercorporation(theholdingentity)if,undertheCorporations Act, it is a subsidiary
of the holding entity;or(b)alistedunittrust(alsotheholdingentity)if,undersubsection (4),thecorporationisasubsidiaryoftheholding entity.(2)Also,eachofthefollowingisasubsidiaryoftheholdingentity—(a)a trustee of a trust, if the holding
entity or a subsidiary oftheholdingentity,whetherunderthisoranothersubsection,isabeneficiaryofthetrust(arelevanttrust);(b)a corporation in
which—(i)the trustee of a relevant trust has an
interest of 50%or more; or(ii)an
interest of 50% or more is held on trust and thetrusteeofarelevanttrustisabeneficiaryofthattrust.Example for subsections (1) and (2)—A
Pty Ltd has a 51% shareholding in B Pty Ltd. B Pty Ltd has a
trustinterest in the C Trust of which C Pty Ltd
acts as trustee. C Pty Ltd astrustee of the C
trust has a 51% shareholding in D Pty Ltd.Under subsection
(1), B Pty Ltd is the subsidiary of A Pty Ltd because,under the Corporations Act, it is a
subsidiary of A Pty Ltd.Undersubsection
(2)(a),CPtyLtdisthesubsidiaryofAPtyLtdbecause B, a subsidiary of A Pty Ltd, is a
beneficiary of the trust.Page 198Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 166]Under subsection (1), D Pty Ltd is the
subsidiary of C Pty Ltd because,under the
Corporations Act, it is a subsidiary of C Pty Ltd.Under subsection (2)(b)(i), D Pty Ltd is the
subsidiary of A Pty Ltdbecause C Pty Ltd, a relevant trust,
has an interest of 50% or more in DPty Ltd.(3)In addition, a corporation or trustee
of a trust is asubsidiaryofaholdingentityif,undersubsection
(1)or(2),itisasubsidiary of a
subsidiary of the holding entity.(4)For
subsection (1)(b), a corporation is a subsidiary of a listedunittrustifitisasubsidiaryofthetrustundertheCorporations Act, chapter 1, part 1.2,
division 6, applied—(a)as if a
reference to a body corporate includes a referenceto a
trustee of a listed unit trust; and(b)as
if section 48(2) and (3) of that Act did not apply, tothe
extent the section disregards shares held or a powerexercisable only in a fiduciary capacity;
and(c)with any other necessary
changes.(5)For deciding whether a trustee of a
trust is a subsidiary of aholding entity under subsection
(2)—(a)atrustinterestsaleagreementmadebytheholdingentityorasubsidiaryofitistakennottohavebeenmade; and(b)a trust interest purchase agreement
made by the holdingentityorasubsidiaryofitistakentohavebeencompleted.(6)In
this section—trustinterestpurchaseagreementmeansanuncompletedagreement,
whether or not conditional, for the acquisition ofan
interest as a beneficiary of the trust.trustinterestsaleagreementmeansanuncompletedagreement,
whether or not conditional, for the disposal of aninterest as a beneficiary of the
trust.Current as at [Not applicable]Page
199
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Landholder duty and corporate trustee duty[s 167]167What are an entity’sland-holdings(1)An
entity’sland-holdingsmeans the
following—(a)theentity’sinterestinland,andanythingfixedtothelandthatmaybeseparatelyownedfromtheland(whetherornottheentityhasaninterestinthethingfixed to the
land), other than—(i)a security interest; or(ii)an interest in a
trust;Note—SeetheActsInterpretationAct1954,schedule 1,definitioninterest.(b)rights held by
the entity that—(i)relate to, or affect, the use of the
entity’s land andother land; and(ii)enhance the value of the entity’s
land;(c)an interest in land, and anything
fixed to the land, that isthe subject of a purchase agreement or
sale agreementmade by the entity.(2)Also,anentity’sland-holdingsincludestheland-holdings,undersubsection (1),ofasubsidiaryoftheentityasifareference in the
subsection to an entity were a reference to thesubsidiary.(3)Despite subsections (1) and (2), an entity’s
land-holdings donot include—(a)foracorporation—land-holdingsheldontrustbythecorporation or a subsidiary of it
unless the corporationor any subsidiary of it is a
beneficiary of the trust; or(b)for
a listed unit trust—land-holdings held on trust by asubsidiaryofitunlessthelistedunittrustoranysubsidiary of it is a beneficiary of
the trust.Page 200Current as at
[Not applicable]
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Landholder duty and corporate trustee duty[s 168]168What is an entity’sproperty(1)Anentity’spropertymeanstheentity’sinterestinanyproperty other
than a security interest or interest in a trust.(2)Also,anentity’spropertyincludesanypropertyundersubsection (1) of a subsidiary of the entity
as if a reference inthe subsection to an entity were a
reference to the subsidiary.(3)Despite subsections (1) and (2), the
entity’s property does notinclude—(a)foracorporation—propertyheldontrustbythecorporation or a subsidiary of it
unless the corporationor any subsidiary of it is a
beneficiary of the trust; or(b)foralistedunittrust—propertyheldontrustbyasubsidiaryofitunlessthelistedunittrustoranysubsidiary of it is a beneficiary of
the trust.Subdivision 3Some basic
concepts aboutunencumbered values ofland-holdings
and property170Value of co-owned land-holdings(1)If an entity’s land-holdings include
land-holdings in which ithas an interest as co-owner, the
unencumbered value of theinterestsofallco-ownersintheland-holdingsmustbeincludedinworkingouttheunencumberedvalueoftheentity’s
land-holdings for section 165.Note—Even
though the unencumbered value of the interests of all
co-ownersof the land-holdings is included for working
out whether an entity is alandholder, only the unencumbered
value of the entity’s interest in theland-holdings is
used under division 4 for working out landholder dutyimposedonthedutiablevalueofarelevantacquisition.Seesection 184.(2)However, subsection (1) does not apply if
the commissioner issatisfiedthattheco-ownershipisnotintendedtoavoidtheimposition of landholder duty.Current as at [Not applicable]Page
201
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Landholder duty and corporate trustee duty[s 171]171Value of land-holdings in uncompleted
agreement fortransfer includedToremoveanydoubt,itisdeclaredthattheunencumberedvalue of the
land the subject of a purchase agreement or saleagreementmadebytheentityorasubsidiaryoftheentitymust be included
in working out the unencumbered value ofan entity’s
land-holdings.173Value of land-holdings and
property—business propertydisregarded(1)For
an acquisition of an interest in an entity that is a
dutiabletransactiontowhichchapter2,part10,applies,businesspropertytakentohavenovalueunderthepartmustbedisregardedinworkingouttheunencumberedvalueoftheland-holdings or
property of the entity.(2)For subsection
(1), a repealed s 97(1)(f) transaction is taken tobe a
dutiable transaction to which chapter 2, part 10, applies.(3)Arepealed s
97(1)(f) transactionis a transfer, or agreementfor
the transfer, of a marketable security in a corporation towhich the following applies—(a)thepropertyofthecorporationincludesbusinessproperty;(b)the corporation is a family company
for the transferee;(c)the transferor or person directing the
transfer is—(i)ifthebusinesspropertyisusedtocarryonabusiness of primary production—a
defined relativeof the transferee; or(ii)otherwise—an ancestor of the
transferee;(d)the transferee does not acquire the
marketable securityas—(i)trustee,otherthanastrusteeofatrustforthebeneficiaries mentioned in subsection
(4); or(ii)agent or nominee
of another person;Page 202Current as at
[Not applicable]
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Landholder duty and corporate trustee duty[s 174](e)the business for which the business
property is used iscarriedonbythedefinedrelativeorancestorwhetheralone or with others;(f)thebusinessisintendedtobecarriedonbythetransferee,
whether alone or with others.(4)For
subsection (3)(d)(i)—(a)the beneficiary
of the trust is a minor, and—(i)ifthebusinesspropertyisusedtocarryonabusinessofprimaryproduction—theminorisadefined relative
of the person creating the trust; or(ii)otherwise—the minor is a descendant of the
personcreating the trust; and(b)there are no other beneficiaries of the
trust, other than aperson who would become a beneficiary of the
trust onthe death of the beneficiary mentioned in
paragraph (a).(5)In this section—family
company, for a person, means an exempt
proprietarycompany at least 50% of the value of the
shares of which areowned by members of the person’s
family.Division 3Liability for
landholder duty174When liability for landholder duty
arisesAliabilityforlandholderdutyimposedonarelevantacquisition
arises when the acquisition is made.175Who
is liable to pay landholder duty(1)Landholder duty imposed on a relevant
acquisition must bepaid by the acquirer.(2)However,ifapersonmakesarelevantacquisitionbecauseinterestsareaggregatedundersection 158(1)(b)(ii),theCurrent as at [Not applicable]Page
203
Duties
Act 2001Chapter 3 Landholder duty and corporate
trustee duty[s 177]person and the
related persons of the person are jointly andseverally liable
for the payment of the landholder duty.Notauthorised—indicativeonly177Landholder duty
statementTheacquirerunderarelevantacquisition,orforarelevantacquisitionmentionedinsection 175(2),theacquirerortherelated persons of the acquirer must
within 30 days after theacquisition is made, lodge a statement
in the approved form (alandholder duty statement).Maximum penalty—40 penalty
units.178Effect of lodging landholder duty
statement by acquireror related personThelodging,undersection 177,ofalandholderdutystatement by the acquirer or a related
person of the acquirerrelieves the other person from
complying with the section.Division 4Working out landholder duty forrelevant acquisitionsSubdivision
1Private landholders178ARate
of landholder dutyThe rate of landholder duty imposed on the
dutiable value of arelevant acquisition made in a private
landholder is the ratestatedinschedule 3,column2,oppositethedutiablevaluestated in schedule 3, column 1.179Working out dutiable value of relevant
acquisition(1)Thedutiablevalueofarelevantacquisitioninaprivatelandholderistheinterestin,ortotalofinterestsin,thelandholderconstitutingtherelevantacquisition,lessanyPage 204Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 179]excluded interest of the person at the time
of the acquisition,multipliedbytheunencumberedvalueofallQueenslandland-holdings of
the landholder at the time of the acquisition.Note—See
also section 14 (What is theunencumbered
valueof property).(2)Subsection (3) applies to the following
relevant acquisitions—(a)a relevant
acquisition mentioned in section 158(1)(c);(b)a
relevant acquisition made by a person in the followingcircumstances—(i)thepersontogetherwithrelatedpersonsofthepersonhadasignificantinterestintheprivatelandholderimmediatelybeforetherelevantacquisition;(ii)the
interests of the person and related persons werepreviouslyaggregatedsothatdutyundersubsection (1)
was paid for a relevant acquisitionin the private
landholder;(iii)sincetherelevantacquisitionmentionedinsubparagraph(ii),nootherrelatedpersonoftheperson has acquired an interest in the
landholder.(3)Forapplyingsubsection (1)toarelevantacquisitionmentionedinsubsection (2),theinterestistheincreasedinterest in the
private landholder that is acquired by the personby
the relevant acquisition.Examples for subsections (2) and
(3)—1A and B are related persons. A holds a
30% interest in a privatelandholder. B acquires a 25% interest
and, when aggregated withA’sinterest,asignificantinterest.IfAacquiresanother5%bringing its interest to 35%, for working
out the dutiable value, theinterest
constituting the relevant acquisition is 5%.2A
and B are related persons. A holds a 30% interest in a
privatelandholder. B acquires a 25% interest and,
when aggregated withA’s interest, a significant interest.
If A acquires B’s 25% interest,for working out
the dutiable value, the interest constituting therelevant acquisition is 25%.Current as at [Not applicable]Page
205
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 179A](4)Forapplyingsubsection (1)toarelevantacquisition,theinterest mentioned in section 409(3) must be
disregarded.Note—Under section
409(3), landholder duty is not imposed on particularinterests acquired under a corporate
reconstruction.(5)This section has effect subject to a
deduction allowed undersections 185 to 188.(6)In this section—excludedinterest,ofapersonwhomakesarelevantacquisition in a
private landholder, is any interest constitutingthe
relevant acquisition—(a)held by the
person, or a related person of the person, onorbeforethedaythatis3yearsbeforetherelevantacquisition,
unless—(i)the interest was acquired as part of
an arrangement;and(ii)the arrangement
includes the interest most recentlyacquired as part
of the relevant acquisition; or(b)acquired by the person, or a related person
of the person,atatimewhenthelandholderdidnotholdlandinQueensland.Subdivision
2Public landholders179ALandholder duty(1)Subjecttosection 179B,thelandholderdutyimposedonarelevant acquisition made by a person
in a public landholder is10% of the amount of transfer duty
that would be imposed ona dutiable transaction under chapter
2, if a transfer of all theQueensland
land-holdings of the landholder had happened atthe time of the
relevant acquisition.(2)However, for a
relevant acquisition to which section 158(1)(c)applies, no
landholder duty is imposed for an increase in theperson’s interest if—Page 206Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 179B](a)landholder duty for a relevant
acquisition by the personinthelandholderhaspreviouslybeenimposedunderthis
section; and(b)sincemakingtherelevantacquisitionforwhichlandholder duty
was imposed, the interest of the personconstituting the
previous acquisition has not reduced.(3)This
section has effect subject to a deduction allowed undersections 185 to 188.179BDutiable value of dutiable transaction for s
179A(1)For section 179A, in working out the
amount of transfer dutythat would be imposed under chapter 2,
the dutiable value ofthedutiabletransactionistheunencumberedvalueofallQueensland
land-holdings of the landholder at the time of theacquisition,reducedbytheproportionofthevaluerepresented by
any excluded interest of the person at the timeof the
acquisition.(2)In this section—excludedinterest,ofapersonwhomakesarelevantacquisition in a
public landholder, is any interest constitutingthe relevant
acquisition acquired by the person, or a relatedperson—(a)before 1 July 2011; or(b)atatimewhenthelandholderdidnotholdlandinQueensland.Subdivision
3Other provisions for working outdutiable value180Aggregation of particular relevant
acquisitions(1)This section applies for aggregating
relevant acquisitions thattogether form, evidence, give effect
to or arise from what is,Current as at [Not applicable]Page
207
Duties
Act 2001Chapter 3 Landholder duty and corporate
trustee duty[s 180]Notauthorised—indicativeonlysubstantially1arrangementifapersonmakesarelevantacquisition
mentioned in section 179(2).(2)Forassessinglandholderdutyoneachoftherelevantacquisitions,
the acquisitions must be aggregated and treatedas a single
relevant acquisition.(3)For subsection
(1), all relevant circumstances relating to therelevant
acquisitions must be taken into account in decidingwhether they together form, evidence, give
effect to or arisefrom what is, substantially 1
arrangement.(4)Forsubsection
(3),relevantcircumstancesincludethefollowing—(a)whether any of the acquisitions are
conditional on entryinto, or completion of, any of the
other acquisitions;(b)whetherthepartiestoanyoftheacquisitionsarethesame;(c)whether any party to an acquisition is a
related person ofanother party to any of the other
acquisitions;(d)the time over which the acquisitions
take place;(e)whether, after the acquisitions take
place, the acquirers’interests will be used together or
dependently with oneanother;(f)whether, before the acquisitions take place,
the interestswere used together or dependently with one
another.(5)Landholderdutyimposedontherelevantacquisitionaggregated under
this section must—(a)beassessedonthetotalofthedutiablevaluesoftheacquisitionswhentheliabilityforlandholderdutyforeach of the acquisitions arose;
and(b)be apportioned between the
acquisitions as decided bythe commissioner.(6)Theacquirermust,whenlodgingthelandholderdutystatementrelatingtotheacquisition,givenoticetothecommissioner stating details known to
the acquirer about—Page 208Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 182](a)all of the interests of the acquirer
and related persons oftheacquirerincludedortobeincludedinthearrangement
mentioned in subsection (1); and(b)the
dutiable value of each relevant acquisition.Note—Under the Administration Act, the
requirement under this subsection isa lodgement
requirement for which a failure to comply is an offenceunder section 121 of that Act.182Unencumbered value of land-holdings of
subsidiary oflandholder(1)This
section applies for working out the unencumbered valueoftheQueenslandland-holdingsofalandholderundersection 179 or 179B, to the extent the
land-holdings compriseland-holdings of a subsidiary of the
landholder.(2)The unencumbered value of the
Queensland land-holdings ofthe landholder
is the proportion of the unencumbered value oftheland-holdingsinQueenslandofallthesubsidiariestowhich the landholder would be entitled, if
the subsidiaries, atthe same time and without regard to
their liabilities—(a)for subsidiaries that are
corporations—were wound up;or(b)for subsidiaries that are trusts—were
terminated.(3)Forsubsection
(2),theunencumberedvalueoftheQueensland
land-holdings of the subsidiary on the winding upor
termination of all the subsidiaries is—(a)if
the subsidiary is a corporation, the greatest proportionoftheunencumberedvalueoftheland-holdingsinQueenslandthatthelandholderwouldbeentitledtounder sections 161(1) and 161B(1) applied as
if—(i)areferencetoapersonwereareferencetothelandholder mentioned in this section;
and(ii)a reference to a
corporation were a reference to thesubsidiary;
orCurrent as at [Not applicable]Page
209
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 183](b)if the subsidiary is a unit trust, the
greatest proportion oftheunencumberedvalueoftheland-holdingsinQueenslandthatthelandholderwouldbeentitledtounder sections 161A(1), (2) and 161B(1) as
if—(i)areferencetoapersonwereareferencetothelandholder mentioned in this section;
and(ii)a reference to a
listed unit trust were a reference tothe subsidiary;
or(c)if the subsidiary is a trustee of a
trust other than a unittrust—thegreatestproportionoftheunencumberedvalueoftheland-holdingsinQueenslandofthetrustthatthelandholdercouldderiveatanytimefromthetrustwithoutregardtotheliabilitiesofanyofthesubsidiaries.(4)Withoutlimitingsubsection (3)(c),land-holdingsmaybederived by—(a)the
fulfilment of a condition; or(b)the
outcome of a contingency; or(c)the
exercise or non-exercise of a power or discretion.(5)To remove any doubt it is declared
that land-holdings may bederivedbythelandholderevenifasubsidiaryofthelandholder is a beneficiary of a
trust.(6)If there is more than 1 subsidiary of
the landholder that is abeneficiary of a trust, for subsection
(2), the proportion of theunencumberedvalueoftheQueenslandland-holdingsthatmaybederivedfromthetrustmustnotbemorethanthewhole.183Land
transferred for shares or units to be disregarded(1)This section applies if the relevant
acquisition is the issue ofshares or units
by a landholder to a person in the followingcircumstances—Page 210Current as at [Not applicable]
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Landholder duty and corporate trustee duty[s 184](a)thesharesorunitsareissuedtothepersoninconsideration of a transfer of land to the
landholder bythe person;(b)transfer duty is paid for the
transfer;(c)the land is not the only land of the
landholder;(d)the person is not the only shareholder
or unit holder ofthe landholder.(2)InworkingouttheunencumberedvalueoftheQueenslandland-holdings of
the landholder, the value of the land must bedisregarded.184Value
of co-owned land-holdingsFor sections 179 and 179B, if a
landholder has an interest inland-holdings as
co-owner, the value of the land-holdings istheunencumberedvalueofthelandholder’sinterestintheland-holdings.Subdivision
4Deductions185Deduction—corporate trustee duty(1)This section applies if—(a)corporate trustee duty has been paid
or is payable on arelevant acquisition under part 2;
and(b)land-holdings in which the corporate
trustee, or relevantcorporation for a corporate trustee,
has an interest at thetime of the relevant acquisition under
part 2, has beenincluded in working out the dutiable value
of a relevantacquisition under this part; and(c)the relevant acquisitions are part of
the 1 arrangement.(2)Landholder duty imposed on the
relevant acquisition must bereducedbytheamountofcorporatetrusteedutypaidorpayablefortheland-holdingstotheextentthattheCurrent as at [Not applicable]Page
211
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 186]land-holdings were included in working out
the dutiable valueof the relevant acquisition under this
part.186Deduction—transfer duty for particular
trusts(1)This section applies if—(a)transfer duty has been paid or is
payable on a dutiabletransactionthatisatrustacquisitionforatrust,otherthan
a discretionary trust; and(b)land-holdings
held by the trustee as trustee of the trust atthe time of the
transaction has been included in workingout the dutiable
value of the relevant acquisition underthis part;
and(c)the acquisitions are part of the 1
arrangement.(2)Landholder duty imposed on the
relevant acquisition must bereduced by the
amount of transfer duty paid or payable for theland-holdingstotheextentthattheland-holdingswereincludedinworkingoutthedutiablevalueoftherelevantacquisition under this part.187Deduction—transfer duty for marketable
securities(1)This section applies if—(a)transfer duty is paid or payable for
marketable securitiesthesubjectofadutiabletransactionoranequivalentdutyinanotherStateispaidorpayableforthemarketable securities; and(b)the dutiable transaction is a relevant
acquisition.(2)Landholder duty imposed on the
relevant acquisition must bereducedbyanamountworkedoutusingthefollowingformula—where—Page 212Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 188]LVmeanstheunencumberedvalueofallQueenslandland-holdingsofthelandholderatthetimeoftherelevantacquisition.PVmeans the unencumbered value of all the
property of thelandholder at the time of the relevant
acquisition.Rmeans the amount of the
reduction.TDis the transfer or equivalent duty
paid or payable for themarketable securities.188Deduction—mortgage duty(1)This section applies if—(a)shares or units in an entity are
transferred, or agreed tobe transferred, by way of security;
and(b)afterwards,thetransfereeacquiresownershipofthesharesorunitsfreefromanyinterestorequityoftheprevious holder of the shares or
units; and(c)the transferee and related persons of
the transferee wereto newly acquire all of the shares or units
they hold intheentityatthetimeoftheacquisitionmentionedinparagraph(b),theacquisitionwouldbearelevantacquisition.(2)Also, this section applies if—(a)shares or units in an entity are
transferred, or agreed tobe transferred, by way of security;
and(b)thecommissionerisnotsatisfiedofthemattermentioned in
section 190; and(c)the acquisition mentioned in paragraph
(a) is a relevantacquisition.(3)Forsubsection (1),thetransfereeistakentohavemadearelevantacquisitionofthesharesorunitsownedbythetransferee and
related persons of the transferee.Current as at
[Not applicable]Page 213
Duties
Act 2001Chapter 3 Landholder duty and corporate
trustee duty[s 189](4)Landholder duty imposed on the relevant
acquisition must bereducedbyanymortgagedutypaidonthetransferoragreement to transfer.Notauthorised—indicativeonlyDivision 5Exempt
acquisitions189Exemption—particular share or unit
issues(1)Landholder duty is not imposed on an
acquisition by a personof an interest on the initial
allotment of shares or units on theregistration of
a corporation or the establishment of a listedunit
trust.(2)Also, landholder duty is not imposed
on an acquisition by aperson if—(a)the
interest was acquired on the issue of shares or unitsto a
person in consideration of a transfer of land to thecorporation or trust by the person;
and(b)transfer duty is paid or payable for
the acquisition of theland by the corporation or trust;
and(c)the land is the only land of the
corporation or trust; and(d)the person is
the only shareholder or unit holder of thecorporation or
trust.(3)In addition, landholder duty is not
imposed on an acquisitionby a person if—(a)the
interest is acquired on a dealing in shares or units forall
of the shareholders or unit holders of the corporationor
trust; and(b)the interests of the shareholders or
unit holders after thedealingare,asnearaspracticable,thesameastheproportions in which they held the
shares or units beforethe dealing; and(c)the
rights among the shareholders or unit holders havenot
changed significantly because of the dealing in theshares or units.Page 214Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 190](4)In this section—dealing,forsharesorunits,meanstheissue,cancellation,redemption or
buy-back of the shares or units.190Exemption—security interestsLandholder duty is not imposed on an
acquisition of a securityinterest if the commissioner is
satisfied the interest was notacquiredwiththeintentionofavoidingtheimpositionoflandholder duty.191Exemption—change of trusteeLandholder duty is not imposed on a relevant
acquisition forthe sole purpose of giving effect to a
change of a trustee if—(a)the acquisition
is not part of an arrangement—(i)involvingachangeintherightsorinterestofabeneficiary of the trust; or(ii)terminating the
trust; and(b)the acquisition is not part of an
arrangement to avoid theimposition of duty; and(c)transfer duty has been paid on all
trust acquisitions forwhich transfer duty is imposed for the
trust before theacquisition.192Exemption—acquisition by liquidatorLandholder duty is not imposed on a relevant
acquisition by apersoniftheinterestwasacquiredsolelyintheperson’scapacity as a liquidator.193Exemption—compromise or
arrangementsLandholder duty is not imposed on a relevant
acquisition by aperson if—Current as at
[Not applicable]Page 215
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 193A](a)the interest was acquired solely
because of the makingofacompromiseorarrangementwithcreditorsapproved under
the Corporations Act, part 5.1; and(b)thecommissionerissatisfiedthecompromiseorarrangementwasnotmadewiththeintentionofavoiding the imposition of landholder
duty.193AExemption—restructure of stapled
entities(1)Landholder duty is not imposed on a
relevant acquisition if—(a)thepurposeoftheacquisitionistogiveeffecttoaschemethatqualifiesorwould,onitscompletion,qualify as a
roll-over under theIncome Tax AssessmentAct 1997(Cwlth), subdivision 124.Q; and(b)when the scheme is completed, the
interposed trust willbe a listed unit trust or a widely
held unit trust; and(c)the acquisition
is not part of an arrangement to avoid theimposition of
landholder duty.(2)Subsection (1) does not apply
if—(a)the interposed trust is not a listed
unit trust or a widelyheld unit trust when the scheme is
completed; or(b)the interposed trust ceases to be a
listed unit trust or awidely held unit trust within 3 years
after the scheme iscompleted; or(c)theinterposedtrustdoesnotretainalltheownershipinterests in the
stapled entities for at least 3 years afterthe date of the
acquisition.(3)Despite subsection (2)(c), subsection
(1) continues to apply ifthecommissionerissatisfiedtheinterposedtrustdidnotretainalltheownershipinterestsbecause1ormoreofthestapledentitiesceasedtoexistotherthanunderanarrangement, a significant purpose of
which was to avoid therequirement to retain all the
ownership interests for at least 3years.Page
216Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 194](4)If subsection (1) does not apply, the
commissioner must makeareassessmenttoimposelandholderdutyontherelevantacquisition as if the exemption from duty
had never applied.(5)Subsection (4)appliestothereassessmentdespitethelimitationperiodundertheAdministrationActforreassessments.Note—See
the Administration Act, part 3, division 3.(6)If
an event mentioned in subsection (2) happens, the acquirerunder the relevant acquisition must, within
28 days after theevent happens—(a)givenoticeoftheeventtothecommissionerintheapproved form; and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the acquisition are lodged for reassessment.Note—Failure to give the notice is an offence
under the Administration Act,section
120.(7)Without limiting subsection (3), a
company registered underthe Corporations Act ceases to exist
if it is deregistered underthat Act.194Exemption—if transfer duty not
imposed(1)This section applies for a relevant
acquisition that would be adutiabletransactionifmarketablesecuritiesweredutiableproperty under
chapter 2.(2)Landholder duty is not imposed on the
acquisition if transferdutywouldnotbeimposedonthedutiabletransactionbecauseofanexemptionunderanyofthefollowingprovisions—•sections 123 to 126•sections 129 and 130•sections 130A and 130BCurrent as at
[Not applicable]Page 217
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 194A]•sections 134 and 135•section 141•section 143.194AExemption—marketable securitiesLandholder duty is not imposed on a relevant
acquisition thatisatransfer,oragreementforthetransfer,ofamarketablesecurity to or
from a corporation if—(a)the corporation
is—(i)a financial institution; or(ii)atrusteecompanyundertheTrusteeCompaniesAct
1968; or(iii)a
related body corporate of the corporation; or(iv)acorporationofaclassprescribedunderaregulation; and(b)the
corporation’s principal business is to hold propertyas
trustee or nominee for another person; and(c)whichever of the following is relevant
applies—(i)for a transfer to the
corporation—(A)the property is to be held on trust
solely forthe transferor; and(B)thetransferisnotpartofanarrangementunder which the
security will be held on trustfor another
person;(ii)for a transfer
from the corporation—the transfer isa retransfer to
the owner in the same capacity asthe security was
previously held by the owner.Page 218Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 195]195Exemption—no liability for transfer
duty on acquisition inother wayLandholder duty
is not imposed on an acquisition by a personif—(a)theland-holdingsofalandholdercouldhavebeenacquiredbythepersonwithoutincurringaliabilitytopay
transfer duty for the acquisition of land other thanunder chapter 10, part 1; and(b)the commissioner is satisfied the
acquisition would nothavebeenpartofanarrangementtoavoidtheimposition of landholder duty.196Interests acquired under exempt
acquisitionsdisregarded for particular purposesAn
interest acquired under an exempt acquisition, other thanan
exempt acquisition under section 195, must be disregardedas
an interest in a landholder when—(a)decidingwhetherapersonhas,undersection
158(1)(b)(i)or(ii),acquiredaninterestinthecorporation; or(b)aggregating interests under section
158(1)(b)(i) or (ii).Division 6Reassessments
for landholder duty197When commissioner must make
reassessment(1)Thecommissionermustmakeareassessmentoflandholderduty imposed for
a relevant acquisition if—(a)at the time of
the relevant acquisition, the landholder’sland-holdings
included—(i)land the subject of—(A)a sale agreement that was later
completed; orCurrent as at [Not applicable]Page
219
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 197](B)apurchaseagreementthatwasnotcompleted;
or(ii)land-holdingsofatrusteeofatrustthatwasasubsidiary of
the landholder because of—(A)a trust interest
sale agreement that was latercompleted;
or(B)a trust interest purchase agreement
that wasnot completed; and(b)thecommissionerissatisfiedtheagreementwasnotmade or was not part of an arrangement
made for thepurpose of avoiding the imposition of
landholder duty.(2)Also,thecommissionermustmakeareassessmentoflandholderdutyimposedforarelevantacquisitionifatthetimeoftherelevantacquisitionapersonistakentohaveacquiredaninterestinalandholderunderanagreementtoacquire the interest but the agreement is
not completed.(3)Whenreassessinglandholderdutyundersubsection
(1),thecommissionermustdisregardthelandmentionedinthesubsection
in—(a)deciding whether the entity in which
the acquisition ismade is a landholder; and(b)workingoutthedutiablevalueoftherelevantacquisition.(4)Whenreassessingthelandholderdutyundersubsection
(2),the commissioner must disregard the interest
mentioned in thesubsection.(5)For
a reassessment under subsection (1) or (2), the acquirerunder the relevant acquisition must lodge
the landholder dutystatement for the acquisition.(6)Subsection (1) or (2) applies to the
reassessment despite thelimitationperiodundertheAdministrationActforreassessments.Page 220Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 198]Note—See the
Administration Act, part 3 (Assessments of tax), division 3(Reassessments).(7)In
this section—trust interest purchase agreementsee
section 166.trust interest sale agreementsee
section 166.Division 7EnforcementSubdivision
1Charges198Charge over land for unpaid landholder
duty(1)This section applies if landholder
duty is not paid by the dateby which the
duty must be paid.(2)The liability to pay the outstanding
amount of landholder dutyis a first charge on land owned by the
landholder concerned intherelevantacquisitionforwhichthelandholderdutyispayable and any subsidiary of the
landholder.(3)The commissioner may lodge, under the
Administration Act,part 4, division 5, a request to register
the charge over statedland owned by the landholder or its
subsidiary.(4)The charge has priority over all other
encumbrances over theland.Subdivision
2Power of sale200Commissioner may apply to Supreme Court for
order tosell(1)This
section applies if—(a)under subdivision 1, a charge has been
registered overland; andCurrent as at
[Not applicable]Page 221
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 201](b)the outstanding amount of landholder
duty has not beenpaid within 18 months after
registration.(2)ThecommissionermayapplytotheSupremeCourtforanorder to sell
the land stated in the application.(3)Atleast6monthsbeforemakingtheapplication,thecommissioner must give notice to the person
liable to pay thelandholderdutyandtheownerofthelandofthecommissioner’s
intention to apply to the Supreme Court for anordertosellthelandunlesstheoutstandingamountoflandholder duty is paid within 6
months after the date of thenotice.201When court must order sale of
land(1)The court must order the sale of the
land if it is satisfied—(a)proper notice of
the application for the order was givenunder section
200; and(b)thereisanoutstandingamountoflandholderdutypayable to the State.(2)However, the court may make an order only
for the land thecourtconsidersissufficienttorealiseproceedstopaytheamounts mentioned in section 202(a) to
(d).202Application of proceeds of saleThe
proceeds of the sale of land sold under the order must beapplied as follows—(a)first, in payment of the commissioner’s
expenses on theapplication to the court for the
order;(b)second, in payment of expenses
properly incurred by thecommissioner on the sale or any
attempted sale;(c)third,inpaymentoftheoutstandingamountoflandholderdutyundertheAdministrationAct,section 42;Page 222Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 203](d)fourth,inpaymentofamountssecuredbyasecurityinterest or charge on the land recorded
before the chargementioned in section 200(1)(a), unless the
land is soldsubject to the security interest or
charge;(e)fifth, any balance must be applied as
the court orders.203Registration of transfer(1)If land is sold under the order to
sell, the person stated in theorder for this
section must—(a)sign a transfer in the appropriate
form in favour of thepurchaser; and(b)lodge the transfer with the
registrar.(2)The registrar must register the
transfer as if it had been signedby the
registered owner of the land.(3)Subsection (2) applies despite
non-production of the relevantinstrument of
title.204Landholder or subsidiary may recover
proceeds of saleas debt(1)The
amount equal to the proceeds of the sale of land under theorderlessanamountpaidundersection
202(d)isadebtpayable to the entity or subsidiary that
previously owned theland by the persons liable to pay the
landholder duty for whichthe order was made.(2)The entity or subsidiary may recover
the debtin a court ofcompetent
jurisdiction.Current as at [Not applicable]Page
223
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 205]Part
2Corporate trustee dutyDivision 1Preliminary205Imposition of corporate trustee duty(1)This part imposes duty (corporate trustee duty) on
relevantacquisitions.Notes—1Exemptions for corporate trustee duty
are dealt with in division 6.2Additional foreign acquirer duty is imposed
on particular relevantacquisitions under chapter 4.(2)Corporate trustee duty is imposed on
the dutiable value of arelevant acquisition.206Interpretation for property held by
partnership or trustAreferencetoapartnershiportrustholdingpropertyisareference to the holding of the
property by the partners for thepartnership or
trustees for the trust.Division 2Some basic
concepts for corporatetrustee duty207What
is arelevant acquisitionA person makes
arelevant acquisitionif—(a)the person acquires a share interest
in a corporate trusteeor relevant corporation for a
corporate trustee; and(b)theacquisitionispartofanarrangementunderwhichanypersonobtains,directlyorindirectly,abenefitrelating to the
property held by the corporate trustee ontrust.Page
224Current as at [Not applicable]
Duties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 208]208What is ashare
interestAshare interestis a person’s
interest as a shareholder in acorporatetrusteeorrelevantcorporationforacorporatetrustee.Notauthorised—indicativeonly209What is acorporate
trusteeAcorporate trusteeis an unlisted
corporation, other than anauthorisedtrusteecorporation,thatisthetrusteeofadiscretionary
trust that—(a)holdsdutiablepropertyontrustforthediscretionarytrust; or(b)hasanindirectinterestindutiablepropertyandthatinterest is held
on trust for the discretionary trust.Note—Section 498 includes provision about
references to dutiable property.210What
is a corporate trustee’sindirect interestin
dutiablepropertyAcorporatetrusteehasanindirectinterestindutiableproperty if
it—(a)has a partnership interest or trust
interest in an ultimateentity; or(b)through a series of partnership interests or
trust interests,or a combination of any of them, there is a
connectionbetween the corporate trustee and dutiable
property of apartnership or trust in the series.211What is arelevant
corporationfor a corporate trustee(1)A
corporation is arelevant corporationfor a corporate
trusteeif the corporation is an unlisted
corporation that has an interestin the corporate
trustee.(2)For subsection (1), a corporation has
an interest in a corporatetrustee if—Current as at
[Not applicable]Page 225
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 212](a)it has a share interest in the
corporate trustee; or(b)it has a share
interest in a corporation that has a shareinterest in the
corporate trustee.212Acquiring share interest in
corporation(1)Apersonacquiresashareinterestinacorporatetrusteeorrelevant corporation for a corporate trustee
if—(a)thepersonbecomesashareholderofthecorporatetrustee or
relevant corporation; or(b)beingashareholder,theperson’sshareinterestincreases.(2)However, the acquisition of a share interest
by a beneficiaryfrom the personal representative in the
administration of theestate of a deceased person is not an
acquisition for this part.213Contracted
property and trust interests(1)Foracorporatetrustee,contractedpropertyistakentobedutiable property held by the
corporate trustee.(1A)If a corporate
trustee has made a purchase or sale agreementfor a trust
interest, the corporate trustee is taken to have anindirect interest in the trust-related
dutiable property.(2)For determining the dutiable value of
a relevant acquisition—(a)a sale agreement
made by the corporate trustee is takennot to have been
made; and(b)a purchase agreement made by the
corporate trustee istaken to have been completed.(3)Subsection (3A) applies if—(a)contractedproperty,oranindirectinterestindutiablepropertymentionedinsubsection (1A),isincludedindetermining the dutiable value of a relevant
acquisition;andPage 226Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 214](b)thesaleagreementforthepropertyortrustinterestislatercompletedorthepurchaseagreementfortheproperty or trust interest is later
rescinded.(3A)Thecommissionermustmakeareassessmentasifthecontracted
property or indirect interest were never held by thecorporate trustee.(4)Forthereassessment,theacquirerundertherelevantacquisition must
lodge the corporate trustee duty statement forthe
acquisition.(5)In this section—purchaseagreementincludesanuncompletedagreement,whetherornotconditional,fortheacquisitionofatrustinterest through
which the corporate trustee would have, if theagreementwerecompleted,anindirectinterestindutiableproperty
(thetrust-related dutiable property).sale agreementincludes an
uncompleted agreement, whetherornotconditional,forthesaleofatrustinterestthroughwhich the
corporate trustee has an indirect interest in dutiableproperty (also thetrust-related
dutiable property).Division 3Liability for
corporate trustee duty214When liability
for corporate trustee duty arisesAliabilityforcorporatetrusteedutyimposedonarelevantacquisition arises when the acquisition is
made.215Who is liable to pay corporate trustee
dutyCorporate trustee duty imposed on a relevant
acquisition mustbe paid by the acquirer.216Rate
of corporate trustee dutyTherateofcorporatetrusteedutyimposedonthedutiablevalue of a relevant acquisition is the rate
stated in schedule 3,Current as at [Not applicable]Page
227
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 217]column 2, opposite the dutiable value
relating to the dutiableproperty in schedule 3, column
1.217Corporate trustee duty
statementThe acquirer under a relevant acquisition,
must within 30 daysaftertheacquisitionismade,lodgeastatementintheapproved form (acorporate
trustee duty statement).Maximum
penalty—40 penalty units.Division 4Apportionment of
unencumberedvalue for particular relevantacquisitions218Apportionment—head office or principal place
ofbusiness in Queensland(1)This
section applies for determining the unencumbered valueof
dutiable property that is a Queensland business asset, otherthan
a debt or personal property, of a Queensland business thathasitsheadofficeorprincipalplaceofbusinessinQueenslandif,atanytimeduringthe3financialyearspreceding the relevant acquisition
concerned—(a)a supply of land, money, credit or
goods or any interestin them, or provision of services, has
been made by thebusiness to customers outside Queensland;
or(b)theassethasbeenused,exploitedorexercisedin,orrelates to, a place outside
Queensland.(2)A reference in this chapter to the
unencumbered value of thepropertyistakentobeareferencetotheamount(theapportionedamount)workedoutusingthefollowingformula—Page
228where—Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 219]AAmeans the apportioned amount.OSmeans the gross amount of the supplies
and provision ofservices made by the business to its
customers in other Statesduring the 3 completed financial years
preceding the relevantacquisition.TSmeansthegrossamountofsuppliesandprovisionofservices made by the business to all its
customers during the 3completed financial years preceding
the relevant acquisition.UVmeanstheunencumberedvalueoftheQueenslandbusiness asset
mentioned in subsection (1).(3)However,thecommissionermaydecidetheunencumberedvalueofthedutiablepropertyonanotherbasisifthecommissionerissatisfiedtheotherbasiswouldbemoreappropriate in
particular circumstances.219Apportionment—head office or principal place
ofbusiness in another State(1)This section applies for determining
the unencumbered valueof dutiable property that is a
Queensland business asset, otherthan a debt or
personal property, of a Queensland business thatdoes
not have its head office or principal place of business inQueenslandif,atanytimeduringthe3financialyearspreceding the relevant acquisition
concerned—(a)a supply of land, money, credit or
goods or any interestin them, or provision of services, has
been made by thebusiness to customers in Queensland;
or(b)theassethasbeenused,exploitedorexercisedin,orrelates to, Queensland.(2)A reference in this chapter to the
unencumbered value of thepropertyistakentobeareferencetotheamount(theapportionedamount)workedoutusingthefollowingformula—where—Current as at
[Not applicable]Page 229
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 220]AAmeans the apportioned amount.QSmeans the gross amount of the supplies
and provision ofservicesmadebythebusinesstoitsQueenslandcustomersduring the 3 completed financial years
preceding the relevantacquisition.TSmeansthegrossamountofsuppliesandprovisionofservices made by the business to all its
customers during the 3completed financial years preceding
the relevant acquisition.UVmeanstheunencumberedvalueoftheQueenslandbusiness asset
mentioned in subsection (1).(3)However,thecommissionermaydecidetheunencumberedvalueofthedutiablepropertyonanotherbasisifthecommissionerissatisfiedtheotherbasiswouldbemoreappropriate in
particular circumstances.220Apportionment of
particular acquisitions relating toexisting
rights(1)This section applies for determining
the unencumbered valueofdutiablepropertythatisanexistingrightiftherightisexercisableorrelatestotheconductofabusinessoranactivity outside Queensland.(2)A reference in this chapter to the
unencumbered value of theright is taken to be a reference to
the amount that representsthesameproportionoftheunencumberedvaluethattheunencumbered value of the right to the
extent it is exercisableorrelatestotheconductofabusinessoractivityinQueenslandbearstothetotalunencumberedvalueoftheright.(3)However,thecommissionermaydecidetheunencumberedvalueoftherightonanotherbasisifthecommissionerissatisfiedtheotherbasiswouldbemoreappropriateinparticular circumstances.Page
230Current as at [Not applicable]
Division 5Duties Act
2001Chapter 3 Landholder duty and corporate
trustee duty[s 221]Dutiable value
of relevantacquisitionsNotauthorised—indicativeonly221Acquirer’s share interest is
proportionate to shares incorporate trustee or relevant
corporation(1)Forarelevantacquisitionthatisanacquisitionofashareinterest in a
corporate trustee, the acquirer’s share interest isthe
proportion that the number of shares the acquirer has bearsto
the total issued shares in the corporate trustee expressed
asa percentage.(2)Forarelevantacquisitionthatisanacquisitionofashareinterest in a
relevant corporation for a corporate trustee if therelevant corporation has an interest in the
corporate trustee asmentioned in section 211(2)(a), the
acquirer’s share interest isworkedoutbyapplyingtheacquirer’sshareinterestintherelevantcorporationtotherelevantcorporation’sshareinterest in the corporate trustee.(3)Forarelevantacquisitionthatisanacquisitionofashareinterest in a
relevant corporation for a corporate trustee if therelevant corporation has an interest in the
corporate trustee asmentioned in section 211(2)(b), the
acquirer’s share interest isworked out by
applying—(a)the acquirer’s share interest in the
relevant corporationto the relevant corporation’s share
interest in the otherrelevant corporation; and(b)the result worked out under paragraph
(a) to the otherrelevantcorporation’sshareinterestinthecorporatetrustee.(4)For subsections (2) and (3)—(a)the acquirer’s share interest in the
relevant corporation istheproportionthatthenumberofsharestheacquireracquires bears
to the total issued shares in the relevantcorporation
expressed as a percentage; and(b)the
relevant corporation’s share interest in the corporatetrustee is the proportion that the number of
shares theCurrent as at [Not applicable]Page
231
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 222]relevantcorporationholdsbearstothetotalissuedsharesinthecorporatetrusteeexpressedasapercentage.(5)Also,forsubsection (3),therelevantcorporation’sshareinterest in the other relevant corporation
is the proportion thatthe number of shares the relevant
corporation holds bears tothetotalissuedsharesintheotherrelevantcorporationexpressed as a
percentage.(6)However, if the commissioner is
satisfied the acquirer’s shareinterest worked
out under subsection (1), (2) or (3) does notaccurately
represent the acquirer’s rights and obligations as ashareholder when compared with the rights
and obligations oftheothershareholders,thecommissionermaydecidetheacquirer’s share interest.(7)For applying subsection (1), (2) or
(3) to a relevant acquisitionthatisanincreaseintheacquirer’sshareinterest,theacquirer’sshareinterestistakentobetheincreaseintheacquirer’s share
interest.222What is the dutiable value of a
relevant acquisition(1)The dutiable
value of the relevant acquisition is the total of theamounts worked out by applying the
acquirer’s share interestto the unencumbered value, when the
liability for corporatetrustee duty arises, of—(a)thedutiablepropertyheldontrustbythecorporatetrustee;
and(b)any indirect interest in dutiable
property held on trust bythe corporate trustee.Notes—1Undersection
213(1),dutiablepropertyincludescontractedproperty. Also,
under section 213(1A), the corporate trustee maybe
taken to hold an indirect interest in dutiable property through
atrust interest that is the subject of a
purchase or sale agreement.2See
section 14 (What is theunencumbered valueof
property).(2)For subsection (1)(b), the
unencumbered value of an indirectinterestofacorporatetrusteeundersection 210(a)isthePage 232Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 222]amount worked out by applying to the
unencumbered value ofthe dutiable property held by the
entity in which the corporatetrustee has a
trust interest or partnership interest the corporatetrustee’s trust interest or partnership
interest in the entity.(3)For subsection
(1)(b), the unencumbered value of an indirectinterestofacorporatetrusteeundersection 210(b)istheamount worked out by—(a)first applying to the unencumbered
value of the dutiableproperty held by the ultimate entity,
the trust interest orpartnership interest of the trust or
partnership (thelastbeneficiary or
partner) that is a beneficiary or partner ofthe
ultimate entity; and(b)applying to the
amount worked out under paragraph (a),andtheunencumberedvalueofanydutiablepropertyheld by the last
beneficiary or partner, the trust interestor partnership
interest of the next trust or partnership inthe series of
trusts or partnerships that is a beneficiary orpartner of the
last beneficiary or partner; and(c)applying the calculation in paragraph (b)
for each of theothertrustsorpartnershipsintheseriesuntilthefirstentity’s trust
interest or partnership interest is used in thecalculation;
and(d)applying to the amount last worked out
under paragraph(c) and the unencumbered value of any
dutiable propertyheld by the first entity, the trust interest
or partnershipinterest of the corporate trustee.(4)Schedule 4 contains an example of how
the dutiable value of arelevant acquisition is worked
out.(5)If the corporate trustee is trustee of
more than 1 discretionarytrust, the unencumbered value of the
dutiable property of eachtrust and each indirect interest held
on trust by the corporatetrustee must be aggregated in working
out the dutiable valueof the relevant acquisition.Current as at [Not applicable]Page
233
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 223]223Aggregation of particular relevant
acquisitions(1)This section applies for aggregating
relevant acquisitions thattogether form, evidence, give effect
to or arise from what is,substantially 1 arrangement.(2)For assessing corporate trustee duty
on each of the relevantacquisitions, the acquisitions must be
aggregated and treatedas a single relevant
acquisition.(3)For subsection (1), all relevant
circumstances relating to therelevant
acquisitions must be taken into account in decidingwhether they together form, evidence, give
effect to or arisefrom what is, substantially 1
arrangement.(4)Forsubsection
(3),relevantcircumstancesincludethefollowing—(a)whether any of the acquisitions are
conditional on entryinto, or completion of, any of the
other acquisitions;(b)whetherthepartiestoanyoftheacquisitionsarethesame;(c)whether any party to an acquisition is a
related person ofanother party to any of the other
acquisitions;(d)the time over which the acquisitions
take place;(e)whether, after the acquisitions take
place, the acquirers’interests will be used together or
dependently with oneanother;(f)whether, before the acquisitions take place,
the interestswere used together or dependently with one
another.(5)Corporatetrusteedutyimposedontherelevantacquisitionaggregated under
this section must—(a)beassessedonthetotalofthedutiablevaluesoftheacquisitions when the liability for
corporate trustee dutyfor each of the acquisitions arose;
and(b)be apportioned between the
acquisitions as decided bythe commissioner.Page 234Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 224](6)Theacquirermust,whenlodgingthecorporatetrusteedutystatementrelatingtotheacquisition,givenoticetothecommissioner stating details known to
the acquirer about—(a)all of the interests of the acquirer
and related persons oftheacquirerincludedortobeincludedinthearrangement
mentioned in subsection (1); and(b)the
dutiable value of each relevant acquisition.Note—Under the Administration Act, the
requirement under this subsection isa lodgement
requirement for which a failure to comply is an offenceunder section 121 of that Act.Division 6Exempt
acquisitions224Exemption—change of trusteeCorporate trustee duty is not imposed on a
relevant acquisitionfor the sole purpose of giving effect
to a change of a trusteeif—(a)the
acquisition is not part of an arrangement—(i)involvingachangeintherightsorinterestofabeneficiary of the trust; or(ii)terminating the
trust; and(b)the acquisition is not part of an
arrangement to avoid theimposition of duty; and(c)transfer duty has been paid on all
trust acquisitions forwhich transfer duty is imposed for the
trust before theacquisition.225Exemption—relevant acquisition in family
trust(1)Corporate trustee duty is not imposed
on a relevant acquisitionif—Current as at
[Not applicable]Page 235
Duties
Act 2001Chapter 3 Landholder duty and corporate
trustee duty[s 225]Notauthorised—indicativeonly(a)thetrustofwhichthecorporatetrusteeistrusteeisestablished and maintained primarily for the
benefit ofthe members of a particular family or a
family company;and(b)the acquirer
under the relevant acquisition is a memberof the family
who, or is a family company that, does nothold the shares
acquired as trustee.(2)A trust is
established and maintained primarily for the benefitof
the members of a particular family or a family companyif—(a)theprimarybeneficiariesofthetrustconsistonlyofmembers of the family or the family company;
and(b)the takers in default of an
appointment for capital by thetrustee of the
trust consist only of members of the familyor the family
company.(3)However, subsection (2)(b) is taken to
be satisfied if the lasttaker in default of an appointment for
capital by the trustee ofthe trust is—(a)a
person decided under theSuccession Act 1981;
or(b)a charitable institution.(4)Forapplyingthissection,aperson(thefirstperson)isamember of the particular family of another
person (theotherperson)
if—(a)the first person is the spouse of the
other person; or(b)the first person, or the first
person’s spouse, is any of thefollowinginrelationtotheotherperson,ortheotherperson’s spouse—(i)child, stepchild or adopted child;(ii)grandchild or
great grandchild;(iii)brother, sister,
aunt, uncle or cousin;(iv)parent,
step-parent, adoptive parent, grandparent orgreat
grandparent.(5)In this section—Page 236Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 3
Landholder duty and corporate trustee duty[s 226]family company, for a trust,
means a corporation in which allits directors
and shareholders are members of the particularfamily for which
the trust is established and maintained.spouseincludes former spouse.226Exemption—if transfer duty not
imposedCorporate trustee duty is not imposed on a
relevant acquisitionthatisadutiabletransactiononwhichtransferdutyisnotimposed because of an exemption under
sections 123 to 126.Division 7Deductions and
reassessments227Deduction—interstate transfer duty for
shares(1)This section applies if—(a)interstate transfer duty is paid or
payable for a transfer,or agreement for the transfer, of
shares of a corporatetrusteeorrelevantcorporationforacorporatetrustee;and(b)the transfer or
agreement is a relevant acquisition.(2)Corporatetrusteedutyimposedontherelevantacquisitionmust be reduced
by the amount of the interstate transfer duty.(3)In
this section—interstatetransferdutymeansadutyinanotherStateequivalent to transfer duty under this
Act.228Deduction—transfer duty for trust
acquisition(1)This section applies if—(a)apersonmakesatrustacquisitionforwhichtransferduty
is paid or payable; and(b)the acquisition
is a relevant acquisition.Current as at [Not applicable]Page
237
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 229](2)Corporatetrusteedutyimposedontherelevantacquisitionmustbereducedbytheamountoftransferdutypaidorpayable.229When
commissioner must make reassessment(1)Thecommissionermustmakeareassessmentofcorporatetrustee duty
imposed for a relevant acquisition if at the time ofthe
relevant acquisition a person is taken to have acquired ashare interest in a corporation under an
agreement to acquirethe interest but the agreement is not
completed.(2)Whenreassessingthecorporatetrusteedutyundersubsection (1), the commissioner must
disregard the interestmentioned in the subsection.(3)Forthereassessment,theacquirerundertherelevantacquisition must
lodge the corporate trustee duty statement forthe
acquisition.Chapter 4Additional
foreign acquirerdutyPart 1Preliminary230Relevant transactionsThischapterappliestothefollowingtransactions(relevanttransactions)—(a)dutiable transactions on which
transfer duty is imposedunder chapter 2;(b)relevantacquisitionsonwhichlandholderdutyorcorporate trustee duty is imposed
under chapter 3.Page 238Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 231]231Imposition of AFAD(1)This
chapter imposes an additional amount of transfer duty,landholderdutyorcorporatetrusteedutyonparticularrelevant
transactions.(2)The additional amount of duty
isadditional foreign acquirerdutyorAFAD.(3)Part3providesforwhenAFADisimposedonarelevanttransaction.(4)Part
4 provides for how AFAD is calculated.(5)The
AFAD imposed on a relevant transaction is added to theduty
imposed on the transaction under chapter 2 or 3.(6)To remove any doubt, it is declared
that, unless the contraryintention appears—(a)a
reference in this Act to transfer duty is a reference todutyimposedunderchapter2andAFADrelatingtotransfer duty imposed under this chapter;
and(b)a reference in this Act to landholder
duty is a referencetodutyimposedunderchapter3,part1andAFADrelating to
landholder duty imposed under this chapter;and(c)areferenceinthisActtocorporatetrusteedutyisareference to duty imposed under
chapter 3, part 2 andAFAD relating to corporate trustee
duty imposed underthis chapter.Part 2Some
basic concepts for AFAD232What isAFAD
residential land(1)AFAD residential landis
land in Queensland—(a)that is, or will be, solely or
primarily used for residentialpurposes;
and(b)to which any of the following
applies—Current as at [Not applicable]Page
239
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 232](i)onthelandthereis,orwillbeconstructed,abuildingdesignedorapprovedbyalocalgovernmentforhumanhabitationbyasinglefamily
unit;(ii)on the land
there is a building that a person willrefurbish,renovateorextendsoitbecomesabuilding mentioned in subparagraph
(i);(iii)the land is a
lot on which there is a building or apart of a
building that, for the separate area the lotcomprises,isdesignedorapprovedbyalocalgovernmentforhumanhabitationbyasinglefamily
unit;(iv)the land will be
a lot on which there is a building ora part of a
building that, for the separate area thelot comprises,
is designed or approved by a localgovernmentforhumanhabitationbyasinglefamily
unit;(v)the land is a lot on which there will
be a building ora part of a building that, for the separate
area thelot comprises, is designed or approved by a
localgovernmentforhumanhabitationbyasinglefamily
unit;(vi)apersonisundertaking,orwillundertake,developmentofthelandsoitbecomeslandmentioned in any of subparagraphs (i) to
(v).(2)For the purpose of imposing AFAD
relating to transfer duty, areference to
AFAD residential land includes a reference to achattel in
Queensland if—(a)the chattel and the land are included
in the same dutiabletransaction under section 29 or 30,
whether or not thechattelisthesubjectofaseparateagreementfortransfer; and(b)theuseofthechattelcanbedirectlylinkedto,orisincidental to, the use and occupation of the
land.Page 240Current as at
[Not applicable]
Duties Act 2001Chapter 4
Additional foreign acquirer duty[s 233]Notauthorised—indicativeonly233Who is anacquirer(1)For the purpose of imposing AFAD
relating to transfer dutyon a dutiable transaction, a person is
anacquirerif the
personis—(a)for a dutiable
transaction mentioned in section 9(1)(a) or(b)—atransfereeofthedutiablepropertyunderthetransaction; or(b)for
a dutiable transaction mentioned in section 9(1)(c) to(e)—a person who, under the transaction,
acquires thedutiable property; or(c)for
a dutiable transaction mentioned in section 9(1)(f)—a
person who, under the transaction, acquires the newright; or(d)for
a dutiable transaction mentioned in section 9(1)(g)—apersonwho,underthetransaction,acquiresapartnership interest; or(e)for a dutiable transaction mentioned
in section 9(1)(h)thatisthecreationofatrustofdutiableproperty—apersonwho,underthetransaction,startstoholdthedutiable property in a way mentioned in
section 53; or(f)for a dutiable transaction mentioned
in section 9(1)(h)that is the termination of a trust of
dutiable property—apersonwho,underthetransaction,startstoholdthedutiable property other than as trustee;
or(g)foradutiabletransactionmentionedinsection9(1)(i)that
is a trust acquisition—a person who makes a trustacquisition under the transaction; or(h)foradutiabletransactionmentionedinsection9(1)(i)that
is a trust surrender—a person who is a trustee of thetrust in which, under the transaction, the
trust interest issurrendered; or(i)for
a dutiable transaction mentioned in paragraph (a) to(h)—a partner in a partnership in which any
of the otherpartnersis(inthecapacityofapartner)apersonmentioned in the
paragraph.Current as at [Not applicable]Page
241
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 234](2)ForthepurposeofimposingAFADrelatingtolandholderduty on a
relevant acquisition, a person is anacquirerif
theperson is—(a)a
person who makes the relevant acquisition under thetransaction; or(b)ifapersonmakesarelevantacquisitionbecauseinterests are aggregated under section
158(1)(b)(ii), theperson or a related person of the person;
or(c)apartnerinapartnershipinwhichanyoftheotherpartnersis(inthecapacityofapartner)apersonmentioned in
paragraph (a) or (b).(3)ForthepurposeofimposingAFADrelatingtocorporatetrustee duty on
a relevant acquisition, a person is anacquirerif
the person—(a)makes the relevant acquisition under
the transaction; or(b)is a partner in a partnership in which
any of the otherpartners (in the capacity of a partner)
makes the relevantacquisition under the transaction.(4)In this section—related
personsee section 164.234Who
is aforeign personEach of the
following is aforeign person—(a)a foreign individual;(b)a foreign corporation;(c)the trustee of a foreign trust.235Who is aforeign
individualAforeign individualis an individual
other than an Australiancitizen or permanent resident.Page
242Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 236]236What is aforeign
corporation(1)Each of the following is aforeign corporation—(a)a corporation incorporated outside
Australia;(b)acorporationinwhichforeignpersonshaveacontrolling interest.(2)Acorporationistakentobeacorporationmentionedinsubsection (1)(b) if, taking their
interests together, 1 or morepersons who are
foreign persons or related persons of foreignpersons—(a)are in a position to control at least
50% of the votingpower in the corporation; or(b)are in a position to control at least
50% of the potentialvoting power in the corporation;
or(c)have an interest in at least 50% of
the issued shares inthe corporation.(3)In
this section—potentialvotingpowerseetheForeignAcquisitionsandTakeovers Act 1975(Cwlth), section
22.voting powersee theForeign Acquisitions and Takeovers
Act1975(Cwlth), section
22.237What is aforeign
trust(1)A trust is aforeign
trustif at least 50% of the trust interests
inthe trust are foreign interests.(2)In this section—foreign
interestmeans—(a)a
trust interest of a foreign individual; or(b)a
trust interest of a foreign corporation; or(c)a
trust interest of a trustee of a foreign trust; or(d)atrustinterestheldbyarelatedpersonofapersonmentioned in
paragraph (a) to (c).Current as at [Not applicable]Page
243
Duties
Act 2001Chapter 4 Additional foreign acquirer
duty[s 238]238Who
arerelated personsPersons
arerelated personsif they
are—(a)related persons under section 61;
or(b)partners in a partnership.Notauthorised—indicativeonly239Property held by
partnership or trustA reference in this chapter to a
partnership or trust holdingproperty is a
reference to the holding of the property by thepartners for the
partnership or trustees on trust.Part 3Liability for AFAD240Conditions for imposing AFAD(1)AFAD is imposed on a relevant
transaction if, at the time theliability for
transfer duty, landholder duty or corporate trusteeduty
on the transaction arises—(a)the property
condition under section 241 applies; and(b)an
acquirer under the transaction is a foreign person.(2)Also, AFAD is imposed on a relevant
transaction that is anagreement for the transfer of dutiable
property if—(a)the commissioner is satisfied—(i)a person (theagent) is
appointed in writing as anagent for another person (theprincipal); and(ii)undertheappointment,theagententersintotheagreement for the transfer of the dutiable
propertyfromapersontotheagentonbehalfoftheprincipal (theagreement);
and(iii)theprincipalprovidedalltheconsideration,including any
deposit paid; and(b)atthetimetheliabilityfortransferdutyontheagreement
arises—Page 244Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 241](i)the property condition under section
241 applies;and(ii)AFADisnotimposedontheagreementundersubsection (1);
and(iii)the principal is
a foreign person.(3)Forsubsection(2)(a)(i),thecommissionermustnotbesatisfiedthepersonwasproperlyappointedasagentunlesstheoriginalinstrumentofappointment,oracopyofit,islodged.241Property condition for imposing
AFAD(1)This section states the property
condition for section 240.(2)Iftherelevanttransactionisadutiabletransaction,theproperty condition is that—(a)for a dutiable transaction mentioned
in section 9(1)(a) to(e)or(h)fordutiablepropertyotherthananexistingright—the
dutiable property is AFAD residential land;or(b)for a dutiable transaction mentioned
in section 9(1)(a) to(e) or (h) for dutiable property that
is an existing right—the existing right is—(i)AFAD residential land; or(ii)anexistingrightmentionedinschedule6,definitionexisting
right, paragraph (g) or (i) to (m)forwhichthedutiablepropertyisAFADresidential
land; or(c)for a dutiable transaction mentioned
in section 9(1)(f)—the new right is—(i)AFAD
residential land; or(ii)anewrightmentionedinschedule6,definitionnewright,paragraph(c)forwhichthedutiableproperty is AFAD
residential land; orCurrent as at [Not applicable]Page
245
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 241A](d)for a dutiable transaction mentioned
in section 9(1)(g)—thepartnershipacquisitionisanacquisitionofapartnership interest in a partnership
that—(i)holdsdutiablepropertythatisAFADresidentialland; or(ii)has an indirect
interest in dutiable property that isAFAD residential
land; or(e)for a dutiable transaction mentioned
in section 9(1)(i)—the trust acquisition or trust surrender is
an acquisitionor surrender of a trust interest in a trust
that—(i)holdsdutiablepropertythatisAFADresidentialland; or(ii)has an indirect
interest in dutiable property that isAFAD residential
land.(3)Iftherelevanttransactionisarelevantacquisition,theproperty condition is that—(a)forlandholderduty—thelandholderhasland-holdingsthat include
AFAD residential land; or(b)forcorporatetrusteeduty—thedutiablepropertyheldontrustbythecorporatetrustee,orinwhichthecorporate trustee has an indirect
interest that is held ontrust, includes AFAD residential
land.241AImposition of AFAD—pre-incorporation
contracts(1)This section applies if—(a)a transferee enters into an agreement
for the transfer ofdutiable property for, or for the benefit
of, a companyproposedtoberegisteredundertheCorporationsAct;and(b)the company is
named in the agreement; and(c)thecompany,oracompanythatisreasonablyidentifiable
with it, is registered under the CorporationsAct; andPage
246Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 242](d)under the Corporations Act, section
131, the companyratifies the agreement after it is
registered; and(e)the dutiable property is AFAD
residential land; and(f)the company is a
foreign corporation when the dutiableproperty is
transferred to it.(2)AFADisimposedonthedutiabletransactionthatistheagreement.Note—Under section 116(4), transfer duty is not
imposed on the transfer of thedutiablepropertytothecompanyiftransferdutyimposedontheagreement (including AFAD imposed
under subsection (2)) is paid. Seealso section
231(6).Part 4Calculating
AFAD242Definitions for pt 4In
this part—foreign acquirermeans an
acquirer who is a foreign person.foreignacquirer’sinterest,underarelevanttransaction,meanstheproportionthattheshareoftheforeignacquirerunderthetransactionbearstothetotalofthesharesofallacquirers under
the transaction.Example—Under a relevant
transaction that is a relevant acquisition on whichlandholder duty is imposed, person A (a
foreign acquirer) and person B(notaforeignacquirer)eachacquirea45%interestinapubliclandholder. The proportion of person A’s
share under the transaction is50%(a45% interest of a totalinterestof90%acquiredunderthetransaction). Person A’s foreign
acquirer’s interest is therefore 50%.243Non-application of concessionsThe
following provisions do not apply to the calculation orpayment of AFAD imposed under this
chapter—•chapter 2, part 9Current as at
[Not applicable]Page 247
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 244]•chapter 2, part 10•section 173.244AFAD
for transfer duty(1)This section applies if, under part 3,
AFAD relating to transferduty is imposed on a dutiable
transaction.(2)AFADisimposedattherateof7%onthefollowingamount—(a)for a dutiable transaction under
section 9(1)(a) to (e) or(h) for dutiable property other than
an existing right—the dutiable value of the transaction to the
extent of theforeign acquirer’s interest in the AFAD
residential landthat is the subject of the
transaction;(b)for a dutiable transaction under
section 9(1)(a) to (e) or(h)fordutiablepropertythatisanexistingright—thedutiablevalueofthetransactiontotheextentoftheforeignacquirer’sinterestintheexistingrightmentioned in
section 241(2)(b) that is the subject of thetransaction;(c)foradutiabletransactionundersection9(1)(f)—thedutiablevalueofthetransactiontotheextentoftheforeign acquirer’s interest in the new
right mentioned insection 241(2)(c) that is the subject of the
transaction;(d)for a dutiable transaction under
section 9(1)(g) or (i)—the dutiable value of the
transaction—(i)totheextentthepartnershipacquisition,trustacquisitionortrustsurrenderrelatestoAFADresidential
land; and(ii)to the extent of
the foreign acquirer’s interest in thepartnershipacquisition,trustacquisitionortrustsurrender.(3)However, if AFAD is imposed on a dutiable
transaction undersection 240(2) or 241A, AFAD is imposed at
the rate of 7%Page 248Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 245]on
the dutiable value of the transaction to the extent of theacquirer’s interest in—(a)theAFADresidentiallandthatisthesubjectofthetransaction; or(b)the
existing right mentioned in section 241(2)(b) that isthe
subject of the transaction.245AFAD for
landholder duty(1)Thissectionappliesif,underpart3,AFADrelatingtolandholder duty is imposed on a
relevant acquisition.(2)AFAD is imposed
on a relevant acquisition made in a privatelandholderattherateof7%onthedutiablevalueoftheacquisition—(a)to
the extent the dutiable value relates to land-holdingsof
the landholder that are AFAD residential land; and(b)totheextentoftheforeignacquirer’sinterestintherelevant
acquisition.(3)AFAD is imposed on a relevant
acquisition made in a publiclandholder, to
the extent of the foreign acquirer’s interest inthe
relevant acquisition, in the amount calculated in the waylandholder duty is calculated under section
179A but with thechanges stated in subsection (4).(4)Forsubsection(3),inrelationtothecalculationoftransferduty as
mentioned in section 179A—(a)thedutiabletransactionmentionedinthatsectionistreatedasbeinglimitedtothetransferoftheAFADresidential land; and(b)the
amount of transfer duty that would be imposed onthe
transaction as mentioned in that section is calculatedat
the rate of 7%.Current as at [Not applicable]Page
249
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246]246AFAD for corporate trustee duty(1)Thissectionappliesif,underpart3,AFADrelatingtocorporate trustee duty is imposed on a
relevant acquisition.(2)AFAD is imposed
at the rate of 7% on the dutiable value of arelevant
acquisition—(a)to the extent the dutiable property
held on trust by thecorporate trustee, or in which the
corporate trustee hasanindirectinterestthatisheldontrust,isAFADresidential
land; and(b)totheextentoftheforeignacquirer’sinterestintherelevant
acquisition.Part 5ReassessmentsDivision 1Reassessments—general246AReassessment if corporation or trust becomes
foreign(1)ThissectionappliesifAFADisnotimposedonarelevanttransaction only
because an acquirer under the transaction isnot a foreign
person.(2)Thecommissionermustmakeareassessmentundersubsection (3) if—(a)within3yearsafterthetimetheliabilityfortransferduty,landholderdutyorcorporatetrusteedutyonthetransactionarose,acorporationthatwasanacquirerunder the transaction becomes a foreign
corporation; or(b)both of the following apply—(i)a person was an acquirer under the
transaction inthe person’s capacity as trustee;(ii)within3yearsafterthetimetheliabilityfortransfer duty, landholder duty or corporate
trusteePage 250Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246AA]duty
on the transaction arose, the trust becomes aforeign
trust.(3)ThecommissionermustmakeareassessmenttoimposeAFADonthetransactionasif,atthetimetheliabilityfortransfer duty, landholder duty or corporate
trustee duty on thetransaction arose, the acquirer was a
foreign person.(4)Within 28 days after an event
mentioned in subsection (2)(a)or(b)(ii)happens,thecorporationortrusteeofthetrustmust—(a)give notice in the approved form to
the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the transaction are lodged for a reassessment ofduty
on the transaction.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(5)Thecommissionerisnotrequiredtomakeareassessmentunder subsection
(3) if the commissioner is required to make areassessment
under section 246AC.Division 2Reassessments
relating toagency-related agreements246AA
Application of division(1)This division
applies if the commissioner is satisfied—(a)a
person (theagent) is appointed
in writing as an agentfor another person (theprincipal); and(b)under the appointment, the agent
enters into a dutiabletransactionthatisanagreementforthetransferofdutiablepropertyfromaperson(theoriginaltransferor) to the agent
on behalf of the principal (theagreement);
andCurrent as at [Not applicable]Page
251
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246AB](c)theprincipalprovidedalltheconsideration,includingany
deposit paid.(2)For subsection (1)(a), the
commissioner must not be satisfiedthe person was
properly appointed as agent unless the originalinstrument of
appointment, or a copy of it, is lodged.246AB Reassessment
if principal not foreign person at time oftransfer(1)This section applies if—(a)the commissioner is satisfied transfer
duty imposed onthe agreement is paid; and(b)AFADisimposedontheagreement,includingonareassessment
under section 246AC, because the agent isa foreign
person; and(c)the dutiable property is later
transferred to the principalby the original
transferor or the agent; and(d)at
the time of the later transfer of the dutiable property,the
principal is not a foreign person.(2)The
principal may lodge an application for a reassessment inthe
approved form within 6 months after the dutiable propertyis
later transferred to the principal.(3)The
principal must lodge the agreement with the application.(4)The commissioner must make a
reassessment of transfer dutyontheagreementasif,atthetimetheliabilityfortransferduty arose, the
acquirer was not a foreign person.246AC Reassessment
if agent or principal becomes foreignperson before
transfer(1)This section applies if—(a)AFADisnotimposedontheagreementonlybecausethe agent is not
a foreign person and the principal is nota foreign
person; andPage 252Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246AC](b)thedutiablepropertyhasnotbeentransferredtotheprincipal by the original transferor
or the agent.(2)Thecommissionermustmakeareassessmentundersubsection (3) if any of the following
events happen—(a)the agent was a corporation and within
3 years after thetimetheliabilityfortransferdutyontheagreementarose the agent becomes a foreign
corporation;(b)theagentactedintheagent’scapacityastrusteeandwithin3yearsafterthetimetheliabilityfortransferduty on the
agreement arose the trust becomes a foreigntrust;(c)the principal was a corporation and
within 3 years afterthe time the liability for transfer
duty on the agreementarose the principal becomes a foreign
corporation;(d)the principal acted in the principal’s
capacity as trusteeand within 3 years after the time the
liability for transferduty on the agreement arose the trust
becomes a foreigntrust.(3)ThecommissionermustmakeareassessmenttoimposeAFADontheagreementasif,atthetimetheliabilityfortransfer duty on the agreement arose—(a)forareassessmentbecauseaneventmentionedinsubsection(2)(a)or(b)happens—theacquirerwasaforeign person;
or(b)otherwise—the agent was not a foreign
person but theprincipal was a foreign person.(4)Within 28 days after an event
mentioned in subsection (2)(a)to (d) happens,
the corporation or trustee of the trust must—(a)give
notice in the approved form to the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the agreement are lodged for a reassessment ofduty
on the agreement.Current as at [Not applicable]Page
253
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246AD]Note—Failure to give
the notice is an offence under the Administration Act,section 120.246AD Reassessment
if principal becomes foreign person aftertransfer(1)This section applies if—(a)thedutiablepropertyhasbeentransferredtotheprincipal by the original transferor
or the agent; and(b)AFAD is not imposed on the agreement,
including on areassessmentundersection246AB,onlybecausetheagent is not a foreign person and the
principal is not aforeign person.(2)Thecommissionermustmakeareassessmentundersubsection (3) if—(a)the
principal was a corporation and within 3 years afterthe
time the liability for transfer duty on the agreementarose the principal becomes a foreign
corporation; or(b)both of the following apply—(i)theprincipalactedintheprincipal’scapacityastrustee;(ii)within3yearsafterthetimetheliabilityfortransferdutyontheagreementarosethetrustbecomes a
foreign trust.(3)ThecommissionermustmakeareassessmenttoimposeAFADontheagreementasif,atthetimetheliabilityfortransferdutyontheagreementarose,theagentwasnotaforeign person
but the principal was a foreign person.(4)Within 28 days after an event mentioned in
subsection (2)(a)or(b)(ii)happens,thecorporationortrusteeofthetrustmust—(a)give notice in the approved form to
the commissioner;andPage 254Current as at
[Not applicable]
Duties Act 2001Chapter 4
Additional foreign acquirer duty[s 246AE](b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the agreement are lodged for a reassessment ofduty
on the agreement.Note—Failure to give
the notice is an offence under the Administration Act,section 120.Notauthorised—indicativeonlyDivision 3Reassessments
relating topre-incorporation contracts246AE
Reassessment of pre-incorporation contract—companyis
foreign corporation when property is transferred(1)Ifsection241Aapplies,thecommissionermustmakeareassessment to impose AFAD on the dutiable
transaction thatis the agreement for the transfer of the
dutiable property.(2)Within 28 days after the dutiable
property is transferred to thecompany, the
company must—(a)give notice in the approved form to
the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the agreement are lodged for a reassessment ofduty
on the agreement.Note—Failure to give
the notice is an offence under the Administration Act,section 120.246AF Reassessment
of pre-incorporation contract—companybecomes foreign
corporation within 3 years(1)This section
applies if—(a)transferdutyisnotimposedonadutiabletransactionbecause of
section 116(4); and(b)AFAD is not imposed on the agreement
for the transferof the dutiable property; andCurrent as at [Not applicable]Page
255
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246B](c)the dutiable property is AFAD
residential land; and(d)thecompanyisnotaforeigncorporationwhenthedutiable property is transferred to
the company.(2)Thecommissionermustmakeareassessmentundersubsection (3) if, within 3 years after the
dutiable property istransferred to the company, the
company becomes a foreigncorporation.(3)ThecommissionermustmakeareassessmenttoimposeAFADontheagreementasifthecompanywereaforeigncorporation.(4)Within28daysaftertheeventmentionedinsubsection(2)happens, the company must—(a)give notice in the approved form to
the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofduty
on the agreement are lodged for a reassessment ofduty
on the agreement.Note—Failure to give
the notice is an offence under the Administration Act,section 120.Part 6Charge for unpaid transfer duty246BCharge over interest in land for
unpaid transfer duty(1)This section
applies if—(a)transfer duty including AFAD is
imposed on a dutiabletransaction; and(b)all
or part of the transfer duty is not paid by the date theamount (theoutstanding
liability) is payable.(2)The
outstanding liability is a first charge on the interest of
thefollowing person (thechargee) in
the AFAD residential landthat is the subject of the
transaction—Page 256Current as at
[Not applicable]
Duties Act 2001Chapter 4
Additional foreign acquirer duty[s 246B]Notauthorised—indicativeonly(a)for a dutiable transaction mentioned
in section 9(1)(a) to(f)—(i)ifAFADisimposedonthetransactionundersection240(2)andthelandhasnotbeentransferred to the principal—the acquirer
under thetransaction; or(ii)ifAFADisimposedonthetransactionundersection 240(2) and the land has been
transferred tothe principal—the principal; or(iii)ifAFADisimposedonthetransactionundersection 241A—the company; or(iv)otherwise—theforeignacquirerunderthetransaction;(b)for
a dutiable transaction mentioned in section 9(1)(g)—eachpartnerwhoholdstheAFADresidentiallandtowhich the partnership acquisition
relates;(c)for a dutiable transaction mentioned
in section 9(1)(h)that is the creation of a trust of dutiable
property—thepersonwho,underthetransaction,startstoholdtheAFADresidentiallandinawaymentionedinsection53;(d)for a dutiable transaction mentioned
in section 9(1)(h)that is the termination of a trust of
dutiable property—the person who, under the transaction,
starts to hold theAFAD residential land other than as
trustee;(e)foradutiabletransactionmentionedinsection9(1)(i)thatisatrustacquisition—thetrusteeofthetrustinwhich the trust acquisition is
made;(f)foradutiabletransactionmentionedinsection9(1)(i)that
is a trust surrender—(i)the trustee of
the trust in which the trust interest issurrendered;
or(ii)ifthereisnolongeratrusteeasaresultofthesurrender,thepersonwhoholdstheAFADresidential land
as a result of the surrender.Current as at
[Not applicable]Page 257
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246C](3)The charge has priority over all other
encumbrances over thechargee’s interest in the land other
than a charge under section156P.(4)Subsection (3) applies—(a)whethertheotherencumbrancesoverthechargee’sinterest in the
land—(i)are registered or unregistered;
or(ii)were created
before or after the charge arises undersubsection (2);
and(b)despite theLand Title Act
1994, part 3, divisions 2 and2A.(5)The commissioner
may lodge, under the Administration Act,part 4, division
5, a request to register the charge on the landthat is the
subject of the transaction.(6)DespitetheAdministrationAct,section47B,theregistrarmustnotregisterthechargeifthechargeeisnolongertheregistered owner of the land.(7)On its registration, the charge is not
affected by a dispositionof the chargee’s interest in the
land.246CCommissioner may apply to Supreme
Court for order tosell(1)This
section applies if—(a)a charge has been registered over the
land under section246B; and(b)theoutstandingliabilityhasnotbeenpaidwithin18months after registration.(2)ThecommissionermayapplytotheSupremeCourtforanorder to sell
the land stated in the application.(3)Atleast6monthsbeforemakingtheapplication,thecommissioner must give the persons mentioned
in subsection(4)noticeofthecommissioner’sintentiontoapplytotheSupremeCourtforanordertosellthelandunlessthePage 258Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246D]outstanding liability is paid within 6
months after the date ofthe notice.(4)The
persons to whom notice must be given are—(a)the
persons liable to pay the outstanding liability; and(b)the owner of the land.246DWhen court must order sale of
land(1)The court must order the sale of the
land if it is satisfied—(a)proper notice of
the application for the order was givenunder section
246C; and(b)there is an outstanding liability
payable to the State.(2)However, the
court may make an order only for the land thecourtconsidersissufficienttorealiseproceedstopaytheamounts mentioned in section 246E(a) to
(d).246EApplication of proceeds of saleThe
proceeds of the sale of land sold under the order must beapplied as follows—(a)first, in payment of the commissioner’s
expenses on theapplication to the court for the
order;(b)second, in payment of expenses
properly incurred by thecommissioner on the sale or any
attempted sale;(c)third, in payment of the outstanding
liability under theAdministration Act, section 42;(d)fourth,inpaymentofamountssecuredbyasecurityinterest or charge on the land recorded
before the chargementioned in section 246C(1)(a), unless the
land is soldsubject to the security interest or
charge;(e)fifth, any balance must be applied as
the court orders.Current as at [Not applicable]Page
259
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246F]246FRegistration of transfer(1)If land is sold under the order to
sell, the person stated in theorder for this
section must—(a)sign a transfer in the appropriate
form in favour of thepurchaser; and(b)lodge the transfer with the
registrar.(2)The registrar must register the
transfer as if it had been signedby the
registered owner of the land.(3)Subsection (2) applies despite
non-production of the relevantinstrument of
title.246GFormer owner may recover proceeds of
sale as debt(1)The amount equal to the proceeds of
the sale of land under theorder to sell less an amount paid
under section 246E(d) is adebt payable to the former owner of
the land by the personsliable to pay the outstanding
liability for which the order wasmade.(2)Theformerownermayrecoverthedebtinacourtofcompetent jurisdiction.(3)In
this section—former owner, of land sold
under the order to sell, means theperson who owned
the land immediately before its sale.Part 7Miscellaneous246HAcquirer must lodge AFAD statementThe
acquirer under a relevant transaction on which AFAD isimposed must, within 30 days after the date
of the transaction,lodge a statement in the approved
form.Note—Failure to lodge
the statement is an offence under the AdministrationAct,
section 121.Page 260Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 4
Additional foreign acquirer duty[s 246I]246IRecovery of transfer duty payment from
foreign persons(1)This section applies if—(a)AFAD relating to transfer duty is
imposed on a dutiabletransaction; and(b)a
person who is liable under this Act to pay the transferduty
pays an amount to the commissioner as paymentfor—(i)all or part of the transfer duty;
or(ii)interest or
penalty tax relating to the transfer duty;and(c)the person—(i)is
not a foreign acquirer under the transaction; and(ii)isnotanagentforaprincipalwhoisaforeignperson as
mentioned in section 240(2); and(iii)is
not a transferee mentioned in section 241A if thedutiablepropertyhasbeentransferredtothecompany.(2)The
person is entitled to recover the amount from a followingperson as a debt, to the extent the amount
exceeds the amountthat would have been payable if AFAD had not
been imposedon the transaction—(a)the
foreign acquirer;(b)theagentfortheprincipalwhoisaforeignpersonasmentioned in section 240(2);(c)the transferee mentioned in section
241A if the dutiableproperty has been transferred to the
company.Current as at [Not applicable]Page
261
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 247]Chapter 5Mortgage dutyPart 1Preliminary247Imposition of mortgage duty(1)Thischapterimposesduty(mortgageduty)oninstrumentsthataremortgages,particularcaveatsclaiminganinterestunder mortgages
and particular releases of mortgages.Note—Concessions and exemptions for mortgage duty
are dealt with in parts 6and 7. Also, other exemptions are
dealt with in chapter 10.(2)Mortgagedutyisimposedontheamountsecuredbyamortgage.Note—See part 4
(Amount secured by a mortgage).247AAbolition of mortgage duty from 1 July
2008(1)Despiteanythingtothecontraryinthischapter,mortgageduty is not
imposed—(a)on a mortgage first signed, or that
first affects propertyin the State, on or after 1 July 2008;
or(b)in relation to an advance or further
advance made on orafter 1 July 2008, under a mortgage first
signed, or thatfirst affects property in the State, before
1 July 2008; or(c)on an instrument that, on the deposit
of instruments oftitletopropertyinQueensland,firstbecomesamortgageorevidencesthetermsofamortgageonorafter 1 July 2008.(2)This
section is subject to chapter 17, part 9, division 1.Page
262Current as at [Not applicable]
Part
2Duties Act 2001Chapter 5
Mortgage duty[s 248]Some basic
concepts formortgage dutyNotauthorised—indicativeonly248What is amortgage(1)An instrument is amortgageif
it is—(a)a security by way of mortgage or
charge over propertywholly or partly in Queensland;
or(b)asecuritybywayofatransferofpropertywhollyorpartly in Queensland to a trustee, to
be sold or otherwiseconvertedintomoney,redeemablebeforethesaleorconversion,otherthanifthetransferismadeforthebenefitofcreditorswhoacceptthetransferinfullsatisfaction of
debts owed to them; or(c)any transfer, or
agreement for the transfer, of propertywhollyorpartlyinQueenslandthatisapparentlyabsolute but is
intended only as security; orNote—See
section 32 (Transfer by way of security—land).(d)an
instrument that, on the deposit of instruments of titleto
property wholly or partly in Queensland, becomes amortgage or evidences the terms of a
mortgage.(2)However,forthischapter,aninstrumentmentionedinsubsection (1)(a) is a mortgage only
if it is a security by wayofmortgageorchargeoverpropertywhollyorpartlyinQueensland at the liability date.(3)Forsections
262,268,269,276and281,areferencetoamortgageorpreviousmortgageincludesareferencetoamortgage first signed before the
repeal of the repealed Act.249What is anadvance(1)Anadvanceis the provision
or obtaining of funds by way offinancial
accommodation by—(a)a loan; orCurrent as at
[Not applicable]Page 263
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 250](b)abillfacilitythatis1ormoreagreements,understandingsorarrangementsasaconsequenceofwhich a bill of exchange or promissory
note—(i)is drawn, accepted, endorsed or made;
or(ii)is held,
negotiated or discounted.(2)Subsection
(1)(b)applieswhetherornotthefundsareobtained from—(a)the
person who draws, accepts, endorses or makes thebill
of exchange or promissory note; or(b)apersonwhoisapartytoanyoftheagreements,understandings
or arrangements.(3)Anadvanceincludes a contingent liability under
section 259.(4)However, the term does not include an
amount provided orobtained on the security of a mortgage
for—(a)insurance of the secured property
against fire; or(b)keeping or effecting a policy of life
insurance; or(c)payment of duty for the security or
any loan other than acurrent account secured by the
mortgage.250What is aloanEach
of the following is aloan—(a)an advance of money;(b)thepaymentofmoneyfororonaccountof,orattherequest of, any person;(c)a forbearance to require the payment
of money owing onany account;(d)anytransaction,whateveritstermsorform,thatinsubstance effects a loan of
money.Page 264Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 251]251Location of property(1)For
this chapter, the following property is taken to be locatedin
the place stated—(a)marketablesecuritiesofacompany—intheStatethecompanyistakentoberegisteredundertheCorporations Act;(b)units in a unit trust—in the place where the
register onwhich the units are registered is kept or,
if the register isnotkeptinAustralia,intheplaceofresidenceofthemanager or responsible entity of the
unit trust;(c)debt securities of a government of a
State—in that State;(d)aninsuredperson’sinterestin,orrighttoreceiveamountspayableunder,apolicyofinsurancethatissecurity for a premium funding
agreement—the place ofresidence of the insured
person.(2)Subsection (1)(a) is declared to be a
Corporations legislationdisplacement provision for the
Corporations Act, section 5G,in relation to
section 1070A(4) of that Act.251ATreatment of mortgages affecting property in
Victoria orTasmania(1)Forthis chapter,amortgage ormortgagepackageaffectingpropertylocatedinVictoriaistakentohavebeenproperlystamped, stamped
with similar duty, duly stamped or exemptfrom duty under
theDuties Act 2000(Vic) only to
the extentthemortgageormortgagepackagewasproperlystamped,stamped with similar duty, duly stamped or
exempt from dutyunder that Act before 1 July 2004.(2)Forthis
chapter,amortgage ormortgagepackageaffectingproperty located in Tasmania is taken to
have been properlystamped, stamped with similar duty, duly
stamped or exemptfrom duty under theDuties Act
2001(Tas) only to the extentthemortgageormortgagepackagewasproperlystamped,stamped with similar duty, duly stamped or
exempt from dutyunder that Act before 1 July 2007.Current as at [Not applicable]Page
265
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 252]Part 3Liability for mortgage duty252When liability for mortgage duty
arises(1)A mortgage is liable to mortgage duty
when it is first signed.(2)A mortgage is
liable to mortgage duty on the making of anadvanceorfurtheradvancethatresultsinthetotalamountsecured by the
mortgage exceeding the amount secured by itforwhichithasbeenproperlystamped,orisexemptfromduty, under this or a corresponding
Act.(3)Subsection (4) applies to an
instrument of security if—(a)theinstrumentdoesnotaffectpropertyinQueenslandwhen it is first
signed; and(b)the instrument affects property in
Queensland—(i)forland,otherthanasecurityinterest—within1year
after the instrument is first signed; or(ii)forotherproperty—atanytimeaftertheinstrument is first signed; and(c)for other property mentioned in
paragraph (b)(ii)—(i)thepropertyisspecificallyidentified,whetherornot in the instrument, when the
instrument is firstsigned; and(ii)under an arrangement in place when the
instrumentisfirstsigned,thepropertyisintendedtobesecured by the security.(4)The instrument of security is liable
for mortgage duty when itfirst affects the property or land
unless it is stamped with, or isexempt from,
similar duty under a corresponding Act.(5)An
instrument that, on the deposit of instruments of title toproperty in Queensland, becomes a mortgage
or evidences theterms of a mortgage is liable to mortgage
duty on the depositof the instruments.Page 266Current as at [Not applicable]
Duties Act 2001Chapter 5
Mortgage duty[s 253]253Who
is liable to pay mortgage dutyMortgage duty
imposed on a mortgage must be paid by themortgagor.Notauthorised—indicativeonly254Rate of mortgage dutyThe
rate of mortgage duty imposed on a mortgage is 20c foreach$100,orpartof$100,oftheamountsecuredbythemortgage as
determined under part 4.255Lodging
mortgageThe mortgagor or mortgagee under a mortgage
must, within30 days after the liability for mortgage
duty arises, lodge themortgage.256Effect of lodging mortgage by mortgagor or
mortgageeThelodging,undersection 255,ofamortgagebythemortgagorormortgageerelievestheotherpersonfromcomplying with
the section.257Stamping before advance(1)A mortgage may be stampedbefore an advance whether ornot
an earlier advance has been made.(2)A
mortgage mentioned in section 260 or 261 may be stampedtosecureanyamountexceedingthattowhichitisalreadystampedbasedonthedutiableproportionforthemortgagewhen it is
stamped.Part 4Amount secured
by a mortgage258What is the amount secured by a
mortgage(1)The amount secured by a mortgage is
the amount of advancesactually secured by it and recoverable
under it.Current as at [Not applicable]Page
267
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 259](2)However, if—(a)amortgagehasbeenproperlystamped,orisexemptfromduty,underthisoracorrespondingActforanamount of
advances secured by the mortgage; and(b)a
further advance secured by the mortgage is made; and(c)the total amount secured by the
mortgage exceeds theamountforwhichthemortgagehasbeenproperlystamped;the amount
secured by the mortgage is, for section 247(2), theexcess amount mentioned in paragraph
(c).259Contingent liabilities(1)Thissectionappliestoamortgagesecuringorcapableofsecuring,whetherdirectlyorindirectly,anamountcontingentlypayable(thesecuredamount)inconnectionwith an advance
(theprimary advance)—(a)by a guarantor or indemnifying party
under a guaranteeor indemnity; or(b)by
another party under another type of instrument.(2)Mortgage duty must be assessed on the
secured amount as if itwere a separate advance secured by the
mortgage.(3)Forsubsection
(2),thecontingentliabilityislimitedtotheamount of the primary advance.(4)This section—(a)does
not apply if the commissioner is satisfied there isnoconnectionbetweenthemortgageandtheprimaryadvance;
and(b)doesnotrequiremortgagedutytobepaidmorethanonce for an
advance.Page 268Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 260]260Mortgage over property not wholly in
Queensland(1)Mortgage duty must be assessed for a
mortgage over propertythat is partly in and partly outside
Queensland as if the amountsecured by it
were only the dutiable proportion.(2)For
subsection (1), the dutiable proportion is the proportion ofthe
amount secured by the mortgage on which mortgage dutyis
imposed that, at the liability date, the value of property
inQueensland affected by the mortgage bears to
the value of allpropertyaffectedbyit,otherthanpropertylocatedoutsideAustralia or in a Territory or in Victoria
or Tasmania.(3)The dutiable proportion must be worked
out by reference tothe property values according to a referable
point.(4)For subsection (3), a referable point
is any of the followingpreparedintheyearbeforetheliabilitydateforthemortgage—(a)an independent valuation of the
secured property;(b)astatementofthemortgageebasedoninformationobtainedbythemortgageeindecidingtomaketheadvance to the mortgagor;(c)property valuations used by the
mortgagor in preparinganannualreturntobelodgedundertheCorporationsAct;(d)afinancialreportofthemortgagor,certifiedbyanindependent
auditor as presenting a true and fair view ofa corporation’s
financial position;(e)agreedpropertyvaluationsthatformthebasisofthemortgagor’s insurance policies;(f)anotherdocumentthecommissionerconsiderstobeappropriate for
working out the dutiable proportion.(5)However,ifthereismorethan1referablepointforamortgage,thereferablepointisthelaterorlatestofthereferable points.Current as at
[Not applicable]Page 269
Duties
Act 2001Chapter 5 Mortgage duty[s 261](6)Also,theacceptablereferablepointmustbethesameacceptable referable point used to determine
liability to dutyunder a corresponding Act.Notauthorised—indicativeonly261Advances secured
by mortgage package(1)If—(a)at a
liability date, 2 or more security instruments secureor
partly secure the same amount; and(b)atleast1oftheinstrumentsisasecurityaffectingproperty wholly or partly outside
Queensland; and(c)at least 1 of the instruments is a
mortgage;the instruments are amortgage
package.(2)Also, amortgage packageincludes—(a)amortgagesignedaftertheliabilitydateifthecommissioner is
satisfied the mortgage was intended tobe part of the
package; and(b)amortgagepreviouslycollateraltoanearlieradvanceunder 1 or more of the other mortgages in
the package.(3)Mortgagedutymustbeassessedunderthispartonthemortgagepackageasiftheinstrumentscomprisingthemortgage package were 1 mortgage, first
signed on the daythe last of the signed instruments was
signed.(4)Oneofthemortgagesinthemortgagepackagemustbestamped with the mortgage duty paid in
Queensland for themortgagepackageandallothermortgagesinthemortgagepackage must be
stamped as a collateral mortgage.262Collateral mortgage(1)Mortgagedutyisnotimposedonthepartoftheamountsecured by a collateral mortgage that is
secured by—(a)amortgageorsecurityinstrumentthatisproperlystamped under
this Act or a corresponding Act; orPage 270Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 263](b)amortgagepackagethathasbeenproperlystampedunder section
261 or a corresponding Act.(1A)However, a mortgage (asecondary
mortgage) that secures allorpartofthesameamountasanothermortgage,securityinstrument or
mortgage package that affects property locatedin Victoria or
Tasmania and has been properly stamped underthis Act or a
corresponding Act is taken not to be a collateralmortgageifthecommissionerissatisfiedtherewasanarrangement to
avoid the imposition of mortgage duty on thesecondary
mortgage.(2)Acollateralmortgagethatnolongersecuresanamountsecuredbyamortgage,instrumentormortgagepackagementionedinsubsection (1)isnotsecurityforanotheradvanceunlessmortgagedutyfortheamountoftheotheradvance is
paid.263Extent mortgage is enforceable(1)A mortgage or mortgage package for
which mortgage duty isimposed or a similar duty is
chargeable under a correspondingAct is
enforceable only to the extent of the amount secured bythe
mortgage or mortgage package for which duty has beenpaid,orthemortgageormortgagepackageisexemptfromduty, under this Act or the corresponding
Act.(2)Forsubsection
(1),mortgagedutyhasbeenpaidonamortgageormortgagepackageaffectingpropertythatispartly in and partly outside Queensland
if—(a)dutyhasbeenpaidonthetotaladvancesunderthemortgage or mortgage package when the
mortgage dutypaid is taken with the duty paid under a
correspondingAct; and(b)thedutiableproportionofthemortgageormortgagepackage is not
incorrect by more than 5%.Note—Under section
260(3), the dutiable proportion must be worked out byreference to property values according to a
referable point.Current as at [Not applicable]Page
271
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 264](3)For
subsection (1), if an advance is made on or after 1 July2004underamortgageormortgagepackagethat,before1July2004,affectedpropertylocatedinVictoriaandwasproperlystampedundertheDutiesAct2000(Vic),themortgage or mortgage package is taken
to be a mortgage ormortgagepackageforwhichasimilardutyischargeableunder a
corresponding Act.(4)For subsection (1), if an advance is
made on or after 1 July2007underamortgageormortgagepackagethat,before1July2007,affectedpropertylocatedinTasmaniaandwasproperlystampedundertheDutiesAct2001(Tas),themortgage or mortgage package is taken
to be a mortgage ormortgagepackageforwhichasimilardutyischargeableunder a
corresponding Act.264Limit on security provided by stamped
and collateralmortgages(1)A
stamped or collateral mortgage that was, but is no longer,part
of the same mortgage package and no longer secures thesameamountsecuredbythepackageisnotsecurityforanother advance unless mortgage duty for the
amount of theother advance is paid.Example for
subsection (1)—Ahaspropertyin5States,eachvaluedat$150,000.Aborrows$100,000 secured
by a mortgage package comprising 5 mortgages. Themortgages secure the full $100,000 and are
stamped under this Act andthe corresponding Acts of the other
States on the basis that the dutiableproportion for
each mortgage is $20,000.Under a restructure of the loans, the
Queensland mortgage no longersecures the
$100,000 which remains secured by the other mortgages onwhich duty has been paid in the other
States.Underthissubsection,ifAtakesoutanewloan,theQueenslandmortgage is not
security for the new loan unless mortgage duty imposedon
it is paid.(2)The fact that the stamped or
collateral mortgage is no longerpart of the
mortgage package does not affect the amounts forwhichtheremainingmortgagesinthemortgagepackageprovide
security.Page 272Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 265]265Multi-jurisdictional statement(1)If mortgage duty is imposed on the
dutiable proportion of amortgage, (whether for a mortgage over
property not whollyinQueensland,amortgagepackageoronoriginalorsubsequent advances), the mortgagor or
mortgagee must makea statement in the approved form about the
location and valueof the secured property.Maximum
penalty—40 penalty units.(2)Themakingofastatementundersubsection (1)bythemortgagorormortgageerelievestheotherpersonfromcomplying with
the subsection.(3)The statement may be taken to be the
mortgage, or mortgagescomprising the mortgage
package.Part 5Mortgage duty on
particulardebenture issues, caveats andreleases of mortgages266Mortgage duty associated with particular
debentureissues(1)This
section applies if—(a)acorporationoffersdebenturestothepublicforsubscription; and(b)thecorporationisapartytoaninstrumentoftrustrelating to the
debentures; and(c)a mortgage secures the repayment of
debentures issuedby the corporation.(2)Mortgage duty must be assessed on the
mortgage for the offerof debentures as if it were a mortgage
securing the payment ofan amount equal to the total amount of
debentures, other thanexempt short-term debentures,
subscribed for by the public inQueensland from
time to time.Current as at [Not applicable]Page
273
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 267](3)Onorbefore31Julyineachyear,thetrusteeundertheinstrument of trust must—(a)lodgeastatutorydeclarationstatingthetotalamountsubscribedforinQueenslandforthecorporation’sdebentures and
exempt short-term debentures in the yearending on the
previous 30 June; and(b)pay to the
commissioner mortgage duty on the amountsubscribed for
in the year for the debentures, other thanexempt
short-term debentures.(4)If mortgage duty
is paid under subsection (3), the instrumentof trust and
debentures are not liable to duty under this Act.(5)Inthissection,areferencetoanamountsubscribedforrelating to debentures does not include an
amount representedbydebenturesissuedontheconversionorrenewalofanexisting holding of debentures or
other marketable securities.267What
is anexempt short-term debenture(1)Adebentureissuedbyapubliccompanyisanexemptshort-term debentureif—(a)the amount repayable under the
debenture is repayablewithin6monthsafteritisissuedorisnotrepayablewithin a fixed
or certain period but the amount is laterpaid or repaid
within 6 months after it is issued; and(b)the
debenture is not part of an arrangement, the effect ofwhichistoextendtheperiodforrepaymentofanamount to more than 6 months after it
is issued.(2)If a debenture is reissued or renewed,
the combined terms ofdebenturesistakenintoaccountwhendecidingwhentheamount under the debenture is
repayable for subsection (1).(3)Also,forsubsection (1),debenturessubscribedforbyacorporationincludedebenturessubscribedforbyarelatedbody
corporate unless the commissioner decides otherwise.Page
274Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 268]268Caveats(1)Mortgage duty is imposed on a caveat
claiming an interest inland, or a water allocation, under a
mortgage if mortgage dutyis imposed, but not paid, on the
mortgage.(2)The amount of mortgage duty imposed on
the caveat is theamountofmortgagedutythatwouldbeimposedonthemortgage.(3)The
mortgagor must pay the duty as if it were assessed on themortgage.(4)Totheextentthatmortgagedutyispaidonthecaveat,mortgage duty is
not imposed on the mortgage.269Releases of mortgages(1)Mortgagedutyisimposedonareleaseofmortgagetotheextentthatmortgagedutyisimposed,butnotpaid,onthemortgage.(2)Immediately after the release, the mortgagor
must—(a)lodge a statement in the approved
form; and(b)pay the duty as if it were assessed on
the mortgage.Part 6Concessions for
homemortgages and first homemortgagesDivision 1Preliminary270Purpose of pt 6Thepurposeofthispartistoprovideforconcessionsformortgagedutyonhomemortgagesandhomerefinancemortgages.Current as at
[Not applicable]Page 275
Duties
Act 2001Chapter 5 Mortgage duty[s 271]Division 2Concessions for
mortgage duty forhome mortgagesNotauthorised—indicativeonlySubdivision 1Some basic
concepts aboutconcessions for mortgage duty forhome
mortgages271What is ahome
mortgage(1)Ahomemortgageisamortgagegivenbyapersontotheextent that the
mortgage secures an advance to the person tofinance the
purchase or construction of the person’s home or afurther interest in the person’s
home.(2)A home mortgage or, if there is more
than 1 home mortgage,at least 1 of them, must be over the
residential land.272What is ahomeandfirst homefor div 2(1)For this division—(a)a
residence that is constructed is a person’shomeorfirsthomeifitistheperson’shomeorfirsthomeundersection 86;
and(b)a residence that is to be constructed
is a person’shomeorfirsthomeif,whenconstructed,itwillbetheperson’s home or first home under
section 86.(2)For subsection (1), section 86(2)(b)
does not apply.(3)For subsection (1)(b), section 86
applies as if the reference toaperiodof1yearaftertheperson’stransferdatefortheresidential land were a reference to a
period of 2 years afterthe date the mortgage was first
signed.273Who is ahome
borrowerand afirst home
borrower(1)A person is ahome
borrowerif the person is the mortgagorunder a home mortgage.Page 276Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 274](2)A
home borrower is afirst home borrowerif—(a)the borrower’s home mortgage secures
an advance to theborrower to finance the purchase or
construction of theborrower’s first home; and(b)the borrower is an individual of at
least 18 years of ageon the day the liability for mortgage
duty arises.(3)Thecommissionermayexemptanindividualfromtherequirement that the individual be at
least 18 years of age ifthe commissioner is satisfied there is
no avoidance scheme inrelation to the home mortgage.Subdivision 2Concessions for
home mortgages274Concession for mortgage duty—home
mortgage(1)If all owners of a home are home
borrowers, mortgage duty isnot imposed on
the part of the amount secured by the homemortgage that is
the lesser of the following—(a)the
qualifying amount;(b)if—(i)alltheownersarefirsthomeborrowers—$250,000;
or(ii)alltheownersarenotfirsthomeborrowers—$70,000.(2)For owners who are home borrowers to
which subsection (1)does not apply, mortgage duty is not
imposed on the part ofthe amount secured by the home
mortgage that is the lesser ofthe
following—(a)the total of—(i)foreachhomeborrower—theborrower’sinterestmultiplied by $70,000; and(ii)foreachfirsthomeborrower—theborrower’sinterest
multiplied by $250,000;Current as at [Not applicable]Page
277
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 275](b)the
qualifying amount.(3)Thetotalamountofconcessionsformortgagedutyonallhome mortgages
must not be more than the maximum amountofconcessionsapplicabletotheborrowersundersubsection (1)(b) or (2)(a).(4)For subsection (2), a home borrower or
first home borrower’sinterestistheproportionthatthevalueoftheborrower’sinterest in the
residential land bears to the value of the land.(5)Also, for subsections (1) and (2), the
qualifying amount is theproportion of—(a)for
a home mortgage to which section 260 applies or amortgage package—the dutiable proportion;
or(b)for another home mortgage—the amount
secured by themortgage;thatcorrespondstothepart oftheadvancessecuredbythemortgage that
are used or to be used to finance the purchase orconstructionofthehomebytheborrowerstowhomtheconcession relates.(6)Forsubsection (5),advancesusedtorefinanceanexistinghome mortgage
for the home must be disregarded in workingouttheadvancesthatareusedortobeusedtofinancethepurchase or construction of the home.275Concession for mortgage
duty—particular trusts(1)This section
applies if—(a)the trustee of a trust, other than a
discretionary or unittrust,givesamortgagetosecureanadvancetothetrustee to finance the purchase or
construction of a homeor a further interest in a home;
and(b)the beneficiaries are individuals all
of whom are under alegal disability; and(c)theresidenceisthehomeofallorsomeofthebeneficiaries.Page 278Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 276](2)This
division applies as if—(a)the mortgage
were a home mortgage; and(b)the
beneficiaries were the home borrowers or first homeborrowers under it; and(c)the
beneficiaries were the owners of the home.(3)However,section
273(2)(b)and(3)appliesinrelationtoabeneficiary only if the beneficiary is
under a legal disabilityonly because the beneficiary is not at
least 18 years of age.Division 3Concessions for
mortgage duty forhome refinance mortgagesSubdivision
1Some basic concepts aboutconcessions for mortgage duty forhome
refinance mortgages276What is ahome refinance
mortgage(1)Ahome refinance
mortgageis a mortgage securing advancesto
the person, all or part of which are used or to be used torepay the balance outstanding under a
previous mortgage overthe person’s home.(2)A
home refinance mortgage, or if there is more than 1 homerefinancemortgage,atleast1ofthemmustbeovertheperson’s home.277What
is ahomefor div 3For this
division, a person’shomeis a residence
the personhas occupied as the person’s principal place
of residence forwhichever is the shorter of the
following—(a)6 months before signing the home
refinance mortgage;(b)since the borrower has owned the
residence.Current as at [Not applicable]Page
279
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 278]278Who
is ahome refinance borrowerA person is
ahome refinance borrowerif the person is
themortgagor under a home refinance
mortgage.Subdivision 2Concessions for
home refinancemortgages279Concession for mortgage duty—home
refinancemortgage(1)If
all of the owners of a home are home refinance borrowers,mortgagedutyisnotimposedonthepartoftheamountsecured by the home refinance mortgage that
is the lesser ofthe following—(a)the
refinance qualifying amount;(b)$100,000.(2)Ifalloftheownersofahomearenothomerefinanceborrowers, mortgage duty is not imposed on
the part of theamountsecuredbythehomerefinancemortgageuptotheamount that is the lesser of the
following—(a)homerefinanceborrowers’interestsmultipliedby$100,000;(b)the
refinance qualifying amount.(3)Thetotalamountofconcessionsformortgagedutyonallhomerefinancemortgagesmustnotbemorethanthemaximum amount of concessions
applicable to the borrowersunder subsection
(1)(b) or (2)(a).(4)For subsection (2), a home refinance
borrower’s interest is theproportionthatthevalueofthehomerefinanceborrower’sinterest in the
residential land bears to the value of the land.(5)Also,forsubsections (1)and(2),therefinancequalifyingamount is the
proportion of—Page 280Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 280](a)forahomerefinancemortgagetowhichsection
260appliesoramortgagepackage—theamountofthedutiable
proportion; or(b)foranotherhomerefinancemortgage—theamountsecuredortobesecuredbythehomerefinancemortgage;thatcorrespondstothepart oftheadvancessecuredbythemortgagethatareusedortobeusedtorepaythebalanceoutstandingonthepreviousmortgagebytheborrowerstowhom the concession relates.(6)For subsection (5), advances used to
finance the acquisition ofa home or first home must be
disregarded in working out theadvancesthatareusedortobeusedtorepaythebalanceoutstanding
under the previous mortgage.280Concession for mortgage duty—particular
trusts(1)This section applies if—(a)the trustee of a trust, other than a
discretionary or unittrust,givesamortgagetosecureanadvancetothetrustee,allorpartofwhichisused,ortobeused,torepaythebalanceoutstandingunderapreviousmortgage over a
home; and(b)the beneficiaries are individuals all
of whom are under alegal disability; and(c)theresidenceisthehomeofallorsomeofthebeneficiaries.(2)This
division applies as if—(a)the mortgage
were a home refinance mortgage; and(b)thebeneficiarieswerethehomerefinanceborrowersunder it;
and(c)the beneficiaries were the owners of
the home.Current as at [Not applicable]Page
281
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 281]Division 4Miscellaneous provisions281Further concession for particular home
refinancemortgages(1)Thissectionappliesiftheamountsecuredbyahomerefinancemortgage,orthedutiableproportionofahomerefinance
mortgage, is more than—(a)the amount
determined under section 279(1) or (2); or(b)if
there is also a home borrower for the mortgage—thetotal of the amount determined under section
279(2) andanyamountdeterminedundersection 274(2)fortheborrower.(2)Thenon-concessionalbalanceforthehomerefinancemortgageisreducedbytheamountbywhichtheamountsecured for
which duty has been paid in Queensland under theprevious mortgage is more than—(a)foramortgageormortgagepackagetowhichsection
260or261applies—thebalanceoutstandingunder the
previous mortgage multiplied by the dutiableproportion;
or(b)foranothermortgage—thebalanceoutstandingunderthe
previous mortgage.(3)For subsection (2), the
non-concessional balance for the homerefinance
mortgage is—(a)thepartoftheamountsecuredbythemortgageforwhich a concession for mortgage duty is not
given undersection 279; or(b)if
there is also a home borrower for the mortgage—thetotal of the amount mentioned in paragraph
(a) and thepart of the amount secured by the mortgage
for which aconcessionformortgagedutyisnotgivenundersection
274.Page 282Current as at
[Not applicable]
Duties Act 2001Chapter 5
Mortgage duty[s 282]282Application for concession for mortgage
dutyAn application for a concession for mortgage
duty on a homemortgage or home refinance mortgage must be
made in theapproved form.Notauthorised—indicativeonlyPart
7Exemptions for mortgage dutyDivision 1Particular
debentures andinstruments of trust, transfer of
landby security and mortgages underparticular Acts283Exemption—particular debentures and
instruments oftrust(1)Mortgagedutyisnotimposedonanexemptshort-termdebenture.(2)Mortgage duty is not imposed on a mortgage
that is—(a)a debenture issued by a financial
corporation or relatedcorporationofafinancialcorporationunderaninstrument of trust—(i)towhichthefinancialcorporationorrelatedcorporation is a
party; and(ii)thatprotectstheinterestsoftheholdersofthedebentures; or(b)a
debenture issued by a financial corporation or relatedcorporation of a financial corporation, the
repayment forwhich is secured by a mortgage given by the
financialcorporation or related corporation;
or(c)an instrument of trust—(i)towhichafinancialcorporationorrelatedcorporationofafinancialcorporationisaparty;andCurrent as at [Not applicable]Page
283
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 284](ii)thatprotectstheinterestsoftheholdersofdebentures issued under the instrument of
trust.(3)Mortgagedutyisnotimposedonamortgagegivenbyafinancialcorporationorarelatedcorporationofafinancialcorporation to
secure the repayment of debentures issued bythe financial
corporation or related corporation.(4)This
section applies to debentures issued, a mortgage given oraninstrumentoftrustsigned,byarelatedcorporationofafinancial corporation only so far as
the debentures are issued,the mortgage is given or the
instrument of trust is signed, forraising funds to
be used by the financial corporation.(5)In
this section—financialcorporationmeansacorporationwhosesoleorprincipal business is providing finance to
the public.relatedcorporation,ofafinancialcorporation,meansacorporationthatisarelatedbodycorporateofthefinancialcorporation.284Exemption—transfer of land by way of
securityMortgage duty is not imposed on a mortgage
that is a transferoflandbywayofsecurityiftransferdutyispaidonthedutiable transaction that is the
transfer.285Exemption—mortgages under particular
ActsMortgage duty is not imposed on the
following instruments—(a)a mortgage given
to secure an advance to a cooperativeregisteredundertheCooperativesAct1997whosemembers are primary producers, if the
mortgage securesadvances to finance—(i)the
acquisition of primary produce; or(ii)paymentstosuppliersonaccountofprimaryproduce marketed
for the suppliers; orPage 284Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 286](iii)workingorotherexpenses,otherthancapitalexpenses,
incidental to the acquisition, processingor marketing of
primary produce;(b)a mortgage given to secure an advance
to a parents andcitizensassociationformedundertheEducation(General
Provisions) Act 2006;(c)amortgagegivenbyasocietyregisteredasacooperativehousingsocietyundertheFinancialIntermediaries
Act 1996to secure—(i)an
advance made, or to be made to the society, bythe Treasurer;
or(ii)an advance
guaranteed by the Treasurer and made,or to be made,
to the society by—(A)a financial institution; or(B)another entity prescribed under a
regulation;(d)amortgagegiventosecureanadvancemadebytheBrigalow
Corporation under theLand Act 1994, chapter8,
part 7A;(e)a mortgage of a tenure, or interest in
a tenure, under theOffshore Minerals Act 1998;(f)a mortgage of,
or a mortgage of an interest in, an accessauthority,
licence, permit or pipeline licence under thePetroleum
(Submerged Lands) Act 1982.Division 2Asset-backed and mortgage-backedsecuritiesSubdivision
1Some basic concepts formortgage-backed
securities286What is amortgage-backed
security(1)Amortgage-backed
securityis—Current as at [Not applicable]Page
285
Duties
Act 2001Chapter 5 Mortgage duty[s 286]Notauthorised—indicativeonly(a)an entitlement
or interest of a person in—(i)anentitlementofamortgageeoranotherentitlement for
a mortgage or pool of mortgages; or(ii)amounts payable by a mortgagor under a
mortgageor pool of mortgages whether or not on the
sameconditionsapplyingunderthemortgageandwhether or not the person is entitled to a
transfer ofthe mortgage or pool of mortgages; or(b)adebenture,promissorynote,billofexchange,stock,bond,noteorothersecuritycreating,evidencingoracknowledgingindebtednessissuedormadebyacorporationifthepaymentsunderthesecurityarereceived by the corporation—(i)substantially from the receipts,
whether of capitalor income, from a mortgage or pool of
mortgages;or(ii)if another
extent is prescribed under a regulation—to the extent
prescribed, from the receipts, whetherof capital or
income, from a mortgage or pool ofmortgages;
or(c)a security by which an interest in, or
mortgage or chargeover,anentitlement,interestorsecuritymentionedinparagraph (a) or (b) is created;
or(d)a covered bond within the meaning of
theBanking Act1959(Cwlth),section
26,ifthecoverpoolforthecovered bond under that section
consists of either of thefollowing—(i)a
loan secured by a mortgage;(ii)a
pool of mortgages, if all mortgages in the pool orcollectionofassetscomprisingthepoolofmortgages under section 288 are loans
secured bya mortgage.(2)However, the term does not include—(a)amortgage,otherthanamortgagementionedinsubsection (1)(c); orPage
286Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 287](b)a
transfer of a mortgage.(3)Itdoesnotmatterwhetheramortgage-backedsecurityiseffected by an instrument or another
way.287What is amortgageAmortgageis a mortgage
of, or charge over, land regardlessof whether the
land is situated in Queensland or elsewhere.288What
is apool of mortgages(1)Apoolofmortgagesisapoolorcollectionofassetsthatconsists solely of mortgages.(2)Also, apool of
mortgagesis a pool or collection of assets
thatconsists substantially or, if another extent
is prescribed underaregulation,totheextentprescribed,ofmortgagesoramounts paid under mortgages, or a
combination of them, iftheotherassetsinthepoolorcollectionarecashoranauthorised investment.289What is anauthorised
investmentAnauthorised investment,
for a pool of mortgages, is any ofthe
following—(a)abond,debenture,stockorTreasurybilloftheCommonwealth or
a State;(b)adebentureorstockofapublicstatutorybodyestablishedunderanActoftheCommonwealthoraState;(c)a
note or other security of the Commonwealth or a State;(d)adepositwith,oracertificateofdepositoranothersecurity issued
by, a financial institution;(e)a
bill of exchange, promissory note or other negotiableinstrument accepted, drawn or endorsed by a
financialinstitution;Current as at
[Not applicable]Page 287
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 289A](f)an
asset-backed security or mortgage-backed security.Subdivision 2Exemption289AExemption—asset-backed securityMortgage duty is not imposed on the
following—(a)amortgageofanasset-backedsecurityorreleaseofmortgage of an asset-backed security;(b)a mortgage of a financial asset or
pool of financial assetsor part of a pool of financial assets
for creating, issuing,marketing or securing an asset-backed
security—(i)to a person entitled to an
asset-backed security or atrusteeoragentforapersonentitledtoanasset-backed
security; or(ii)by or to a
person who issues, makes or endorses anasset-backed
security; or(iii)toapersonwhoprovidessecurity,whetherasguarantor, surety or otherwise, to a person
entitledto an asset-backed security or a trustee or
agent fora person entitled to an asset-backed
security;(c)a mortgage of an instrument—(i)issued or made for creating, issuing,
marketing orsecuring payments under an asset-backed
security;and(ii)that is of a
class prescribed under a regulation.290Exemption—mortgage-backed securityMortgage duty is not imposed on the
following—(a)a mortgage of a mortgage-backed
security or release ofmortgage of a mortgage-backed
security;Page 288Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 290A](b)a
mortgage of a mortgage or pool of mortgages or partof a
pool of mortgages for creating, issuing, marketingor
securing a mortgage-backed security—(i)to a
person entitled to a mortgage-backed securityoratrusteeoragentforapersonentitledtoamortgage-backed
security; or(ii)by or to a
person who issues, makes or endorses amortgage-backed
security; or(iii)toapersonwhoprovidessecurity,whetherasguarantor, surety or otherwise, to a person
entitledto a mortgage-backed security or a trustee
or agentforapersonentitledtoamortgage-backedsecurity;(c)a mortgage of an instrument—(i)issued or made for creating, issuing,
marketing orsecuringpaymentsunderamortgage-backedsecurity;
and(ii)that is of a
class prescribed under a regulation.Part 8Reassessments for mortgageduty290AReassessment—stamping before
advance—Victorianproperty(1)Thissectionappliesinrelationtoamortgagementionedinsection 260 or 261 if—(a)themortgagewasfirstsignedbefore1July2004andpartly affected property located in
Victoria; and(b)themortgagewasproperlystampedorexemptfromduty,andmortgagedutywaspaidforthemortgagebefore1July2004,undertheDutiesAct2000(Vic),section 161,inrelationtoanadvancemadeundertheCurrent as at [Not applicable]Page
289
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 290B]mortgage on or
after the commencement of this section;and(c)before1July2004,themortgagewasstampedundersection 257(1) and (2) in relation to the
advance; and(d)afterthecommencementofthissection,thedutymentionedinparagraph(b)(theVictorianduty)isrefundedbecausethemortgageisnolongerstampedbefore the advance.(2)Section 257(1)and(2)aretakennottohaveauthorisedthestamping of the mortgage and the
commissioner must make areassessment to impose mortgage duty
on the mortgage basedon the dutiable proportion at the
liability date.(3)Themortgagorormortgageemust,within28daysoftheVictorian duty being refunded—(a)give written notice to the
commissioner stating that theVictorian duty
has been refunded; and(b)ensurethemortgageislodgedforareassessmentofmortgage duty on the mortgage.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(4)Compliancewithsubsection (3)bythemortgagorormortgagee relieves the other person from
complying with thesubsection.290BReassessment—stamping before
advance—Tasmanianproperty(1)Thissectionappliesinrelationtoamortgagementionedinsection 260 or 261 if—(a)themortgagewasfirstsignedbefore1July2007andpartly affected property located in
Tasmania; and(b)themortgagewasproperlystampedorexemptfromduty,andmortgagedutywaspaidforthemortgagebefore1July2007,undertheDutiesAct2001(Tas),Page
290Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 291]section
151,inrelationtoanadvancemadeunderthemortgage on or after the commencement of
this section;and(c)before1July2007,themortgagewasstampedundersection 257(1) and (2) in relation to the
advance; and(d)afterthecommencementofthissection,thedutymentionedinparagraph(b)(theTasmanianduty)isrefundedbecausethemortgageisnolongerstampedbefore the advance.(2)Section 257(1)and(2)aretakennottohaveauthorisedthestamping of the mortgage and the
commissioner must make areassessment to impose mortgage duty
on the mortgage basedon the dutiable proportion at the
liability date.(3)Themortgagorormortgageemust,within28daysoftheTasmanian duty being refunded—(a)give written notice to the
commissioner stating that theTasmanian duty
has been refunded; and(b)ensurethemortgageislodgedforareassessmentofmortgage duty on the mortgage.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(4)Compliancewithsubsection (3)bythemortgagorormortgagee relieves the other person from
complying with thesubsection.291Reassessment—concession under pt 6(1)This section applies if mortgage duty
on a home mortgage isassessed on the basis of a concession
under part 6 and one ofthefollowingeventshappenotherthanbecauseofanintervening event—(a)before the occupation date for the
residence, the homeborrowerdisposesoftheresidentiallandundersection
154(2);Current as at [Not applicable]Page
291
Duties
Act 2001Chapter 5 Mortgage duty[s 291]Notauthorised—indicativeonly(b)the home
borrower’s occupation date for the residence isnotwithintheprescribedperiodafterthelaterofthetransfer date for the land or when the
mortgage was firstsigned;(c)in
the year following the home borrower’s occupationdate
for the residence, the home borrower disposes ofthe
residential land by—(i)transferring
part or all of it; or(ii)leasing or
otherwise granting exclusive possessionof part or all
of it to another person.(1A)For subsection
(1)(a) or (c), a home borrower does not disposeof land
if—(a)the home borrower transfers part of
the land to the homeborrower’s spouse; and(b)the transfer is exempt from duty under
section 151.(1AB)Also, for
subsection (1)(a) or (c), a home borrower does notdispose of land that is an accommodation
unit in a retirementvillageonlybyenteringintoaretirementvillageleasingarrangement for
the unit.(1B)For subsection
(1)(b), the prescribed period is—(a)forahomemortgagegivenoverresidentiallandonwhich a residence is constructed—1
year; or(b)forahomemortgagegivenoverresidentiallandonwhich a residence is to be
constructed—2 years.(2)Within 28 days
after the event happens, each home borrowerunder the
mortgage must—(a)give notice in the approved form to
the commissioner;and(b)ensurethemortgageislodgedforareassessmentofmortgage duty on the mortgage.Note—Failure to give
the notice is an offence under the Administration Act,section 120.Page 292Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 5
Mortgage duty[s 292](3)Ifsubsection (1)(a)or(b)applies,thecommissionermustmakeareassessmenttoimposemortgagedutyonthemortgageasiftheconcessionformortgagedutyhadneverapplied.(4)Ifsubsection
(1)(c)applies,thecommissionermustmakeareassessmenttoimposefurthermortgagedutyonthemortgage worked
out using the following formula—where—Cmeans the concession received by the
home borrower, beingthedifferencebetweenthemortgagedutythatwouldhavebeen imposed on
the home mortgage if the concession had notapplied and the
mortgage duty assessed on the mortgage.MDmeansthefurthermortgagedutypayableonthereassessment.ODmeans the number of days between the home
borrower’soccupation date for the residence and the
date of disposal ofthe residential land, both days
inclusive.(5)If—(a)under subsection (1A), this section does not
apply to ahome borrower’s transfer of part of the land
to the homeborrower’s spouse; and(b)under subsection (1)(a) or (c), the home
borrower laterdisposes of the land or part of it;thissectionappliestothelaterdisposalasifthehomeborrower had not
transferred the part of the land to the homeborrower’s
spouse.292Reassessment—noncomplying use by
cooperatives(1)This section applies if—Current as at [Not applicable]Page
293
Notauthorised—indicativeonlyDuties Act 2001Chapter 5 Mortgage
duty[s 292](a)under section 285(a), mortgage duty is not
imposed on amortgage given to secure an advance to a
cooperativeregistered under theCooperatives Act
1997; and(b)theadvanceorpartofitisnotusedforapurposementioned in the
section (thenoncomplying use).(2)Within 28 days after starting to use
the advance or part of itfor the noncomplying use, the
cooperative must—(a)give notice in the approved form to
the commissioner;and(b)ensurethemortgageislodgedforareassessmentofmortgage duty on the mortgage.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(3)Thecommissionermustmakeareassessmenttoimposemortgage duty on
the mortgage as if the exemption from dutyhad never
applied.Note—UnpaidtaxinterestandpenaltytaxmaybepayableundertheAdministration Act, part 5.(4)Subsection (3)appliestothereassessmentdespitethelimitationperiodundertheAdministrationActforreassessments.Note—See
the Administration Act, part 3 (Assessments of tax), division
3(Reassessments).Page 294Current as at [Not applicable]
Chapter 8Duties Act
2001Chapter 8 Insurance duty[s 349]Insurance dutyNotauthorised—indicativeonlyPart
1Preliminary349Imposition of insurance duty(1)Thischapterimposesduty(insuranceduty)oneachofthefollowing—(a)a
contract of insurance that effects general insurance;(b)a contract of insurance that effects
life insurance;(c)accident insurance.Note—Exemptions for
insurance duty are dealt with in part 7. Also, otherexemptions are dealt with in chapter
10.(2)Insurance duty is imposed on the
following—(a)for general insurance—(i)if a regulation states that duty is
payable only on apart of the premium—that part of the
premium; or(ii)otherwise—premiums for the insurance;(b)forlifeinsurance—premiumsfortheinsuranceorthesum insured, depending on the type of
the insurance;(c)foraccidentinsurance—netpremiumschargedfortheinsurance.Part 2Some
basic concepts forinsurance duty350What
isgeneral insurance(1)General insuranceis any kind of
insurance that is applicableto either or
both of the following—Current as at [Not applicable]Page
295
Notauthorised—indicativeonlyDuties Act 2001Chapter 8
Insurance duty[s 351](a)property in Queensland;(b)arisk,contingencyoreventconcerninganactoromissionthatinthenormalcourseofeventsmayhappen wholly or partly in
Queensland.(2)However, the term does not include the
following—(a)life insurance;(b)accident insurance.351What
islife insuranceLife
insuranceis insurance applying to a life or lives, or
anyeventorcontingencyrelatingtoordependingonalifeorlives, of a person or persons whose
place of residence is inQueensland when the policy effecting
the insurance is issued.352What isaccident insuranceAccident
insuranceis accident insurance under theWorkers’Compensation and
Rehabilitation Act 2003.353What
is apremium(1)Apremiumfor general
insurance or life insurance is the totalconsideration
given to an insurer by or for the insured persontoeffecttheinsurancewithoutdeductionsforanyamountspaid or payable,
allowed or allowable, by way of commissionor discount to
an insurance intermediary.(2)However,
apremiumdoes not
include—(a)anamountpaidtoaninsuranceintermediarybytheinsuredpersonasafeeunderacontractbetweentheinsured person and the intermediary if
the amount canbe clearly identified as a fee; or(b)an amount of duty under this or a
corresponding Act.(3)Itisimmaterialwheretheamountispaidorwheretheinsurance is effected.Page 296Current as at [Not applicable]
Duties Act 2001Chapter 8
Insurance duty[s 354]354Who
is ageneral insurer(1)Ageneral insureris a person who
writes general insurancewhether or not the person is
authorised under theInsuranceAct 1973(Cwlth) to carry on an insurance
business.(2)An insurance intermediary is not a
general insurer.Notauthorised—indicativeonly355Who is alife
insurer(1)Alife
insureris a person who writes life insurance
whether ornot the person is registered under
theLife Insurance Act 1995(Cwlth).(2)An insurance intermediary is not a
life insurer.356What arenet premiums
chargedNetpremiumscharged,foraccidentinsurance,areallamountschargedtopolicyholdersundertheWorkers’CompensationandRehabilitationAct2003forpremiumsafter any
adjustments are made for any previous period.Part 3Liability for insurance duty357Who is liable to pay insurance
duty(1)Insurance duty imposed on general
insurance must be paid bythe insurer.(2)Insurance duty imposed on life insurance
must be paid by theinsurer.(3)Insurance duty imposed on accident insurance
must be paidby WorkCover Queensland.358When
insurance duty is payable—general insuranceInsurance duty
must be paid each time a premium is paid for acontract of
general insurance.Current as at [Not applicable]Page
297
Notauthorised—indicativeonlyDuties Act 2001Chapter 8
Insurance duty[s 359]359When
premium is paid—general insurance(1)Forthischapter,apremiumispaidwhenthefirstofthefollowing happens—(a)the
premium is received by the insurer;(b)a
part of the premium is received by the insurer.(2)For
subsection (1), a premium or part of a premium is taken tobe
received by an insurer if—(a)it is received
by the insurer or another person on behalfof the insurer;
or(b)an account of the insurer is credited
with the amount ofthe premium or part of the premium.360When insurance duty is payable—life
insuranceInsurancedutymustbepaideachtimeaninsurerwritesacontract of life insurance.361When insurance duty is
payable—accident insuranceInsurancedutymustbepaideachtimenetpremiumsarecharged for accident insurance.362Rate of insurance duty—general and
accident insurance(1)The rate of insurance duty imposed on
a premium for generalinsuranceor,ifsection 349(2)(a)(i)applies,thepartofthepremium, is—(a)9%
of the premium or part of the premium to the extentto
which the premium or part of the premium is paid toeffect class 1 general insurance; or(b)9% of the premium or part of the
premium to the extentto which the premium or part of the
premium is paid toeffect class 2 general insurance.(2)The rate of insurance duty imposed on
a premium for CTPinsurance is 10c.Page 298Current as at [Not applicable]
Duties Act 2001Chapter 8
Insurance duty[s 363](3)The
rate of insurance duty imposed on net premiums chargedfor
accident insurance is 5%.(4)This section has
effect subject to part 4.Notauthorised—indicativeonly363Rate of insurance duty—life
insurance(1)Therateofinsurancedutyimposedonacontractoflifeinsurance that
effects temporary or term insurance is 5% ofthe first year’s
premium.(2)The rate of insurance duty imposed on
another contract of lifeinsurance is—(a)if
the sum insured is not more than $2,000—.05% of thesum
insured; or(b)if the sum insured is more than
$2,000—(i).05% of the first $2,000; and(ii).1% of the
balance of the sum insured.Part 4Apportionment of premiumsDivision 1Apportionment
between States364Application of div 1(1)This division applies to a contract of
general insurance thatinsures either or both of the
following—(a)property in Queensland as well as
property in anotherState;(b)arisk,contingencyoreventaboutanactoromissionthat in the
normal course of events may happen whollyor partly in
Queensland as well as wholly or partly inanother
State.(2)Also, this division applies to a
contract of life insurance thatinsureslives,oranyeventorcontingencyrelatingtoorCurrent as at
[Not applicable]Page 299
Notauthorised—indicativeonlyDuties Act 2001Chapter 8
Insurance duty[s 365]depending on
lives, of persons resident in Australia, at leastone
of whom has a place of residence in Queensland when thepolicy effecting the insurance is
issued.365Purpose of div 1The purpose of
this division is—(a)to provide a way for apportioning
premiums or parts ofpremiums paid for insurance;
and(b)to avoid multiple duty between the
States; and(c)to give the States their appropriate
share of duty by wayof the apportionment.366Apportionment of premiums(1)A regulation may state how premiums
for insurance are to beapportioned.(2)A
premium or part of a premium must be apportioned underthe
regulation.(3)However, the commissioner may, on the
written application ofan insurer or an insured person,
apportion a premium or partof a premium on
another basis if the commissioner is satisfiedthe
apportionment on that basis would result in less insuranceduty
being paid.Division 2Other
apportionments367Apportionment between different types
or classes ofinsuranceIfthecommissionerisnotsatisfiedapremiumpaidforacontractofinsuranceeffectingdifferenttypesorclassesofinsurancehasbeenproperlyapportionedforassessinginsurance duty,
the commissioner may decide the basis of theapportionment.Page 300Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 8
Insurance duty[s 368]368Apportionment of premiums between 2 or more
policies(1)This section applies if—(a)2 or more contracts of insurance
(theprimary contracts)are
effected with—(i)1 insurer; or(ii)separateinsurersbetweenwhomthereisanarrangement about the insurance;
and(b)1ormoreofthepremiumsundertheprimarycontracts—(i)areconditionalon1ormoreothercontractsofinsurance(thesecondarycontracts)beingeffected;
or(ii)are part of an
arrangement that applies only if 1 ormoreothercontractsofinsurance(alsothesecondary contracts)
are effected; and(c)1 or more of the premiums under the
primary contractsattract insurance duty at a different rate
to 1 or more ofthe premiums under the secondary contracts;
and(d)the commissioner is not satisfied a
premium for 1 of thecontracts reflects the relative risk
of the contract.(2)The commissioner may apportion part of
the total premiumspayabletoeachofthecontractsofinsuranceasthecommissioner considers
appropriate.Note—For objections
and appeals against assessments, see the AdministrationAct,
part 6.Current as at [Not applicable]Page
301
Duties
Act 2001Chapter 8 Insurance duty[s 369]Part
5Arrangements applying toinsurers and
WorkCoverQueenslandNotauthorised—indicativeonly369Insurers to be
registeredA general insurer or life insurer must not
carry on business inQueensland as an insurer unless the
insurer is registered underchapter 12, part
1, to carry on the business.Maximum
penalty—200 penalty units.370Lodging returns
and payment of insurance duty(1)If a
registered insurer has a liability to insurance duty for areturn period, the insurer must on or before
the return date—(a)lodge a return in the approved form;
and(b)pay to the commissioner the amount of
insurance dutybased on the following—(i)forgeneralinsurance—thetotalamountofthepremiumsreceivedinthereturnperiodbytheinsurer;(ii)for
life insurance—(A)forcontractsoflifeinsurancethateffecttemporaryorterminsurance—thetotalamountofthepremiumsreceivedinthereturn period by
the insurer; and(B)forothercontractsoflifeinsurance—theamountsofthesumsinsuredforthecontracts written in the return period
by theinsurer; and(c)paytothecommissioneranyassessedinterestandpenalty tax.(3)Ifaninsurerrefundsthewholeorpartofapremiumforacontract of insurance for which
insurance duty has been paid,Page 302Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 8
Insurance duty[s 371]the insurer may
deduct from the amount required to be paidunder subsection
(1) the insurance duty paid on the amount ofthe premium
refunded.Note—For provisions
about reassessments and refunds, see the AdministrationAct,
part 3 (Assessments of tax), division 2 (Self assessments) and
part4 (Payments and refunds of tax and other
amounts), division 2 (Refundsof tax and other
amounts).(4)If WorkCover Queensland has a
liability to insurance duty fora month, it
must—(a)lodge a statement in the approved
form; and(b)pay to the commissioner the amount of
insurance dutybased on the total amount of the net
premiums chargedin the month and any assessed interest and
penalty tax.(5)WorkCoverQueenslandmustcomplywithsubsection (4)within 21 days
after the end of the month or the longer periodthe commissioner
allows.(6)FortheAdministrationAct,thestatementistakentobeareturn for a
self assessment for the accident insurance.Part 6Arrangements applying toother
persons371Application of pt 6(1)This part applies to a person
(theinsured person) who
effectsor renews general insurance or life
insurance with a person(theinsurer)
who is not registered under chapter 12, part 1 or2.(2)However, this
part does not apply to an insured person whohas been
charged, by the insurer, an amount for insurance dutyin
relation to the premium for the insurance.Current as at
[Not applicable]Page 303
Notauthorised—indicativeonlyDuties Act 2001Chapter 8
Insurance duty[s 372]372Lodging statement and payment of insurance
duty(1)The insured person must, within 30
days after payment of thepremium for the insurance—(a)lodge a statement in the approved
form; and(b)pay to the commissioner the amount of
insurance dutyfor the insurance.(2)FortheAdministrationAct,thestatementistakentobeareturn for a
self assessment for the insurance.Part 7Exemptions for insurance duty373Exemption—particular marine
insuranceInsurance duty is not imposed on a contract
of insurance forthephysicallossordamagetothehullofaboatusedprimarily for commercial purposes.374Exemption—goods in transitInsurance duty is not imposed on a contract
of insurance forthe physical loss or damage to goods in
transit or for the lossof freight of goods in transit.375Exemption—health insuranceInsurancedutyisnotimposedonacontractofinsurancethat—(a)is issued by a private health insurer
under thePrivateHealth Insurance
Act 2007(Cwlth); and(b)provides hospital benefits or medical
benefits, or both,whether or not other benefits are also
provided.Page 304Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 376]376Exemption—reinsuranceInsurancedutyisnotimposedonacontractofreinsurancebetween one
insurer and another insurer.Chapter 9Vehicle registration dutyPart
1Preliminary377Imposition of vehicle registration
duty(1)This chapter imposes duty (vehicle registration duty)
on—(a)an application to register a vehicle;
and(b)anapplicationtotransferavehicleifthepersoninwhose name the vehicle is to be registered
differs fromthe person in whose name the vehicle is
registered.Note—Exemptions for
vehicle registration duty are dealt with in part 4. Also,other exemptions are dealt with in chapter
10.(2)Vehicle registration duty is imposed
on the dutiable value ofthe vehicle.(3)However,thevehicleregistrationdutyimposedonanapplicationforaspecialvehicleistheamountstatedinsection 382(2)(a).Current as at
[Not applicable]Page 305
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 378]Part 2Some
basic concepts forvehicle registration duty378What is thedutiable
valueof a vehicle(1)Thedutiable valueof a vehicle
that has not previously beenregistered,whetherinQueenslandoranotherState,andforwhich there is a
list price is the total of the following—(a)the
vehicle’s list price;(b)the price of all
items of optional equipment not includedin the list
price.(2)Thedutiablevalueofavehiclethathaspreviouslybeenregistered,whetherinQueenslandoranotherState,orforwhich there is
no list price is the greater of the following—(a)thetotalconsideration,in
monetaryterms,payablebythe purchaser including any deposit,
trade-in allowanceand the price of all items of optional
equipment;(b)the market value of the
vehicle.(3)However,ifavehicleismodifiedforapersonwithadisability, thedutiable
valueof the vehicle is—(a)for
a vehicle mentioned in subsection (1)—the amountworked out under subsection (1) reduced by
the value ofthe modifications; or(b)foravehiclementionedinsubsection (2)—themarketvalue of the vehicle without having regard
to the valueof the modifications.379What
is themarket valueof a
vehicleThemarket valueof a vehicle is
the amount for which thevehicle might reasonably be sold, free
of encumbrances, onthe open market when the transaction to
which an applicationto register or transfer the vehicle is
made.Page 306Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 379A]379AWho
is arelativeArelativeof a person is
any of the following—(a)the person’s
spouse;(b)a parent or grandparent of the
person;(c)a parent or grandparent of the
person’s spouse;(d)a child, stepchild or grandchild of
the person;(e)a child, stepchild or grandchild of
the person’s spouse;(f)the spouse of
anyone in paragraphs (b) to (e).379BWhen
is a vehiclemodified for a person with a
disabilityA vehicle ismodified for a
person with a disabilityif—(a)an
application to register or transfer the vehicle is madeby a
person with a disability, or a relative or carer of aperson with a disability; and(b)the vehicle will be used by, or to
transport, the personwith a disability; and(c)modifications have been made to the
vehicle to enablethe person with a disability to—(i)drive the vehicle; or(ii)be transported
in the vehicle.Part 3Liability for
vehicle registrationduty380Who
is liable to pay vehicle registration duty(1)For
an application to register a vehicle, the applicant is
liableto pay the vehicle registration duty.(2)For an application to transfer a
vehicle, the transferee and thetransferor are
liable to pay the vehicle registration duty.Current as at
[Not applicable]Page 307
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 381]381When
vehicle registration duty must be paid(1)For
an application to register a vehicle, the applicant must paythe
vehicle registration duty on the application when makingit.(2)For an
application to transfer a vehicle, the transferee and thetransferormustpaythevehicleregistrationdutyontheapplication when
making it.382Assessment of vehicle registration
duty(1)Onthemakingofanapplicationtoregisterortransferavehicle—(a)the
commissioner is taken to have made an assessmentof
vehicle registration duty on the application; and(b)the application is taken to be an
assessment notice forthe duty; and(c)the
commissioner is taken to have given the assessmentnotice to the persons liable to pay the
duty.(2)Theliabilityforthevehicleregistrationdutyontheapplication
is—(a)if the application is for a special
vehicle—$25; or(b)if paragraph (a) does not apply—the
amount worked outby applying the rate of vehicle registration
duty to thedutiable value of the vehicle at the
dutiable day.383Rate of vehicle registration duty,
other than for a specialvehicle(1)Therateofvehicleregistrationdutyimposedonanapplicationtoregisterortransferavehicle,otherthanaspecial vehicle, is the total of—(a)the rate stated in schedule 4C;
and(b)if the dutiable value of the vehicle
at the dutiable day ismore than $100,000—the rate of $2 for
each $100, andeach part of $100, of the vehicle’s dutiable
value.Page 308Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 384](2)Subsection (1)(b) does not apply to a
vehicle that has a GVMunder the Vehicle Registration Act of
more than 4.5t.384Reduction in vehicle registration duty
payable(1)Theamountofvehicleregistrationdutyassessedundersection 382(2) must be reduced if—(a)the application to register or
transfer the vehicle is madein relation to a
dutiable transaction; and(b)the dutiable
value of the dutiable transaction relating tothedutiablepropertyincludesanamountrepresentingthemarketvalueorpartofthemarketvalueofthevehicle;
and(c)transfer duty in schedule 3 has been
paid or is payableon the dutiable transaction.(2)Thereductionmustbeworkedoutusingthefollowingformula—where—DPmeans the duty paid or payable on the
dutiable transactionthatwasworkedoutbyapplyingtherateoftransferdutyunder schedule 3.DVDPmeansthedutiablevalueofthedutiabletransactionrelatingtothedutiablepropertyonwhichtransferdutyinschedule 3 was worked out.MVVmeansthemarketvalueofthevehicleorpartofthemarket value of the vehicle mentioned
in subsection (1)(b).Rmeans the amount
of the reduction.Example for subsection (2)—A
dutiable transaction comprises the transfer of the following
dutiableproperty for the consideration
stated—•a statutory business licence
($5,000)•personal property ($15,000) including
a vehicle ($10,000).Current as at [Not applicable]Page
309
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 385]Assuming the
consideration for the transaction is the dutiable value,transfer duty of $225 is imposed on the
transaction under chapter 2,being the amount
worked out at the applicable rate of duty stated inschedule 3.In working out
the reduction—•factor DP is $225, being transfer duty
on the transaction•factor MVV is $10,000, being the
market value of the vehicle•factor DVDP is $20,000, being the dutiable
value of the transactionon which transfer duty is imposed at
the applicable rate of dutystated in
schedule 3.Applying the formula, the reduction is
$112.50.(3)However, the reduction must not be
more than the amount ofvehicleregistrationdutythatisotherwisepayableundersection
382(2).Part 4Exemptions for
vehicleregistration duty385Exemption—registration of previously
registered vehicleVehicle registration duty is not imposed on
an application toregister a vehicle if—(a)thevehiclewasregisteredundertheVehicleRegistration
Act; and(b)the registration expired or was
cancelled under that Act;and(c)the
application is made by—(i)thesamepersoninwhosenamethevehiclewasregisteredimmediatelybeforetheexpiryorcancellation (theprevious
registered operator); or(ii)a
relative of the previous registered operator; or(iii)thepreviousregisteredoperatorandarelativeofthe previous registered
operator.Page 310Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 386]386Exemption—registration of interstate
registered vehicleor previously registered vehicle(1)Subjecttosubsection (3),vehicleregistrationdutyisnotimposed on an
application to register a vehicle if—(a)either—(i)thevehicleisregisteredunderanActofanotherState that
corresponds to the Vehicle RegistrationAct (acorresponding Act); or(ii)thevehiclewasregisteredunderacorrespondingAct and the
registration expired or was cancelledunder that Act;
and(b)duty under a corresponding Act was
paid in that Statefor the registration of the vehicle;
and(c)theapplicationismadebyapersonorpersonsmentioned in
subsection (2).(2)For subsection (1)(c), the applicant
or applicants must be—(a)if there is only
1 registered operator—(i)the registered
operator; or(ii)theregisteredoperatorandarelativeoftheregistered
operator; or(iii)a relative of
the registered operator; or(b)if
there is more than 1 registered operator—(i)the
registered operators; or(ii)1 of the
registered operators if the other registeredoperators are
the applicant’s relatives; or(iii)1of2registeredoperatorsandarelativeoftheother registered
operator; or(iv)a relative of
the registered operators; or(v)a
relative of each of 2 registered operators.(3)Subsection (1) applies only if the
registration of the vehicle,oraninterestinthevehicle,inthenameofarelativeofaCurrent as at [Not applicable]Page
311
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 387]registered
operator constitutes a gift of the vehicle or interestby
the operator to the relative.(4)In
this section—registeredoperator,ofavehiclementionedinsubsection (1)(a)(ii),meansthepersoninwhosenamethevehiclewasregisteredimmediatelybeforetheexpiryorcancellation.387Exemption—registration of heavy
vehicle(1)Vehicle registration duty is not
imposed on an application toregister a
vehicle if—(a)the vehicle has a GVM under the
Vehicle RegistrationAct of more than 4.5t; and(b)immediatelybefore1July1995,thevehiclewasregistered under theInterstate Road
Transport Act 1985(Cwlth); and(c)the
application is the first application for registration ofthe
vehicle in a State; and(d)theapplicationismadebythesamepersoninwhosename the vehicle
is registered under the Act mentionedin paragraph
(b).(2)Also,vehicleregistrationdutyisnotimposedonanapplication to
register a heavy vehicle if—(a)the
application is made during the period starting on 1July
2018 and ending on 30 June 2019; and(b)immediately before the application is made,
the vehicleisregisteredundertheInterstateRoadTransportAct1985(Cwlth);
and(c)theapplicationisthefirstapplicationtoregisterthevehicle in a State; and(d)theapplicationismadebythesamepersoninwhosename the vehicle
is registered under theInterstate RoadTransport Act
1985(Cwlth).Page 312Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 388](3)Subsection (2) does not apply if the
application is part of anarrangement the sole or dominant
purpose of which is to avoidthe imposition
of vehicle registration duty on the application.(4)In this section—heavy
vehiclemeans a heavy vehicle under the Heavy
VehicleNational Law (Queensland).388Exemption—business nameVehicle registration duty is not imposed on
an application toregister or transfer a vehicle if—(a)the vehicle is registered in the name
of a business; and(b)vehicle registration duty or duty
under a correspondingAct was paid for the registration of
the vehicle; and(c)theapplicationismadebyorfortheownersofthebusiness to register or transfer the
vehicle—(i)in the sole names of the owners;
or(ii)in the name of
another business owned solely bythe owners;
or(iii)foranapplicationtoregisteravehicleregisteredunder a
corresponding Act in a business name—inthenameofthebusinessownedsolelybytheowners.389Exemption—vehicle dealerVehicle
registration duty is not imposed on—(a)anapplicationtoregisteravehicleinthenameofavehicle dealer or to transfer a
vehicle to a vehicle dealerif the vehicle
is acquired as trading stock; or(b)an
application to register a new vehicle in the name of avehicle dealer if the vehicle is acquired
for the dealer’suse as a demonstrator.Current as at
[Not applicable]Page 313
Duties
Act 2001Chapter 9 Vehicle registration duty[s
390]Notauthorised—indicativeonly390Exemption—particular persons and
entities(1)Vehicle registration duty is not
imposed on an application toregister a
vehicle in the name of, or an application to transfer avehicle to, any of the following
persons—(a)the Governor;(b)the
personal representativeof the estate of a deceasedperson;(c)a
person who is beneficially entitled to the vehicle in theestate of a deceased person;(d)a person who is in the business of
financing the purchaseoruseofvehiclesifthevehiclethesubjectoftheapplication is repossessed by, or
voluntarily surrenderedto, the person;(e)a
hirer who redeems a previously repossessed vehicle ifthe
registration will be in the same name as before therepossession;(f)a
government entity;(g)a local government;(h)aconsulorofficerofaconsulateifthepersonisanational of the country
represented;(i)a primary producer if—(i)thevehicleisavehiclewithaGVMundertheVehicle Registration Act of more than 6t;
and(ii)the primary
producer lodges a statutory declarationstating that the
primary producer intends to use thevehicle solely
in a business of primary production;(j)an
ex-serviceperson who, under the Vehicle RegistrationAct,
is entitled to concessional registration fees for thevehicle;(k)an
entity if the vehicle is a motorised wheelchair for adisabled person’s use;(l)a
person who has lost the use of 1 or both legs if thevehicle is for use for transport to and from
the person’sPage 314Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 391]placeofemploymentbecausethepersoncannotusepublic
transport;(m)a person who has lost the use of 1 or
both legs if—(i)the vehicle is for use for transport
to and from theperson’s place of education because the
person cannot use public transport; and(ii)theeducationisforthepurposeofobtainingemployment.(2)Also,vehicleregistrationdutyisnotimposedonanapplicationtotransferavehicleoraninterestinavehiclewholly by way of
gift to a relative of the registered operator.391Exemption—forfeiture ordersVehicle registration duty is not imposed on
an application totransfer a vehicle under—(a)anyofthefollowingundertheCriminalProceedsConfiscation Act 2002—(i)third party order;(ii)an
exclusion order;(iii)an innocent
interests exclusion order;(iv)a buy-back
order;(v)a request under section 175; or(b)theDrugs Misuse Act
1986, section 38(4) or 39(4).392Exemption—industrial
organisationsVehicleregistrationdutyisnotimposedonanapplication,under theIndustrial Relations Act 2016,
chapter 12, part 14,to register a vehicle in the name of,
or to transfer a vehicle to,an organisation
under that Act.Current as at [Not applicable]Page
315
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 393]393Exemption—disposal under particular
ActsVehicle registration duty is not imposed on
an application totransfer a vehicle under—(a)theLibraries Act
1988, section 28; or(b)theQueensland Art Gallery Act 1987,
section 28; or(c)theQueensland
Museum Act 1970, section 21; or(d)theQueenslandPerformingArtsTrustAct1977,section 19; or(e)theQueensland Theatre Company Act
1970, section 18.Part 5Reassessments for vehicleregistration duty393AReassessment—noncomplying use by vehicle
dealer(1)This section applies if—(a)vehicle registration duty is not paid
on an application toregister a vehicle in the name of a
vehicle dealer, or totransfer a vehicle to a vehicle
dealer, on the basis of anexemption under section 389;
and(b)thevehiclestopsbeingtradingstock,orstopsbeingused
as a demonstrator, other than because of a sale ofthe
vehicle in the ordinary course of business.(2)Within 28 days after the event mentioned in
subsection (1)(b)happens, the vehicle dealer must give notice
in the approvedform to the commissioner.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(3)Thecommissionermustmakeareassessmenttoimposevehicleregistrationdutyontheapplicationtoregisterortransfer the vehicle as if the exemption
from duty had neverapplied.Page 316Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 394]Note—UnpaidtaxinterestandpenaltytaxmaybepayableundertheAdministration Act, part 5.(4)Forsubsection
(1)(b),thevehicleistakentostopbeingtrading stock, or stop being used as a
demonstrator, on the daythat is the prescribed period after
the registration or transfermentioned in
subsection (1)(a), unless the vehicle dealer sellsthe
vehicle in the ordinary course of business before that day.(5)In this section—prescribed
periodmeans the period, at least 1 year,
prescribedunderaregulationforthissectionor,ifnoperiodisprescribed, 1 year.394Reassessment—noncomplying use by primary
producer(1)This section applies if—(a)vehicle registration duty is not paid
on an application toregister or transfer a vehicle in the
name of a primaryproduceronthebasisofanexemptionundersection 390(1)(i); and(b)within 5 years after the application to
register or transferthe vehicle, the primary producer
starts using the vehicleother than in the business of primary
production, or sellsor otherwise transfers the
vehicle.(2)Within 28 days after the event
mentioned in subsection (1)(b)happens,theprimaryproducermustgivenoticeintheapproved form to the
commissioner.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(3)Thecommissionermustmakeareassessmenttoimposevehicleregistrationdutyontheapplicationtoregisterthevehicle as if the exemption from duty had
never applied.Note—UnpaidtaxinterestandpenaltytaxmaybepayableundertheAdministration Act, part 5.Current as at [Not applicable]Page
317
Notauthorised—indicativeonlyDuties Act 2001Chapter 9 Vehicle
registration duty[s 395]395Reassessment of vehicle registration
duty(1)This section applies if the
commissioner is satisfied that—(a)afteranapplicationtoregisterortransferavehicleismade, the vehicle is repossessed from a
person becauseit was stolen before it was acquired by the
person; or(b)vehicle registration duty was paid for
an application toregisterortransferavehicleandthetransactioniscancelled within 3 months after the
application is made.(2)Onapplicationmadebythepersonwhopaidthevehicleregistration
duty on the application to register or transfer thevehicle, the commissioner must make a
reassessment of theduty paid as if it were exempt from vehicle
registration duty.(3)Anapplication
undersubsection (2)mustbemadewithin1year after the application to register
or transfer the vehicle wasmade.Part
6Miscellaneous provisions396Obligations of vehicle dealers(1)This section applies if—(a)undersection
389,vehicleregistrationdutyisnotimposedonanapplicationtoregisteravehicleinthenameofavehicledealerortotransferavehicletoavehicle dealer; and(b)the vehicle dealer sells the
vehicle.(2)The vehicle dealer must—(a)give the purchaser of the vehicle a
statement showingthe consideration for the purchase of the
vehicle and thevalue of any trade-in; and(b)keep a copy of the statement.Maximum penalty—100 penalty units.Page
318Current as at [Not applicable]
Duties Act 2001Chapter 10
General exemptions[s 397]Note—See
the Administration Act, section 118 (Period for keeping
records).Notauthorised—indicativeonlyChapter 10General
exemptionsPart 1Exemptions for
particularduties for corporatereconstructionDivision 1Preliminary397Purpose of pt 1Thispartprovidesforexemptionsforparticulardutiesonparticulartransactionscarriedoutforacorporatereconstruction.Division 2Some
basic concepts aboutexemptions for duty for
corporatereconstructionsSubdivision
1Basic concepts about corporatereconstructions398What
is acorporate reconstruction(1)Acorporate reconstructionhappens if—(a)through a transaction or series of
transactions, propertyistransferred,oragreedtobetransferred,fortheCurrent as at [Not applicable]Page
319
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exemptions[s 399]purposeofchangingacorporatestructuretomakeinternal
adjustments to corporate arrangements; and(b)the
transaction or each transaction is necessary to giveeffect to the purpose and is not undertaken
for any otherpurpose; and(c)thetransfer,oragreementforthetransfer,oftheproperty is not part of an arrangement
under which anycompany involved with any of the
transactions will ormay cease, at any time, to belong to
the same corporategroupotherthaninthecircumstancesmentionedinsection 412(4).(2)Forsubsection (1)(b),atransactionthatis1inaseriesoftransactionsistakentobenecessarytogiveeffecttothepurposeifitisnecessaryforanexemptiontoapplytothetransaction.Subdivision
2Basic concepts about companies,group companies, parentcompanies and
subsidiaries399What is acompanyAcompanyis a body
corporate other than a corporation sole.400What
aregroup companies, agroup companyand acorporate group(1)Ifacompanyisthesubsidiaryofanothercompany,thecompanies aregroup
companies.(2)Also,if2ormorecompaniesarethesubsidiaryofanothercompany, all the
companies aregroup companies.(3)Each of the group companies is
agroup company.(4)Allcompaniesthataregroupcompaniesformacorporategroup.Page 320Current as at
[Not applicable]
Duties Act 2001Chapter 10
General exemptions[s 401]401What
is aparent companyA company is
theparent companyof another
company if—(a)it directly owns, other than as
trustee, at least 90% of theissued shares in
the other company; and(b)has voting
control over the other company.Notauthorised—indicativeonly402What is asubsidiaryAcompany(thefirstcompany)isasubsidiaryofanothercompanyifatleast90%oftheissuedsharesinthefirstcompany are owned, other than as trustee,
and voting controlof the first company is held, by 1 or more
of the followingcompanies—(a)the
other company;(b)1 or more other subsidiaries of the
other company;(c)the other company and 1 or more other
subsidiaries ofthe other company.403Example of corporate group structure(1)Schedule 5containsanexampleofacorporategroupstructure.(2)Theexampleshowsthegroupcompanies,theparentcompanies and
subsidiaries in the group.404How part applies
to particular transactionsFor this part—(a)anapplicationtotransferavehicleistreatedasanagreementforthetransferofdutiablepropertytotheapplicant
transferee from the applicant transferor; and(b)a
vesting of dutiable property by, or expressly authorisedby,
statute law is treated as a transfer of the property tothepersoninwhomitisvestedfromitsownerimmediately
before the vesting takes place; andCurrent as at
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Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 406](c)avesting,underacourtorder,ofdutiablepropertyistreatedasatransferofthepropertytothepersoninwhom
it is vested from its owner immediately before theorder is made; and(d)a
surrender of dutiable property is treated as a transfer ofthepropertytothepersontowhomitissurrenderedfrom the person
who surrenders it; and(e)apartnershipacquisitionistreatedasatransferofdutiable property to the partner from the
former owner;and(f)atrustacquisition,underwhichapersonbecomesabeneficiaryortheperson’strustinterestincreasesbecause of a transfer, or agreement for the
transfer, of atrust interest, is treated as a transfer of
dutiable propertyto the acquiring beneficiary from the
transferor.Division 3Exemptions for
corporatereconstructions406Exemption—intra-group transfers of
property(1)Transfer duty or vehicle registration
duty is not imposed on atransfer,oragreementforthetransfer,ofdutiablepropertycarried out for a corporate reconstruction
if the conditions insubsection (2) are complied
with.Note—See section 404
(How part applies to particular transactions).(2)For
subsection (1), the conditions are as follows—(a)the
transferor did not hold, and the transferee will nothold, the property as trustee;(b)the transferor and transferee of the
property are groupcompanies;(c)thedutiabletransactionhasnotbeenmadeunderanarrangement under which—Page 322Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 407](i)partoralloftheconsiderationforthedutiabletransactionhasoristobeprovidedorreceived,directly or
indirectly by a person other than a groupcompany;
or(ii)a group company
is to be enabled to provide any oftheconsiderationbyapersonotherthanasmentioned in subsection (3); or(iii)agroupcompanyistodisposeofanyoftheconsiderationthroughapaymentorotherdisposition—(A)to a
person other than a group company; or(B)toapersonotherthanbywayofloanonordinary commercial terms;(d)thepropertytransferredis,atthetimeofthetransfer,group property under section 407.(3)For subsection (2)(c)(ii),
consideration may be provided—(a)byafinancialinstitutionbywayofloanonordinarycommercial
terms; or(b)by a group company; or(c)underanofferandsaleofsharestothepublicinthecircumstances mentioned in section
412(4)(b).407Group property for intra-group
transfer of property(1)For section
406(2)(d), property is group property if—(a)the
transferor and transferee—(i)were group
companies before the property, or aninterest of at
least 90% in the property, was firstownedbythetransferororanothergroupcompany; and(ii)have
been group companies at all times subsequentduring which the
property, or an interest of at least90% in the
property, has been continuously ownedby the
transferor or another group company; orCurrent as at
[Not applicable]Page 323
Duties
Act 2001Chapter 10 General exemptions[s
407]Notauthorised—indicativeonly(b)the transferor
and transferee—(i)were group companies before the
property, or aninterest of at least 90% in the property,
came intotheownershipofthetransferororanothergroupcompanybywayofatransactionforwhichtransferduty,oranequivalentdutyunderacorresponding Act, has been paid; and(ii)have been group
companies at all times subsequentduring which the
property, or an interest of at least90% in the
property, has been continuously ownedby the
transferor or the other group company; or(c)the
transferor or transferee is the new parent company ofthe
other party to the transfer and the transferor and thetransfereebecamegroupcompaniesinthecircumstances
mentioned in section 409(1)(a) to (c); or(d)thetransfereeistheparentcompanyofthetransferorandlandholderdutywasimposedandpaidforthetransferee acquiring its shares in the
transferor; or(e)the transferee is the parent company
of the transferor,and the transferee acquired at least 70% of
the shares ofthetransferorbecauseofatakeoverbid,undertheCorporations Act, chapter 6, for the
shares if they werequoted securities under that Act; orNote—Section 498A
includes provision about when the quotation ofsecurities is
suspended.(f)the transferor and transferee have
been group companiesfor 3 years.(2)For
section 406(2)(d), property is also group property if—(a)thetransferisbetweenaparentcompanyandasubsidiary of
it; and(b)either of the following
applies—(i)the parent company became the parent
company ofthe subsidiary on its registration;Page
324Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 407](ii)the
parent company became the parent company ofthesubsidiaryafteritsregistrationandthesubsidiary has been dormant since its
registration;and(c)the parent
company remained the parent company of thesubsidiary from
its registration or from when it becamethesubsidiary’sparentcompanyuntilthepropertyistransferred.(3)However, for subsection (1)(a) or (b),
property that is a lot onaplanofsubdivisionregisteredafterthetransferorandthetransferee became group companies is
only group property totheextentthatthepropertycomprisingthelotwasgrouppropertyundersubsection (1)(a)or(b)immediatelybeforeregistration of the plan of
subdivision.(4)For property mentioned in subsection
(3), transfer duty is notimposedonthedutiablevalueofthepartofthelotthatisgroup property, worked out using the
following formula—where—DVGmeans the dutiable value of the part of the
lot that isgroup property for section 406(2)(d).DVLmeans the dutiable value of the
lot.TVmeansthetotalvalue,immediatelybeforetheplanofsubdivision was registered, of the property
that forms the lot.VPmeansthevalue,immediatelybeforetheplanofsubdivision was registered, of property
that—(a)forms part of the lot; and(b)wasgrouppropertyundersubsection (1)(a)or(b)immediatelybeforetheplanofsubdivisionwasregistered.(5)In
this section—lotsee theLand Title Act
1994, schedule 2.plan of
subdivisionmeans—Current as at
[Not applicable]Page 325
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 408](a)aplanundertheBuildingUnitsandGroupTitlesAct1980; or(b)a plan of subdivision under theLand
Title Act 1994; or(c)a
plan of subdivision under theLand Act
1994; or(d)aplanorscheme,howeverdescribed,showingthedivisionof,amalgamationinto,dedicationoforredefinition of, at least 1 lot, that
is able to be registeredin a land registry under theLand
Act 1994or theLandTitle Act 1994.408Exemption—trustees(1)Transfer duty or vehicle registration duty
is not imposed on atransfer,oragreementforthetransfer,ofdutiablepropertycarriedoutforacorporatereconstructionifthefollowingconditions are
complied with—(a)thetransferorofthepropertyholdsthepropertyastrustee for the beneficiaries of a fixed
trust, including aunit trust;(b)the
transferor of the property holds at least 90% of theissuedsharesofthetransfereeastrusteeforthebeneficiaries or, for a unit trust,
the unitholders;(c)the conditions mentioned in section
406(2) are compliedwith.Note—See
section 404 (How part applies to particular transactions).(2)For subsection (1), section 406(2) and
division 5 apply as if—(a)areferencetothetransferorofthepropertywereareference to the unitholders or
beneficiaries; and(b)the issued shares in the transferee
held by the transferorwere held other than as
trustee.409Exemption—landholder duty(1)This section applies if—Page
326Current as at [Not applicable]
Duties Act 2001Chapter 10
General exemptions[s 409]Notauthorised—indicativeonly(a)thereisacorporatereconstructionconstitutedbyaparentcompany(thenewparentcompany)beinginterposed
between a company (theexisting company)and
the shareholders of the existing company; and(b)thereisatransfer,oragreementforthetransfer,ofshares from a shareholder of the existing
company to thenew parent company carried out solely for
the corporatereconstruction; and(c)the
following conditions are complied with—(i)the
new parent company is a company with limitedliability;(ii)the
new parent company has been dormant from itsregistration
until the resolution to become the newparent company
of the existing company;(iii)under the
transaction mentioned in paragraph (b),the new parent
company acquires at least 90% oftheissuedshares,andvotingcontrolof,theexisting
company;(iv)at least 90% of
the consideration for the acquisitionis the issue of
shares in the new parent company tothe shareholders
of the existing company;(v)eachshareholderoftheexistingcompanywhosesharesareacquiredbythenewparentcompanyreceives
consideration equal in value to the valueoftheshareholder’ssharesintheexistingcompany;(vi)immediatelyafterthetransferofsharesintheexisting company, at least 90% of the
issued sharesin the new parent company consists of the
shares itissuedasconsiderationfortheacquisitionoftheshares in the existing company;(vii) if the new parent company is
interposed betweenmorethan1existingcompanyandtheirshareholders—beforetheacquisitionbythenewparent company,
the same shareholders—Current as at [Not applicable]Page
327
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 410](A)owned, directly or indirectly, at least 90%
ofthe issued shares in the existing
companies;and(B)had voting
control of the existing companies;and(d)the acquisition of shares in the
existing company by thenewparentcompanyortheissueofthesharesinthenew parent company to the shareholders
of the existingcompany is a relevant acquisition.(2)Thissectionalsoappliesif,undersection
406or408,atransfer,oragreementforthetransfer,ofsharesisexemptfromtransferdutyandtheacquisitionofthesharesbythetransferee is a relevant
acquisition.(3)Landholderdutyisnotimposedontheacquisitiontotheextent of the interest acquired by the
new parent company ortransferee under the
transaction.Note—See section 179
(Working out dutiable value of relevant acquisition).(4)Forsubsection
(2),sections 406,407and408applyasifatransfer,oragreementforthetransfer,ofshareswereadutiable transaction.Division 4Applications for
rulings andexemptions410Application for ruling for proposed dutiable
transactionor relevant acquisition(1)A
company that proposes being party to a dutiable transactionor
relevant acquisition, may apply to the commissioner for aruling whether the proposed transaction or
acquisition will beexempt from duty under this part.(2)The application must—(a)be in the approved form; andPage
328Current as at [Not applicable]
Duties Act 2001Chapter 10
General exemptions[s 411](b)beaccompaniedbyenoughinformationtoenablethecommissioner to make a ruling.(3)Thecommissionermustgivetheapplicantnoticeofthecommissioner’s
ruling on the application.Notauthorised—indicativeonly411Application for exemption for dutiable
transaction orrelevant acquisition(1)Thepartiestoadutiabletransactionoracquirerunderarelevantacquisitionmayapplytothecommissionerforanexemption from duty under division
3.(2)The application must—(a)be in the approved form; and(b)besupportedbyenoughinformationtoenablethecommissioner to make an assessment.(3)Ontheapplication,thecommissionermustmakeanassessment of nil duty for the dutiable
transaction or relevantacquisition if—(a)thecommissionerissatisfiedthetransactionoracquisition is exempt from duty under
division 3; or(b)thecommissionerhas,onanapplicationforaruling,decided the
transaction or acquisition would be exemptfrom duty under
division 3.(4)However, subsection (3)(b) does not
apply if—(a)theinstrumentssubmittedwiththeapplicationforexemptiondifferinamaterialparticulartodraftsofinstruments lodged with the application for
the ruling;or(b)the
circumstances existing in relation to the transactionoracquisitionatthetimeoftheapplicationforexemptionaremateriallydifferentfromthecircumstances existing at the time of the
application forthe ruling; or(c)the
information given with the application for the rulingwas
false or misleading in a material particular; orCurrent as at [Not applicable]Page
329
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 412](d)each
of the following applies—(i)after the ruling
is made but before the applicationfor the
exemption is decided, a legislative changetakeseffect,ajudgmentofacourtisgivenoradecision is made by QCAT;(ii)the change,
judgment or decision would, if it hadtakeneffectorbeengivenbeforetherulingwasmade, have materially affected the ruling
made bythe commissioner.Division 5Reassessments for corporatereconstructions412Reassessment—exemption for intra-group
transfers ofproperty, trustees and landholder
duty(1)This section applies if—(a)dutyisassessedonadutiabletransactionorrelevantacquisitiononthebasisofanexemptionundersection 406, 408 or 409; and(b)within 3 years after the transaction
or acquisition—(i)the transferor or transferee has
ceased to belong tothe same corporate group; or(ii)part or all of
the consideration for the transactionor acquisition
is provided or received other than aspermitted by
section 406(2)(c)(ii) or (iii).(2)The
commissioner must make a reassessment to impose dutyonthedutiabletransactionorrelevantacquisitionasiftheexemption from
duty had never applied.Note—UnpaidtaxinterestandpenaltytaxmaybepayableundertheAdministration Act, part 5.(3)Subsection (2)appliestothereassessmentdespitethefollowing—Page 330Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 412](a)the
limitation period under the Administration Act forreassessments;(b)thecommissioner’srulingundersection
410forthedutiable
transaction or relevant acquisition.Note—See
the Administration Act, part 3 (Assessments of tax), division
3(Reassessments).(4)However, subsection (2) does not
apply—(a)if the transferor or transferee ceases
to exist, other thanunderanarrangement,asignificantpurposeofwhichwastoavoidtherequirementthatthetransferorandtransferee belong to the same corporate
group for the 3years mentioned in subsection (1); or(b)if—(i)thetransferorortransfereeceasestobeagroupcompany in the
corporate group because its shares,or the shares of
a new parent company interposedbetween the
transferor and transferee, are offeredand sold to the
public; and(ii)the shares are
quoted on the market operated by arecognised stock
exchange within 1 year after theoffer to the
public; orNote—Section
498Aincludesprovisionaboutwhenthequotation of securities is
suspended.(c)if less than 5% of the value of the
property held, directlyor indirectly, by the company that
ceases to be a groupcompany is dutiable property.(5)Withoutlimitingsubsection (4)(a),acompanyregisteredunder the
Corporations Act ceases to exist if it is deregisteredunder that Act.Current as at
[Not applicable]Page 331
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 413]413When
parties must give notice for reassessment(1)Thissectionappliesifaneventmentionedinsection 412(1)(b)happenswithin3yearsafteradutiabletransactionorrelevantacquisitiontowhichanexemptionunder this part
was applied.(2)Within 28 days after the event
happens, a party to the dutiabletransaction or
person making the relevant acquisition must—(a)give
notice in the approved form to the commissioner;and(b)ensure the
instruments required for the assessment forthedutiabletransactionorrelevantacquisitionarelodged for a reassessment of duty on the
transaction oracquisition.Note—Failure to give the notice is an offence
under the Administration Act,section
120.Part 2Exemptions for
particularduties for charitableinstitutionsDivision 1Exemptions for charitableinstitutions414Exemption—particular duties for charitable
institutions(1)Duty is not imposed on the
following—(a)adutiabletransactionunderwhichacharitableinstitution
acquires dutiable property;(b)a
dutiable transaction that is—(i)thecreationorterminationofatrustofdutiableproperty for the
benefit of a charitable institution;orPage
332Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 415](ii)a
trust acquisition or trust surrender by a charitableinstitution;(c)apremiumforgeneralinsuranceforpropertyorundertaking of a charitable
institution;(d)anapplicationtoregisterortransferavehicleinthename of a charitable
institution.(2)Subsection (1)appliesonlyiftheuserequirementsunderdivision 2 are complied with.Division 2Use requirements
for exemptions415Use requirement(1)Property acquired or insured by, or property
held on trust for,a charitable institution must be used solely
or almost solely bytheinstitutionfor1ormoreofthefollowingpurposes(aqualifying exempt purpose)—(a)activities of a
religious nature;(b)public benevolent purposes;(c)educational purposes;(d)conducting a kindergarten or
preschool;(e)the care of the sick, aged, infirm,
afflicted or incorrigiblepersons;(f)the
relief of poverty;(g)thecareofchildrenundertheAdministrationAct,section 149C(2)(h);(h)anothercharitablepurposeorpromotionofthepublicgood;(i)providingaresidencetoaminister,ormembersofareligious order who are engaged in an
object or pursuitof a kind mentioned in paragraphs (a) to
(h).(2)For subsection (1)(a) to (h), the
property acquired, insured orheldisnotusedsolelyoralmostsolelyforaqualifyingCurrent as at
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Duties
Act 2001Chapter 10 General exemptions[s
416]exempt purpose if the property is used for
an employment orsalary package of an officer or employee of
the institution.Notauthorised—indicativeonly416Start of use
requirement(1)Forpropertyheldontrustforacharitableinstitution,thecommissioner must be satisfied—(a)the property will start to be used for
the institution for aqualifying exempt purpose on or before
the date that is 6monthsaftertheliabilityfortransferdutyonthetransactionwould,apartfromtheexemptionunderdivision1,ariseorthelaterdatefixedbythecommissioner by notice given to the
institution (thestartdate);
and(b)the property will be used solely or
almost solely for theinstitutionforaqualifyingexemptpurposefortheperiod starting on the date the
property is used for theinstitution for a qualifying exempt
purpose and ends 1yearafterthatdateorthelaterdatefixedbythecommissionerbynoticegiventotheinstitution(theduration period).Note—In relation to
subsection (1)(a), see also section 620.(2)For
other property, the commissioner must be satisfied—(a)the property acquired or insured will
start to be used bythecharitableinstitutionforaqualifyingexemptpurposeonorbeforethedatestatedinsubsection (3)(also thestart date); and(b)the property will be used solely or
almost solely by theinstitutionforaqualifyingexemptpurposefortheperiodstatedinsubsection (4)(alsothedurationperiod).(3)For subsection
(2)(a), the start date is—(a)foradutiabletransactionthatisanacquisitionofdutiableproperty—6monthsaftertheliabilityfortransferdutyonthetransactionwould,apartfromthePage 334Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 417]exemption under
division 1, arise or the later date fixedby the
commissioner by notice given to the institution;or(c)forapremiumforacontractofgeneralinsurance—immediately
after the premium is paid; or(d)foranapplicationtoregisterortransferavehicle—immediately
after the application is made.Note—In
relation to subsection (3)(a), see also section 620.(4)For subsection (2)(b), the duration
period starts—(a)foradutiabletransactionthatisanacquisitionofdutiable property—on the date the charitable
institutionstartstousethepropertyforaqualifyingexemptpurpose and ends 1 year after that date or
the later datefixedbythecommissionerbynoticegiventotheinstitution;
or(c)for a premium for a contract of
general insurance—onthestartdateandends1yearafterpaymentofthepremium; or(d)for
an application to register or transfer a vehicle—onthe
start date and ends 9 months after the application ismade.417Commissioner to extend start date and
duration period(1)This section applies if, after an
assessment made on the basisofanexemptionunderdivision1,thecommissionerissatisfied the property acquired, insured or
held—(a)hasnotbeenusedsolelyoralmostsolelyforaqualifying
exempt purpose; but(b)willbeusedsolelyoralmostsolelyforaqualifyingexempt purpose
by a later date (thenew start date), andfortheperiod,fixedbythecommissioner(thenewduration period) by notice
given to the institution.Current as at [Not applicable]Page
335
Duties
Act 2001Chapter 10 General exemptions[s
418](2)Thecommissionermustnotmakeareassessmentmerelybecause the property has not been used
solely or almost solelyfor a qualifying exempt purpose if the
property starts to be soused by the new start date.Notauthorised—indicativeonlyDivision 3Reassessments
for charitableinstitutions418Reassessment on application of charitable
institution(1)This section applies if, under an
assessment, duty is imposedon an instrument
or transaction because the use requirementsunder division 2
will not be complied with.(2)If, on
application by the charitable institution concerned, thecommissionerissatisfiedthepropertyacquired,insuredorheld
has been used solely, or almost solely, for a qualifyingexempt purpose from the start date for the
duration period, thecommissionermustmakeareassessmentonthebasisofcompliance with division 2.(3)For the reassessment, the charitable
institution must lodge theinstruments required for the original
assessment.419Reassessment—noncompliance with use
requirements(1)This section applies if—(a)duty is assessed on an instrument or
transaction on thebasis of an exemption under division 1;
and(b)after the assessment, the property
acquired, insured orheld—(i)isusedforapurposeotherthanaqualifyingexempt purpose;
or(ii)is not used for
a qualifying exempt purpose by thestart date or
new start date; or(iii)is not used for
a qualifying exempt purpose for theduration period
or new duration period.Page 336Current as at
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General exemptions[s 420](2)Within 28 days after the event mentioned in
subsection (1)(b)happens, the charitable institution
must—(a)give notice in the approved form to
the commissioner;and(b)ensuretheinstrumentsrequiredfortheassessmentofdutyarelodgedforareassessmentofdutyontheinstrument or transaction.Note—Failure to give
the notice is an offence under the Administration Act,section 120.(3)The
commissioner must make a reassessment to impose dutyon
the instrument or transaction as if the exemption had neverapplied.Note—UnpaidtaxinterestandpenaltytaxmaybepayableundertheAdministration Act, part 5.Part
3Exemptions for matrimonialand
de facto relationshipinstrumentsDivision 1Some
basic concepts formatrimonial and de factorelationship
instruments420What is amatrimonial
instrument(1)An instrument mentioned in subsection
(2) that provides forthetransferofmatrimonialpropertyfrom1partytoamarriagetoonlytheotherpartytothemarriageisamatrimonial
instrumenton the dissolution or annulment ofthe
marriage.(2)For subsection (1), the instruments
are the following—Current as at [Not applicable]Page
337
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 421](a)an
agreement registered or approved under theFamilyLaw
Act 1975(Cwlth);(b)anorderofacourtundertheFamilyLawAct1975(Cwlth);(c)an instrument made under an instrument
mentioned inparagraph (a) or (b);(d)an
instrument made after the start of a proceeding forthe
dissolution or annulment of the marriage.421What
ismatrimonial propertyMatrimonial
propertyis property of the parties to a
marriageor of either of them that is—(a)residential land, the residence on
which is for use as theprincipal residence of the party to
whom it is to be or isbeing transferred; or(b)avehicleforuseforprivatepurposesbythepartytowhom it is to be or is being
transferred.422What is ade facto
relationship instrumentAdefactorelationshipinstrumentisanyofthefollowinginstrumentstotheextentitdealswithdefactorelationshipproperty—(a)arecognisedagreementunderthePropertyLawAct1974, section
266;(b)an order of a court under thePropertyLawAct1974,part
19;(c)an instrument made under an instrument
mentioned inparagraph (a) or (b).423What
isde facto relationship propertyDefactorelationshippropertyispropertyofthedefactopartners of a de facto relationship or of
either of them.Page 338Current as at
[Not applicable]
Notauthorised—indicativeonlyDivision 2Duties Act
2001Chapter 10 General exemptions[s
424]Exemptions and reassessments424Exemption—matrimonial and de facto
relationshipinstrumentsDuty is not
imposed on a transaction to the extent that it giveseffecttoamatrimonialinstrumentordefactorelationshipinstrument.Notes—1Exemptions for duty for particular
instruments and maintenanceagreements are
providedin theFamilyLawAct1975(Cwlth),section
90.2Exemptionsfordutyforparticularinstrumentsandagreementsrelatingtofinancialmatters,intheeventof
abreakdowninamarriage,areprovidedintheFamilyLawAct1975(Cwlth),section 90L.3Exemptionsfordutyforparticularinstrumentsandagreementsrelating to
financial matters, in the event of a breakdown of a defactorelationship,areprovidedintheFamilyLawAct1975(Cwlth), section
90WA.425Reassessment on application(1)This section applies if—(a)duty has been paid on a transaction to
the extent that itgiveseffecttoaninstrumentforthetransfer,oragreement for the transfer, of—(i)matrimonial property from 1 party to a
marriage tothe other party; or(ii)defactorelationshippropertyfrom1defactopartner to the
other; and(b)duty was paid on the basis that the
instrument was not amatrimonialinstrumentordefactorelationshipinstrument;
and(c)either of the following
applies—Current as at [Not applicable]Page
339
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 426](i)whenthedutywaspaid,theinstrumentwasamatrimonialinstrumentordefactorelationshipinstrument for
the property;(ii)after the duty
was paid, the instrument becomes amatrimonialinstrumentordefactorelationshipinstrument for
the property.(2)On application made by a party to the
marriage or 1 of the defacto partners, the commissioner must
make a reassessment ofdutyforthetransferasifitwereexemptfromdutyundersection 424.(3)The
application must be made within 6 months after—(a)if
subsection (1)(c)(i) applies—the instrument is made;or(b)if subsection
(1)(c)(ii) applies—the instrument becomesamatrimonialinstrumentordefactorelationshipinstrument for
the property.(4)Theapplicantmustlodgethematrimonialinstrumentordefactorelationshipinstrumentforthepropertywiththeapplication.Part 4Other exemptions426Exemption—StateThe State is not
liable to pay duty unless this Act expresslyprovides
otherwise.Note—See sections 17
(Who is liable to pay transfer duty) and 357 (Who isliable to pay insurance duty).427Exemption—particular instruments and
transactionsrelating to incorporated associations(1)Dutyisnotimposedonaninstrumentortransactionforavesting of property in an incorporated
association under thePage 340Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 428]AssociationsIncorporationAct1981,becauseofitsincorporation under part 2 or part 9,
division 2, of that Act.(2)DutyisnotimposedonaninstrumentortransactionforvestingpropertyinanassociationincorporatedundertheCorporations Act if—(a)the association was formed with the
object of—(i)providing recreation or amusement;
or(ii)promoting
religion, charity, patriotism or the arts;or(iii)achievinganotherobjectthecommissionerissatisfied is useful to the community;
and(b)the association’s constitution—(i)providesfortheapplicationofitsfundstoitsobjects; and(ii)prohibits the distribution of any part of
its funds orprofits to its members; and(c)becauseoftheassociation’sincorporation,theinstrumentortransactionisnecessaryforvestingtheproperty in the association’s corporate
name.428Exemption—particular instruments and
transactionsunder National Gas (Queensland) ActDuty
is not imposed on—(a)a transaction that is an exempt matter
under theNationalGas (Queensland)
Act 2008, section 13; or(b)aninstrumentortransactionforanexemptmattermentioned in paragraph (a).429Instruments and transactions under
Housing Act 2003(1)Duty is not imposed on an instrument
or transaction enteredinto or made under theHousing Act 2003by the housing
chiefexecutive on behalf of the State.Current as at [Not applicable]Page
341
Notauthorised—indicativeonlyDuties Act 2001Chapter 10 General
exemptions[s 429](2)However,subsection
(1)doesnotapplytoanyofthefollowingtransactionsoraninstrumententeredintoforthetransaction—(a)the
transfer, or agreement for the transfer, of land to aperson who does not receive financial
assistance fromthehousingchiefexecutiveonbehalfoftheStatetoenable the person to purchase the
land;(b)a transfer, agreement for the
transfer, grant of freeholdtitle or grant
of a perpetual lease for residential purposesof land by the
housing chief executive on behalf of theStatetoapersontoenablethepersontobuildaresidence on the land, unless the
consideration under theinstrumentorforthetransactionincludesthefutureprovision of a
housing service;(c)a transfer, or agreement for the
transfer, of land by thehousing chief executive on behalf of
the State if—(i)immediately before the transfer, or
agreement forthe transfer, was entered into, the land was
subjecttoaleasetoapersontoenablethepersontoprovidehousingforanemployeeoftheperson;and(ii)thetransfereeisthelesseeundertheleasementioned in
subparagraph (i) or a related personof the
lessee.(3)Subsection (2) does not make the
housing chief executive orthe State liable to pay duty.(4)In this section—housingchiefexecutivemeansthechiefexecutiveofthedepartment in
which theHousing Act 2003is
administered.housing servicesee theHousing Act 2003, section
8.Page 342Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 10
General exemptions[s 430]430Exemption—instruments and transactions under
otherActsDuty is not
imposed on an instrument or transaction enteredinto or
made—(a)because of, or for a purpose connected
with or arisingout of, theGovernment Owned
Corporations Act 1993,chapter 2 or
chapter 3, part 3; or(b)forgivingeffecttoaprovisionoftheIpswichTradesHall Act
1986; or(c)for
implementing a local government change under theLocal Government Act 2009;
or(d)undertheRiverImprovementTrustAct1940,section 14B, by a trust constituted under
that Act.431Exemption—Queensland Investment
CorporationDuty is not imposed on an instrument or
transaction enteredintoormadebytheQueenslandInvestmentCorporationestablished
under theQueensland Investment Corporation Act1991.431AExemption—Queensland Treasury
Corporation and itsaffiliates(1)Thissectionappliestoafinancialarrangement,orotherarrangement,enteredintoormadebytheQueenslandTreasury
Corporation or an affiliate of the corporation.(2)Subjecttotheconditionsinsubsection (3),dutyisnotimposed on an
instrument or transaction that gives effect to, oris a
part of, the arrangement.(3)The conditions
are—(a)thecorporationoraffiliatemustbeapartytotheinstrumentortransactionoranotherinstrumentortransactionthatgiveseffectto,orispartof,thearrangement; andCurrent as at
[Not applicable]Page 343
Notauthorised—indicativeonlyDuties Act 2001Chapter 11
Avoidance schemes[s 432](b)theTreasurermustcertifythearrangementhasasitsobjective—(i)the
advancement of the State’s financial interests;or(ii)the development
of the State or a part of the State;or(iii)the benefit of
persons, or a class of person, residentin or having or
likely to have an association withthe
State.(4)In this section—affiliate, of
the Queensland Treasury Corporation, means anaffiliateofthecorporationundertheQueenslandTreasuryCorporation Act 1988.financial arrangementmeans a
financial arrangement undertheQueensland Treasury Corporation Act
1988.QueenslandTreasuryCorporationmeanstheQueenslandTreasuryCorporationconstitutedundertheQueenslandTreasury
Corporation Act 1988.Chapter 11Avoidance schemes432Purpose and operation of ch 11(1)Thepurposeofthischapteristodeterartificial,blatantorcontrived schemes to reduce liability
to duty.(2)Subjecttosubsection (1),nothinginthisActlimitstheoperation of this chapter.433Application of ch 11(1)This chapter applies if—Page
344Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 11
Avoidance schemes[s 434](a)an
entity (theavoider) has obtained,
or would apart fromthis chapter obtain, a duty benefit from a
scheme startedtobecarriedoutafterthecommencementofthischapter;
and(b)takingintoaccountthemattersmentionedinsection 435, it is reasonable to
conclude that an entity,whether alone or with others, that
entered into or carriedout the scheme, or part of the scheme,
did so for the soleordominantpurposeofenablingtheentityoranotherentity to obtain
a duty benefit from the scheme.(2)It
does not matter—(a)whether the scheme, or any part of the
scheme is enteredinto or carried out inside or outside
Queensland; or(b)whether or not the duty benefit the
entity obtained is thesamekindofdutybenefitmentionedinsubsection (1)(a).(3)However, despite subsection (1), this
chapter does not applyin relation to a duty benefit that is
attributable to an exemptionor concession
under this Act for duty, unless an entity enteredinto
or carried out a scheme or part of a scheme for the sole ordominant purpose of creating a circumstance
or state of affairsto which the exemption or concession would
apply.(4)Forthissection,fordecidingwhatwasanentity’ssoleordominant purpose for entering into or
carrying out a schemeorpartofascheme,anypurposerelatingtoeliminating,reducingorpostponingaliabilityforaforeigntaxistobedisregarded.(5)In
this section—foreign taxmeans a tax,
duty or other impost imposed under alawofanotherState,theCommonwealthorajurisdictionoutside
Australia.434When is aduty
benefitobtained(1)An
entity obtains aduty benefitif an amount of
duty payableby the entity under this Act apart from this
chapter is, or couldCurrent as at [Not applicable]Page
345
Duties
Act 2001Chapter 11 Avoidance schemes[s
435]reasonablybeexpectedtobe,lessthanitwouldhavebeenapart from the
scheme or a part of the scheme.(2)The
amount of the duty benefit is the difference between theamount of duty payable and the amount of
duty that wouldhavebeenpayableapartfromtheschemeorpartofthescheme.Notauthorised—indicativeonly435Matters to be
considered in deciding purpose for scheme(1)Forsection 433,thefollowingmattersmustbetakenintoaccountindecidinganentity’spurposeinenteringintoorcarrying out the scheme from which the
avoider obtained, orwould obtain, a duty benefit—(a)the way in which the scheme was
entered into or carriedout;(b)the
form and substance of the scheme, including—(i)thelegalrightsandobligationsinvolvedinthescheme;
and(ii)theeconomicandcommercialsubstanceofthescheme;(c)when the scheme was entered into and
the length of theperiod during which the scheme was carried
out;(d)thepurposeofthisActoraprovisionofthisAct,whether or not the purpose is expressly
stated;(e)theeffectthatthisActwouldhaveinrelationtothescheme apart from this chapter;(f)any change in the avoider’s financial
position that hasresulted, will result, or may reasonably be
expected toresult from the scheme;(g)any
change in the financial position of any person whohas,
or has had, any connection, whether of a business,family or other nature, with the avoider,
being a changethathasresulted,willresult,ormayreasonablybeexpected to result from the scheme;Page
346Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 11
Avoidance schemes[s 436](h)anyotherconsequencefortheavoiderorapersonmentioned in
paragraph (g) of the scheme having beenentered into or
carried out;(i)thenatureoftheconnection,whetherofabusiness,familyorothernature,betweentheavoiderandanyperson mentioned in paragraph
(g);(j)the circumstances surrounding the
scheme.(2)Subsection (1) applies for considering
an entity’s purpose inentering into or carrying out part of
a scheme from which theavoider obtains, or would obtain, a
duty benefit, as if the partwereitselftheschemefromwhichtheavoiderobtains,orwould obtain, the benefit.436Assessments because of duty benefit
from scheme(1)If a duty benefit has been obtained,
or would apart from thischapterbeobtained,bytheavoiderfromascheme,thecommissioner may decide that the amount of
the duty benefitis payable as duty as decided by the
commissioner.(2)The commissioner must—(a)givenoticeofthedecision,andthereasonsforthedecision, to the
avoider; and(b)make an assessment of duty on the
basis of the decision.Note—For objections
and appeals against assessments, see the AdministrationAct,
part 6.(3)Subsection (4) applies if the
commissioner—(a)has made an assessment under
subsection (2); and(b)is satisfied—(i)aperson,otherthantheavoiderisliabletodutythatwouldnothavebeenassessediftheschemehad not been
entered into or carried out; andCurrent as at
[Not applicable]Page 347
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 437](ii)it
would be fair and reasonable that the amount orpart of the
amount of duty should not have beenassessed.(4)Despite the limitation period under
the Administration Act forreassessments, the commissioner must,
for the other person,make a reassessment on the basis that
the amount or part ofthe amount of duty is not
payable.Note—See the
Administration Act, part 3 (Assessments of tax), division 3(Reassessments).(5)Forthereassessment,theotherpersonmustlodgetheinstruments required for the original
assessment.Chapter 12Registered
personsPart 1Registration of
personscarrying on particularbusinesses and
theirregistration as self assessors437Application for registration to carry
on particularbusinesses(1)A
person may apply to be registered to carry on business inQueensland as an insurer.(2)Theapplicationmustbemadetothecommissionerintheapproved form.438Registration to carry on businessOn
receipt of the application, the commissioner must registerthe
person to carry on the business.Page 348Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 439]439Registration as self assessorOnregistrationofthepersontocarryonthebusiness,thecommissioner must also register the person
as a self assessorfor duty on instruments or transactions to
which the person isor becomes a party for carrying on the
business.440Notice of registration(1)Thecommissionermustgivenoticetothepersonoftheperson’sregistrationtocarryonthebusinessandasaselfassessor.(2)The
notice must state the following—(a)the
date of registration;(b)the dates for
lodging returns, and for paying duty, by theself
assessor;(c)the periods to be covered by the
returns;(d)therecordsrequiredtobekeptrelatingtotheinstrumentsandtransactionstowhichtheregistrationrelates;(e)the types of reassessments the self
assessor is requiredor permitted to make;(f)whether the self assessor is permitted
to remit the wholeor part of unpaid tax interest or penalty
tax.Part 2Registration of
parties toinstruments and transactionsas
self assessors441Application for registration(1)A person may apply to the commissioner
to be registered as aself assessor for duty on particular
instruments or transactionsto which the
person is or becomes a party.Current as at
[Not applicable]Page 349
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 442](2)The
application must be in the approved form.442Decision on applicationThe commissioner
must approve or refuse the application forregistration.443Approval of applicationIfthecommissionerapprovestheapplication,thecommissioner must register the person as a
self assessor fordutyontheinstrumentsortransactionsmentionedintheapplication.444Registration of self assessor without
applicationThe commissioner may, by notice given to a
person, registerthe person as a self assessor for duty on
particular instrumentsor transactions to which the person is
or becomes a party.445Notice of registration(1)Onregistrationofapersonasaselfassessor,thecommissionermustgivenoticetothepersonoftheregistration.(2)The
notice must state the following—(a)the
date of registration;(b)theinstrumentsandtransactionstowhichtheregistration relates and for which returns
or transactionstatements are required or permitted to be
lodged;(c)the dates for lodging returns, and for
paying duty, by theself assessor;(ca)the
dates for lodging transaction statements by the selfassessor and the dates for paying
duty;(d)the periods to be covered by the
returns;Page 350Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 446](e)thedocumentsrequiredtoaccompanythereturnsortransaction statements;(f)therecordsrequiredtobekeptrelatingtotheinstruments and transactions;(g)any endorsements to be made on the
instruments or ELNtransaction documents;(h)the
types of reassessments the self assessor is requiredor
permitted to make;(i)whether the self assessor is permitted
to remit the wholeor part of unpaid tax interest or penalty
tax;(j)the self assessor’s client
number.(3)However, a matter mentioned in
subsection (2) may, insteadof being stated
in the notice, be stated in a document issued bythe
commissioner and accompanying the notice.(4)Amattermentionedinsubsection (2)andstatedinadocument mentioned in subsection (3)
is taken to have beenstated in the notice.446Refusal of applicationIf
the commissioner refuses the application, the commissionermust
give the applicant an information notice for the decision.447Restriction on assessment by
commissioner(1)Aselfassessorwho,undertheselfassessor’snoticeofregistration,isrequiredtolodgereturnsortransactionstatementsforparticularinstrumentsortransactions,mustnot
lodge an instrument, or an instrument or ELN transactiondocument for the transaction, of that type
for assessment bythe commissioner.(2)ThissectionhaseffectsubjecttotheAdministrationAct,section 11(2)(a).Current as at
[Not applicable]Page 351
Duties
Act 2001Chapter 12 Registered persons[s
448]Part 3Registration of
agents as selfassessorsNotauthorised—indicativeonly448Application for
registration(1)A person who, in the ordinary course
of business, acts as anagent for parties to instruments or
transactions on which dutyis imposed may apply to be registered
as a self assessor for theduty on the instruments or
transactions.(2)The application must be in the
approved form.449Decision on applicationThe
commissioner must approve or refuse the application.450Approval of applicationIfthecommissionerapprovestheapplication,thecommissioner must register the person as a
self assessor fordutyontheinstrumentsortransactionsmentionedintheapplication.451Registration of self assessor without
applicationThe commissioner may, by notice given to a
person who, inthe ordinary course of business, acts as an
agent for parties toinstruments or transactions on which
duty is imposed, registerthe person as a self assessor for the
duty on the instruments ortransactions.452Notice of registration(1)Onregistrationofapersonasaselfassessor,thecommissionermustgivenoticetothepersonoftheregistration.(2)The
notice must state the following—(a)the
date of registration;Page 352Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 453](b)theinstrumentsandtransactionstowhichtheregistration relates and for which returns
or transactionstatements are required or permitted to be
lodged;(c)the dates for lodging returns, and for
paying duty, by theself assessor;(ca)the
dates for lodging transaction statements by the selfassessor and the dates for paying
duty;(d)the periods to be covered by the
returns;(e)thedocumentsrequiredtoaccompanythereturnsortransaction statements;(f)therecordsrequiredtobekeptrelatingtotheinstruments and transactions;(g)any endorsements to be made on the
instruments or ELNtransaction documents;(h)the
types of reassessments the self assessor is requiredor
permitted to make;(i)whether the self assessor is permitted
to remit the wholeor part of unpaid tax interest or penalty
tax;(j)the self assessor’s client
number.(3)However, a matter mentioned in
subsection (2) may, insteadof being stated
in the notice, be stated in a document issued bythe
commissioner and accompanying the notice.(4)Amattermentionedinsubsection (2)andstatedinadocument mentioned in subsection (3)
is taken to have beenstated in the notice.453Refusal of applicationIf
the commissioner refuses the application, the commissionermust
give the applicant an information notice for the decision.Current as at [Not applicable]Page
353
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 454]454Restriction on assessment by
commissioner(1)Aselfassessorwho,undertheselfassessor’snoticeofregistration,isrequiredtolodgereturnsortransactionstatementsforparticularinstrumentsortransactions,mustnot
lodge an instrument, or an instrument or ELN transactiondocument for the transaction, of that type
for assessment bythe commissioner.(2)ThissectionhaseffectsubjecttotheAdministrationAct,section 11(2)(a).Part 4Returns, transactionstatements and
reassessmentsby self assessors455Lodging returns(1)A
self assessor registered under part 2 or 3 must for return
selfassessments—(a)lodgereturns,anddocumentsrequiredtoaccompanyreturns, for the
return periods as required by the noticeof the self
assessor’s registration; and(b)payanyduty,assessedinterestandpenaltytaxtothecommissioner
when each return is lodged; and(c)stamptheinstrumentstowhicheachreturnrelatesbyendorsing them in the way mentioned in
subsection (2)notlaterthanwhentheduty,assessedinterestandpenaltytaxontheinstrumentshasbeenpaidtothecommissioner.Maximum
penalty—100 penalty units.Note—For provisions
about payments by self assessors who are tax agentsunder the Administration Act, see section 35
of that Act.Page 354Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 455A](1A)Subsection (1)(c) does not apply if the self
assessor’s notice ofregistrationstatesthatnoendorsementsarerequiredontheinstruments.(2)For
subsection (1)(c)—(a)aninstrumentforwhichdutyisimposedmustbeendorsed—(i)if
the self assessor’s notice of registration states theway
in which the instrument must be endorsed—inthe way stated;
or(ii)otherwise, with
the following—(A)a reference to this Act’s short
title;(B)the self assessor’s client
number;(C)the transaction number for the
instrument;(D)theamountsofanyduty,assessedinterestand
penalty tax paid on the instrument;(E)the
date the endorsement is made;(F)thesignatureoftheindividualcompletingthe endorsement;
and(b)another instrument must be endorsed in
the way statedin the self assessor’s notice of
registration.(3)However, a self assessor registered
under part 3, does not havetocomplywithsubsection (1)totheextentthattheselfassessor has not
received payment of duty, assessed interest orpenalty tax by
the persons liable to pay it.455ALodging transaction statements(1)A self assessor registered under part
2 or 3 must for a standardself assessment—(a)lodgeatransactionstatement,andthedocumentsrequired to
accompany the statement, for an instrumentortransactionasrequiredbythenoticeoftheselfassessor’s
registration; andCurrent as at [Not applicable]Page
355
Duties
Act 2001Chapter 12 Registered persons[s
455A]Notauthorised—indicativeonly(b)stamptheinstrumentorELNtransactiondocumenttowhich the transaction statement
relates by endorsing itin the way mentioned in subsection
(4)—(i)foraselfassessorregisteredunderpart2—notlaterthanwhentheduty,assessedinterestandpenaltytaxontheinstrumentortransactionarepaid
by the self assessor to the commissioner; or(ii)for
a self assessor registered under part 3—(A)if
the duty, assessed interest and penalty taxon the
instrument or transaction are receivedby the self
assessor—not later than when theduty,assessedinterestandpenaltytaxarepaidbytheselfassessortothecommissioner;
or(B)otherwise—within1dayaftertheselfassessorbecomesawarethattheduty,assessedinterestandpenaltytaxontheinstrument or
transaction have been paid tothe
commissioner.Maximum penalty—100 penalty units.Notes—1For
provisions about payments by self assessors who are tax
agentsunder the Administration Act, see section 35
of that Act.2ForwhenaselfassessoristakentohavestampedanELNtransaction
document, see subsection (7).(1A)Subsection (1)(b) does not apply if the self
assessor’s notice ofregistration states that no
endorsements are required on theinstruments or
ELN transaction documents.(2)For subsection
(1)(a), if the self assessor is registered underpart
2, the self assessor must lodge the transaction statementanddocumentsbythedatethatis30daysafterthedateliability for
duty for the instrument or transaction arises.(3)For
subsection (1)(a), if the self assessor is registered underpart
3, the self assessor must lodge the transaction statementand
documents by the later of the following dates—Page 356Current as at [Not applicable]
Duties Act 2001Chapter 12
Registered persons[s 455A]Notauthorised—indicativeonly(a)the date that is 30 days after the
date liability for dutyfor the instrument or transaction
arises;(b)the date that is 7 days after the self
assessor receives,undersection
471E(1)(a),allinstrumentsandotherdocuments
relating to the instrument or transaction.(4)For
subsection (1)(b)—(a)an instrument or ELN transaction
document for whichduty is imposed must be endorsed—(i)if the self assessor’s notice of
registration states thewayinwhichtheinstrumentorELNtransactiondocument must be
endorsed—in the way stated; or(ii)otherwise, with the following—(A)a reference to this Act’s short
title;(B)the self assessor’s client
number;(C)the transaction number for the
instrument orELN transaction document;(D)theamountsofanyduty,assessedinterestandpenaltytaxpaidontheinstrumentorELN
transaction document;(E)the date the
endorsement is made;(F)thesignatureoftheindividualcompletingthe endorsement;
and(b)another instrument must be endorsed in
the way statedin the self assessor’s notice of
registration.(5)Subsection (4)(a)(ii)(F) does not
apply to an ELN transactiondocument.(6)Subsection (7) applies if—(a)aselfassessorregisteredunderpart2or3validlyassignsatransactionnumbertoanELNtransactiondocument for an
ELN transfer or ELN lodgement; or(b)a
transaction number is assigned to an ELN transactiondocument for an ELN transfer or ELN
lodgement, andCurrent as at [Not applicable]Page
357
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 456]notified to a
self assessor registered under part 2 or 3,by a system
administered by the commissioner.(7)For
subsection (1)(b), the ELN transaction document is takento
have been stamped by the self assessor immediately afterthe
ELN workspace for the ELN transfer or ELN lodgement islocked.Note—An
endorsement of an ELN transaction document stops having effect
iftheELNworkspacefortheELNtransferorELNlodgementisunlocked—see section 156W.(8)Subsection (7) does not affect the
self assessor’s compliancewith the requirements mentioned in
subsection (4).456When self assessor may make
reassessments(1)A self assessor may make a
reassessment only if—(a)the assessor is
required or permitted under the assessor’snotice of
registration; and(b)the assessor is satisfied the duty
imposed under a selfassessment is not correct.(2)Aselfassessormustnotmakeaselfassessmentofareassessment made by the
commissioner.Part 5Amendment,
suspension andcancellation of registration ofself
assessors464Amendment of self assessor’s
registration(1)The commissioner may amend a self
assessor’s registration bynotice given to the self
assessor.(2)Thenoticemuststatetheparticularsoftheselfassessor’snotice of
registration that are amended.Page 358Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 465](3)If
the commissioner amends a self assessor’s registration, thecommissionermustgivetheselfassessoraninformationnotice for the
decision.465Grounds for suspension or
cancellationEach of the following is a ground for
suspending or cancellinga self assessor’s registration—(a)the self assessor or a representative
of the self assessorhas been convicted of an offence
against this Act, theAdministration Act or the repealed
Act;(b)the self assessor or a representative
of the self assessorhas contravened a provision of this
Act or the repealedAct (being a provision a contravention of
which is notan offence against this Act, the
Administration Act orthe repealed Act);(c)the
self assessor was registered because of a materiallyfalse or misleading representation or
declaration;(d)theselfassessorhasbeengivenanoticeundersection 488(2) and has failed to pay—(i)the penalty amount by the date for
payment statedin the notice; or(ii)if
the commissioner enters into an arrangement forpaymentofthepenaltyamountbyinstalmentsundersection 488(5)—aninstalmentbythedatetheinstalmentisrequiredtobepaidunderthearrangement;(e)ifsection 470appliestotheselfassessor—theselfassessor has failed to give notice to the
commissioner asrequired under section 470(3);(f)each of the following applies—(i)the self assessor has endorsed an ELN
transactiondocument on the basis that section 22(2A)
appliesto the ELN transfer;Current as at
[Not applicable]Page 359
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 466](ii)the
ELN transaction document is registered underthe Land Title
Act 1994;(iii)thecommitmentamountforthepaymentcommitmentmadefortherelevanttransferagreement was
not paid to the commissioner in fullas
required;(g)thecommissionerreasonablybelievesthat,havingregard to the self assessor’s conduct, the
self assessor’sregistrationposesanunacceptableriskthattheselfassessor will
not comply with an obligation under thisAct or the
Administration Act.466Show cause notice(1)Ifthecommissionerbelievesagroundexiststosuspendorcancelaselfassessor’sregistration,thecommissionermaygive
the self assessor a notice under this section (ashow
causenotice).(2)The show cause notice must state the
following—(a)the commissioner proposes to suspend
or cancel the selfassessor’s registration (theproposed action);(b)the grounds for the proposed
action;(c)anoutlineofthefactsandcircumstancesformingthebasis for the grounds;(d)if the proposed action is suspension
of registration—theproposed suspension period;(e)an invitation to the self assessor to
show within a statedperiod (theshow cause
period) why the proposed actionshould not be taken.(3)The
show cause period must be a period ending at least 21days
after the show cause notice is given to the self assessor.Page
360Current as at [Not applicable]
Duties Act 2001Chapter 12
Registered persons[s 467]467Representations about show cause
notices(1)The self assessor may make
representations about the showcause notice to
the commissioner in the show cause period.(2)Thecommissionermustconsiderallwrittenrepresentations(theaccepted representations) made under
subsection (1).Notauthorised—indicativeonly468Ending show cause process without
further action(1)Thissectionappliesif,afterconsideringtheacceptedrepresentations
for the show cause notice, the commissionerno longer
believes a ground exists to suspend or cancel theself
assessor’s registration.(1A)Also, this
section applies if—(a)thegroundmentionedinsection 465(f)istheonlyground for the
proposed action stated in the show causenotice;
and(b)afterconsideringtheacceptedrepresentationsfortheshowcausenotice,thecommissionerisreasonablysatisfiedthereasonthecommitmentamountwasnotpaid to the
commissioner in full as required was beyondthe self
assessor’s control.Example for subsection (1A)—ThecommitmentamountwasnotpaidbecauseanELNsystemoccurrence
prevented the ELN distributing funds for duty, assessedinterest or penalty tax.(2)The
commissioner must not take any further action about theshow
cause notice.(3)Noticethatnofurtheractionistobetakenabouttheshowcausenoticemustbegiventotheselfassessorbythecommissioner.469Suspension or cancellation of
registration(1)Thissectionappliesif,afterconsideringtheacceptedrepresentationsfortheshowcausenotice,thecommissioner—Current as at
[Not applicable]Page 361
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 469A](a)stillbelievesagroundexiststosuspendorcanceltheself
assessor’s registration; and(b)believes suspension or cancellation of the
self assessor’sregistration is warranted.(2)Thissectionalsoappliesiftherearenoacceptedrepresentations
for the show cause notice.(3)The commissioner
may—(a)if the proposed action stated in the
show cause noticewastosuspendtheselfassessor’sregistrationforastatedperiod—suspendtheregistrationfornotlongerthan the stated
period; or(b)if the proposed action stated in the
show cause noticewastocanceltheselfassessor’sregistration—eithercancel the
registration or suspend the self assessor for aperiod.(4)The commissioner must immediately give
the self assessor aninformation notice for the
decision.(5)The decision takes effect on—(a)thedaytheinformationnoticeisgiventotheselfassessor;
or(b)ifalaterdayofeffectisstatedintheinformationnotice—the later
day.469AImmediate suspension(1)Thissectionappliesifthecommissionerreasonablybelieves—(a)agroundexistsforsuspendingorcancellingaselfassessor’s
registration; and(b)theselfassessor’sregistrationmustbesuspendedimmediately
to—(i)ensure the integrity of the self
assessment system isnot jeopardised; orPage
362Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12
Registered persons[s 469A](ii)removeanimmediate,unacceptableriskthattheselfassessorwillnotcomplywithanobligationunder this Act
or the Administration Act.(2)Thecommissionermaydecidetoimmediatelysuspendtheself assessor’s registration.(3)The commissioner must give the self
assessor an informationnotice for the decision.(4)Theinformationnoticemustincludetheperiodofthesuspension.Note—See
also schedule 6, definitioninformation
noticefor other matters theinformation
notice must state.(5)The suspension—(a)startsimmediatelyaftertheselfassessorisgiventheinformation notice; and(b)ends
on the earliest of the following—(i)the
day that is 56 days after the day on which theperiod
started;(ii)adecisionismadebythecommissionerundersection 469 about a show cause notice given
to theself assessor;(iii)noticeisgivenbythecommissionertotheselfassessorendingthesuspensionundersubsection (6).(6)During the period of the suspension, if the
commissioner nolongerbelievessubsection (1)(a)or(b)issatisfied,thecommissioner must end the suspension by
giving notice to theself assessor stating the suspension
has ended.(7)In this section—self assessment
systemmeans the system under this Act andthe
Administration Act for—(a)the registration
of persons as self assessors; andCurrent as at
[Not applicable]Page 363
Duties
Act 2001Chapter 12 Registered persons[s
470](b)the making of self assessments,
payments of duty, andcompliancewithotherobligationsundertheActs,byself
assessors.Notauthorised—indicativeonly470Suspension or
cancellation of registration—ceasing tocarry on
business(1)This section applies if a self
assessor registered under part 1 or3 permanently
ceases to carry on, in Queensland, the businessfor which the
self assessor is registered.(2)Also,thissectionappliesifaselfassessorregisteredunderpart3temporarilyceasestocarryon,inQueensland,thebusiness for which the self assessor is
registered.(3)Within 14 days after the ceasing to
carry on the business, theselfassessormustgivenoticeoftheceasingtothecommissioner.(4)Iftheselfassessorisaselfassessormentionedinsubsection (2),thenoticegivenundersubsection
(3)muststate the period
(thetemporary cessation period)
for whichtheselfassessorwilltemporarilyceasetocarryonthebusiness.(5)On
receiving the notice, the commissioner must give notice tothe
self assessor stating—(a)foraselfassessorregisteredunderpart1—theselfassessor’sregistrationtocarryonthebusinessandasself assessor is cancelled effective
from the day stated inthe notice; or(b)for
a self assessor registered under part 3—(i)if
the self assessor permanently ceases to carry onthebusiness—theselfassessor’sregistrationiscancelledeffectivefromthedaystatedinthenotice; or(ii)if
the self assessor temporarily ceases to carry onthebusiness—theselfassessor’sregistrationissuspended for the period stated in the
notice.Page 364Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12A
Provisions for parties to self assessable instruments or
transactions[s 470A](6)For
subsection (5)(b)(ii), the period stated in the notice mustnot
be longer than the temporary cessation period.470ACancellation of registration—type of duty
abolished(1)The commissioner may cancel a self
assessor’s registration ifthe type of duty to which the
registration relates is no longerimposed under
this Act.(2)If the commissioner cancels a self
assessor’s registration, thecommissionermustgivenoticetotheselfassessorthattheregistration is cancelled effective
from the date stated in thenotice.(3)Sections 466 to 469 do not apply in
relation to the cancellationof a self
assessor’s registration under this section.Chapter 12AProvisions for parties toself
assessable instrumentsor transactionsPart 1Preliminary471AWho
is aliable partyA party to an
instrument or transaction who is liable to payduty on it is
aliable partyto the
instrument or transaction.471BWhat is arelevant lodgement requirement(1)Arelevantlodgementrequirementforaninstrumentortransaction is a lodgement requirement,
within the meaning oftheAdministrationAct,thatappliestotheinstrumentoradocument for the instrument or
transaction.Current as at [Not applicable]Page
365
Notauthorised—indicativeonlyDuties Act 2001Chapter 12A
Provisions for parties to self assessable instruments or
transactions[s 471C](2)However, a requirement under this Act to
lodge a return ortransaction statement for a self assessment
for the instrumentor transaction is not a relevant lodgement
requirement.(3)Forsubsection
(2),areturnforaselfassessmentdoesnotincludeanotherdocumentthatis,underaprovisionofthisAct, taken to be
a return for a self assessment.Example of
another document taken to be a return—a statement
under section 370(4)(a) or 372(1)(a)Part 2Provisions applicable if agentregistered as self assessor471CApplication of pt 2(1)This part applies to an instrument or
transaction for which aliable party engages a self assessor
who is—(a)registered under chapter 12, part 3;
and(b)required or permitted under the self
assessor’s notice ofregistration to lodge returns or
transaction statements forthe instrument or transaction.(2)However,iftheselfassessorisnotpermittedtomakeareassessmentofdutyontheinstrumentortransaction,thispartdoesnotapplytotheinstrumentortransactionforthemaking of the reassessment.471DEffect of engagement of self assessor
on relevantlodgement requirementArelevantlodgementrequirementfortheinstrumentortransaction does not apply for the
instrument or transaction.471ELiable party must
give documents, and pay duty, to selfassessor(1)A liable party to the instrument or
transaction must, not laterthan the date
mentioned in subsection (2)—Page 366Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 12A
Provisions for parties to self assessable instruments or
transactions[s 471EA](a)ensure that the self assessor is given all
instruments andotherdocumentsrelatingtotheinstrumentortransaction to which a relevant lodgement
requirementfortheinstrumentortransactionwouldapplyifsection 471D did not apply; and(b)for a return self assessment—pay to
the self assessor theamount of the duty, assessed interest
and penalty tax onthe instrument or transaction.Maximum penalty—100 penalty units.(2)For subsection (1), the date
is—(a)forareturnselfassessment—thereturndateforlodgementbytheselfassessorofareturn,andanydocumentrequiredtoaccompanythereturn,fortheinstrument or transaction; or(b)for a standard self assessment—the
date that is 30 daysafterthedateliabilityfordutyfortheinstrumentortransaction arises.(3)The
liable party complies with subsection (1)(a) only if—(a)all instruments or documents required
to be given to theselfassessorunderthesubsectionhavebeengivenasrequired under section 471F;
and(b)foradocumentrequiredunderthesubsectiontobegiven as an approved form—the form
contains enoughinformation for the purpose for which it is
given.(4)Toremovedoubt,itisdeclaredthatcompliancewithsubsection (1)(b)doesnotlimittheparty’sliabilitytopayunpaid tax
interest on the duty payable on the instrument ortransaction.471EA Liability
not discharged until commissioner receivespayment(1)Thissectionappliestotheliabilityofaliablepartytotheinstrument or
transaction to pay an amount of duty, assessedinterest or
penalty tax on the instrument or transaction.Current as at
[Not applicable]Page 367
Notauthorised—indicativeonlyDuties Act 2001Chapter 12A
Provisions for parties to self assessable instruments or
transactions[s 471F](2)The
liability is not discharged until the amount is paid to thecommissioner.(3)Subsection (2) applies even though the
liable party has paidthe amount to the self
assessor.471FGiving documents to self
assessor(1)A document is given by a liable party
to a self assessor only ifthe document is—(a)left
at an office of the self assessor; or(b)sent
by post to the self assessor.(2)A
document given to the self assessor in the way mentioned insubsection (1)(a) is taken to be given to
the self assessor whenit is actually received by the self
assessor.Note—For the time of
giving a document by post, see theActs
InterpretationAct 1954, section
39A(1)(b).471GProhibition on giving false or
misleading documents toself assessor(1)A
liable party to the instrument or transaction must not givetheinstrumentoradocumentrelatingtotheinstrumentortransaction to the self assessor if the
instrument or documentcontainsinformationthepartyknows,orshouldreasonablyknow, is false
or misleading in a material particular.Maximum
penalty—100 penalty units.Note—This provision
is an executive liability provision under theTaxationAdministration Act 2001, section
140.(2)Subsection (1)doesnotapplytoaliablepartywho,whengiving the instrument or document to the
self assessor—(a)tellstheselfassessoroftheextenttowhichtheinstrument or document is false or
misleading; andPage 368Current as at
[Not applicable]
Duties Act 2001Chapter 12A
Provisions for parties to self assessable instruments or
transactions[s 471H](b)totheextentthepartyhas,orcanreasonablyget,thecorrectinformation—givesthecorrectinformationtothe
self assessor.(3)It is enough for a complaint against a
person for an offenceagainst subsection (1) to state the
instrument or document was‘false or misleading’, without
specifying which.Notauthorised—indicativeonly471HProhibition on giving false or
misleading information toself assessor(1)A
liable party to the instrument or transaction must not state
totheselfassessoranythingrelatingtotheinstrumentortransactionthatthepartyknowsisfalseormisleadinginamaterial particular.Maximum penalty—100 penalty units.Note—This provision
is an executive liability provision under theTaxationAdministration Act 2001, section
140.(2)It is enough for a complaint against a
person for an offenceagainst subsection (1) to state the
statement made was ‘falseor misleading’, without specifying
which.Part 3Provisions
applicable if partyregistered as self assessor471IApplication of pt 3(1)Thispartappliestoaninstrumentortransactionforwhichthere is a self
assessor who is—(a)registered under chapter 12, part 2;
and(b)required or permitted under the self
assessor’s notice ofregistration to lodge returns or
transaction statements forthe instrument or transaction.(2)However,iftheselfassessorisnotpermittedtomakeareassessmentofdutyontheinstrumentortransaction,thisCurrent as at [Not applicable]Page
369
Notauthorised—indicativeonlyDuties Act 2001Chapter 13
Internal and external reviews[s 471J]partdoesnotapplytotheinstrumentortransactionforthemaking of the reassessment.471JEffect of engagement of self assessor
on relevantlodgement requirementArelevantlodgementrequirementfortheinstrumentortransactiondoesnotapplyfortheinstrumentortransactionif—(a)theselfassessorisrequiredtolodgeareturnortransaction statement for the instrument or
transaction;or(b)the self
assessor—(i)ispermittedtolodgeareturnortransactionstatement for
the instrument or transaction; and(ii)includestheinstrument ortransactioninareturnlodged as
required under section 455, or lodges atransactionstatementfortheinstrumentortransaction under section 455A.Chapter 13Internal and
externalreviewsPart 1Reviews by commissioner472Applying for a review of an original
decision(1)A dissatisfied person may apply for a
review of an originaldecision.Note—Forobjectionsandappealsagainstassessmentsofduty,seetheAdministration Act, part 6.Page
370Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 13
Internal and external reviews[s 473](2)The application must—(a)be made to the commissioner within 28
days after theapplicant receives notice of the decision;
and(b)state fully and in detail the grounds
of the review.(3)Ifthecommissionerissatisfiedadissatisfiedpersonhasareasonable
excuse for failing to apply for a review within the28dayperiod,thecommissionermayextendthetimeforapplying for the review.(4)The
application does not stay the original decision.473Deciding review(1)Afterconsideringtheapplication,thecommissionermaymake
a decision (thereview decision) to—(a)confirm the decision; or(b)set aside the decision and substitute
another decision.(2)Iftheoriginaldecisionwasmadebyadelegateofthecommissioner, the delegate must not
decide the application.474Notice of review
decision(1)Thecommissionermustgivenoticetotheapplicantofthereview
decision.(2)The notice must comply with the QCAT
Act, section 157(2).Part 2Reviews by
QCAT475Applying for review by QCAT of a
review decisionThe applicant for the review of the original
decision who isdissatisfied with the review decision may
apply, as providedundertheQCATAct,toQCATforareviewofthereviewdecision.Current as at [Not applicable]Page
371
Notauthorised—indicativeonlyDuties Act 2001Chapter 13
Internal and external reviews[s 476]476QCAT to decide external review on
evidence given in theproceeding for the review(1)This section applies to a proceeding
for a review by QCAT ofa review decision.(2)QCAT
must—(a)hear and decide the review of the
decision by way of areconsideration of the evidence before
the commissionerwhen the decision was made, unless QCAT
considers itnecessaryintheinterestsofjusticetoallownewevidence; and(b)decide the review of the decision in
accordance with thesamelawthatappliedtothemakingoftheoriginaldecision to which the proceeding for the
review relates.(3)ThegroundsforthereviewbyQCATarelimitedtothegroundsofthereviewbythecommissioner,unlessQCATorders
otherwise.(4)If QCAT decides, under the QCAT Act,
section 139, that theproceeding should be reopened, the
issues in the proceedingthat are reheard must be—(a)heardanddecidedbywayofareconsiderationoftheevidence given in the proceeding for
the review of thedecision; and(b)decided in accordance with the same law that
applied tothemakingoftheoriginaldecisiontowhichtheproceeding for the review relates.(5)In this section—newevidencemeansevidencethatwasnotbeforethecommissioner when the review decision
was made.477Representation of parties before
QCAT(1)This section applies to a party in a
proceeding before QCATrelating to an application under
section 475.(2)The party may be represented by a
lawyer.Page 372Current as at
[Not applicable]
Chapter 14Duties Act
2001Chapter 14 Enforcement and legal
proceedings[s 480]Enforcement and
legalproceedingsNotauthorised—indicativeonly480Offences about self
assessments—endorsements ofinstruments(1)A
self assessor registered under chapter 12, part 2, must notendorse an instrument under section 455 or
455A unless theamountofdutyandanyassessedinterestandpenaltytaxhas—(a)ifparagraph(b)doesnotapply—beenpaidtothecommissioner;
or(b)iftheselfassessorisafinancialinstitutionandtheinstrument is a mortgage under which
the self assessoris the mortgagee—been received by the self
assessor.Maximum penalty—200 penalty units.Note—This provision
is an executive liability provision under theTaxationAdministration Act 2001, section
140.(2)A self assessor registered under
chapter 12, part 3, must notendorse an
instrument under section 455 or 455A unless theamount of duty
and any assessed interest and penalty tax hasbeen paid to the
commissioner or received by the self assessor.Maximum
penalty—200 penalty units.Note—This provision
is an executive liability provision under theTaxationAdministration Act 2001, section
140.480AOffences about self
assessments—endorsements of ELNtransaction
documents(1)A self assessor registered under
chapter 12, part 2 or 3 mustnotendorseanELNtransactiondocumentforanELNtransfer or ELN lodgement under section 455A
on the basisthatsection22(2)appliestotheELNtransferorELNCurrent as at [Not applicable]Page
373
Notauthorised—indicativeonlyDuties Act 2001Chapter 14
Enforcement and legal proceedings[s 480A]lodgement unless the duty amount for the
agreement for thetransfer of dutiable property has
been—(a)if the self assessor is registered
under chapter 12, part2—paid to the commissioner; or(b)if the self assessor is registered
under chapter 12, part3—paidtothecommissionerorreceivedbytheselfassessor.Maximum penalty—200 penalty units.Note—ThisprovisionisanexecutiveliabilityprovisionundertheAdministration Act, section
140.(2)A self assessor registered under
chapter 12, part 2 or 3 mustnotendorseanELNtransactiondocumentforanELNtransfer under section 455A on the basis
that section 22(2A)applies to the ELN transfer unless a payment
commitment hasbeen made for the relevant transfer
agreement.Maximum penalty—200 penalty units.Note—ThisprovisionisanexecutiveliabilityprovisionundertheAdministration Act, section
140.(3)However, a self assessor does not
commit an offence againstthis section only because—(a)the self assessor endorses an ELN
transaction documentfor an ELN transfer or ELN lodgement;
and(b)either—(i)for
an ELN transfer—the ELN transfer becomes anincompleteELNtransferwithinthemeaningofchapter 2, part 15; or(ii)foranELNlodgement—theELNlodgementbecomes an
incomplete ELN lodgement within themeaning of
chapter 2, part 15.(4)In this section—Page 374Current as at [Not applicable]
Duties Act 2001Chapter 14
Enforcement and legal proceedings[s 481]dutyamount,foranagreementforthetransferofdutiableproperty, means
the amount of duty and any assessed interestand penalty tax
imposed on the agreement.Notauthorised—indicativeonly481Offence for person other than self
assessor to endorseinstrument or ELN transaction
document(1)A person must not make any notation or
endorsement on aninstrumentorELNtransactiondocumentindicatingorimplyingdutyhasbeenpaidfortheinstrumentorELNtransaction document unless the person
is authorised to do sounder this Act.Maximum
penalty—200 penalty units.Note—ThisprovisionisanexecutiveliabilityprovisionundertheAdministration Act, section
140.(2)A person does not commit an offence
against subsection (1) ifthe person makes a notation on an ELN
transaction documentrequiredundertheElectronicConveyancingNationalLaw(Queensland) for the completion of an
ELN transfer or ELNlodgement.(3)In
this section—make,anotationorendorsementonanELNtransactiondocument,
includes enter information into the ELN workspacefortheELNtransferorELNlodgementtowhichtheELNtransaction document relates.481AOffence to endorse instrument or ELN
transactiondocument incorrectly or illegibly(1)ThissectionappliesifaninstrumentorELNtransactiondocument is
endorsed—(a)by a self assessor registered under
chapter 12, part 2 or 3or an officer or employee of a self
assessor registeredunder chapter 12, part 2 or 3; or(b)by someone else in contravention of
section 481.Current as at [Not applicable]Page
375
Notauthorised—indicativeonlyDuties Act 2001Chapter 14
Enforcement and legal proceedings[s 481A](2)The person making the endorsement
commits an offence if—(a)forapersonmentionedinsubsection (1)(a),theendorsement incorrectly states—(i)the self assessor’s client number;
or(ii)the transaction
number for the instrument or ELNtransaction
document; or(b)forapersonmentionedinsubsection (1)(b),theendorsement states a number purporting to
be—(i)a client number; or(ii)atransactionnumberfortheinstrumentorELNtransaction document; or(c)theendorsementincorrectlystatestheamountofduty,assessed
interest or penalty tax paid on the instrumentor ELN
transaction document; or(d)theendorsementcontainsotherinformationthatthepersonknows,orshouldreasonablyknow,isfalseormisleading in a material particular;
or(e)the person—(i)obscures all or part of the endorsement;
or(ii)otherwisemakesallorpartoftheendorsementillegible.Maximum
penalty—100 penalty units.Note—This provision
is an executive liability provision under theTaxationAdministration Act 2001, section
140.(3)However,thepersondoesnotcommitanoffenceagainstsubsection (2)(c)inrelationtoanendorsementmadeonanELNtransactiondocumentforanELNtransferonlybecause—(a)theendorsementwasmadeonthebasisthatsection 22(2A) applies to the ELN transfer;
andPage 376Current as at
[Not applicable]
Duties Act 2001Chapter 14
Enforcement and legal proceedings[s 482](b)whentheendorsementwasmade,thecommitmentamount for the
payment commitment had not been paidto the
commissioner.Notauthorised—indicativeonly482Obligations relating to unstamped
instruments or ELNtransaction documents(1)ApersonwhoactsunderaninstrumentorELNtransactiondocumentthathasnotbeenproperlystampedmustimmediatelygivenoticeintheapprovedformtothecommissioner.Maximum
penalty—200 penalty units.(2)However,apersondoesnotcommitanoffenceagainstsubsection (1) if the person proves the
person did not knowand could not reasonably have been expected
to have knownthat—(a)dutyisimposedontheinstrumentortransactiontowhich it relates; or(b)theinstrumentorELNtransactiondocumentwasnotproperly
stamped.483Registration of instruments and
transactionsApersonmustnotrecordaninstrumentortransactioninaregister of interests in property
unless the instrument or ELNtransactiondocumentthateffectsorevidencesthetransaction, or the instrument, is properly
stamped.Maximum penalty—100 penalty units.484Registration of instrument relating to
an interest in acorporationApersonmustnotenterintherecordsofacorporationorsocietyaninstrumentthateffectsorevidencesarelevantacquisition
under chapter 3, part 1 or 2, unless the instrumentis
properly stamped.Maximum penalty—100 penalty units.Current as at [Not applicable]Page
377
Notauthorised—indicativeonlyDuties Act 2001Chapter 14
Enforcement and legal proceedings[s 485]485Registration of instrument disposing
of units in unit trustetc.The trustee or
responsible entity of a unit trust must not recordin
the trust’s records an instrument that effects or evidences
atrustacquisitionortrustsurrenderofunitsinaunittrust,unless the instrument is properly
stamped.Maximum penalty—100 penalty units.486Saving of title—marketable securities
and units in unittrustThe right or
title of the transferee or subsequent holder of amarketable security or unit in a unit trust,
other than a publicunittrust,isnotinvalidatedmerelybecausetheinstrumentthateffectsorevidencesthetransaction,acquisitionorsurrenderwasrecordedincontraventionofsection 484or485.487Receipt of instruments or ELN transaction
documents inevidence(1)UnlessaninstrumentorELNtransactiondocumentisproperly stamped, it—(a)isnotavailableforuseinlaworequityorforanypurpose;
and(b)must not be received in evidence in a
legal proceeding,other than a criminal proceeding.(2)However,acourtmayreceiveaninstrumentorELNtransaction document in evidence
if—(a)afteritisreceivedinevidence,theinstrumentorELNtransactiondocumentisgiventothecommissionerasrequired by arrangements approved by the
court; or(b)ifthepersonwhoproducestheinstrumentorELNtransaction document is not the person
liable to pay theduty, the name and address of the person so
liable, andthe instrument or ELN transaction document,
is given toPage 378Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 14
Enforcement and legal proceedings[s 487A]thecommissionerasrequiredbyarrangementsapproved by the
court.(3)Acourtmayreceiveinevidenceanunsignedcopyofaninstrument or
ELN transaction document that is imposed withduty or effects
or evidences a transaction that is imposed withduty if the
court is satisfied—(a)the instrument or ELN transaction
document of which itis a copy is properly stamped;
or(b)the copy is properly stamped under
section 494.487ALimitation on use of ELN transaction
document endorsedon basis of payment commitment(1)This section applies if an ELN
transaction document has beenendorsed under
section 455A on the basis that section 22(2A)applies to the
ELN transfer to which the document relates.(2)UntiltheELNtransactiondocumentisregisteredundertheLand Title Act 1994, a person must not
use the endorsed ELNtransaction document for a purpose
other than the completionof the ELN transfer.Maximum penalty—200 penalty units.488Commissioner may require payment of
penalty(1)This section applies if—(a)a self assessor does not lodge a
return or pay an amountin contravention of section 455(1)(a)
or (b); or(b)a self assessor does not lodge a
transaction statement incontravention of section 455A(1)(a);
or(ba)aselfassessorwhoisataxagenttowhichtheAdministrationAct,section 35appliescontravenesparagraph (b) of
that section; or(bb)aselfassessorcontravenessection
455(1)(c)or455A(1)(b) in relation to the stamping
of an instrumentor ELN transaction document; orCurrent as at [Not applicable]Page
379
Notauthorised—indicativeonlyDuties Act 2001Chapter 14
Enforcement and legal proceedings[s 488](bc)a self assessor
contravenes section 480 in relation to theendorsement of
an instrument; or(bd)a self assessor
contravenes section 480A in relation tothe endorsement
of an ELN transaction document; or(be)a
person contravenes section 481 in relation to makinganotationorendorsementonaninstrumentorELNtransaction document without
authority; or(c)apersoncontravenessection
481AinrelationtotheendorsementofaninstrumentorELNtransactiondocument;
or(d)aselfassessorgivesthecommissionerareturnortransactionstatementcontainingfalseormisleadinginformation in
contravention of the Administration Act,section 122 or
123; or(e)a person, in making an application to
register or transferavehicle,otherthanaspecialvehicle,givesfalseormisleading information about the
dutiable value of thevehicleincontraventionoftheTransportOperations(Road Use
Management) Act 1995, section 53.Note—TheselfassessordoesnotcommitanoffenceagainsttheAdministrationAct,section 122or123,iftheselfassessormerely gives the commissioner a return
containing informationprovided by a taxpayer that the self
assessor does not know, orcould not reasonably know, is false or
misleading.(2)The commissioner may, by notice given
to the person, requirethepersontopayapenalty(thepenaltyamount)ofthegreater of the following—(a)notmorethan75%oftheamountofdutypayableinrelation to the return, transaction
statement, instrumentor application;(b)$100.(3)The
notice must state the following—Page 380Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 14
Enforcement and legal proceedings[s 489](a)the date for payment of the penalty
amount being a daythatisatleast30daysafterthepersonreceivesthenotice;(b)the
reasons for the decision to require payment of thepenalty amount;(c)the
person may apply for a review of the decision within28
days;(d)how to apply for the review.Note—The penalty
amount is a debt payable to the commissioner and may berecovered in a court of competent
jurisdiction, see the AdministrationAct, section
45.(4)The commissioner must give the person
an information noticefor the requirement to pay the penalty
amount.(5)The commissioner may enter into an
arrangement for paymentof the penalty amount by
instalments.(6)Thearrangementmayincludeprovisionforthepaymentofinterestcalculatedattherateforunpaidtax
interestfortheperiodstartingonthestartdateandendingonthedatethepenalty amount is paid in full, both dates
inclusive.(7)For subsection (6), the start date is
the day after the failure orcontravention
mentioned in subsection (1).(8)In
this section—self assessormeans a self
assessor registered under chapter12, part 2 or
3.489Penalty amounts to be alternative to
prosecution(1)This section applies if a penalty
amount, including a part of apenalty amount,
becomes payable by a person because of theperson’scontraventionofaprovisionmentionedinsection 488(1).(2)IfaproceedingisstartedagainstthepersonforanoffenceagainsttheprovisionforthecontraventionandthepenaltyCurrent as at
[Not applicable]Page 381
Notauthorised—indicativeonlyDuties Act 2001Chapter 15 Signing
and stamping of instruments[s 490]amounthasnotbeenpaidtothecommissioner,thepenaltyamount is
payable only if the proceeding is withdrawn.(3)If
the penalty amount has been paid to the commissioner, but aproceeding is started against the person for
an offence againstthe provision for the contravention, the
penalty amount mustbe refunded by the commissioner.(4)Despitesubsection
(3),ifthecommissionerwithdrawstheproceeding for the offence, the person
again becomes liable topay the penalty amount.Chapter 15Signing and
stamping ofinstruments490When
is an instrumentfirst signed(1)An
instrument isfirst signedthe first time
it is signed by aparty to it.(2)However,anagreementmadebyacceptanceofanoffercontainedinaninstrumentisfirstsignedwhentheofferisaccepted.491When
is an instrument or ELN transaction documentproperly
stamped(1)Aninstrumentisproperlystampedifitisstampedundersection 455(1)(c), 455A(1)(b) or 492.(1A)AnELNtransactiondocumentisproperlystampedifitisstamped under section 455A(1)(b).(2)An application to register or transfer
a vehicle is taken to beproperly stampedif—(a)dutyimposedontheapplicationandanyassessedinterest or
penalty tax on the application is paid in full;orPage
382Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 15
Signing and stamping of instruments[s 492](b)nodutyisimposedontheapplicationbecauseofanexemption under
this or another Act.(3)Also, a
mortgage, security instrument or mortgage package istaken to beproperly
stampedfor the following provisions if aself
assessor has deferred the endorsement of the instrumentunder section 455(4) as in force before 1
July 2008—•section 252(2)•section 258(2)(a) or (c)•section 262(1)(a) or (b)•schedule, definitioncollateral
mortgage.492Way instruments
are stampedThecommissionermuststampaninstrumentthathasbeenlodged—(a)ifdutyimposedontheinstrumentortransactiontowhich the instrument relates, and any
assessed interestor penalty tax on the instrument or
transaction, is paid infull—by endorsing it with particulars
of the payment; or(b)if no duty is imposed on the
instrument or transaction towhich the
instrument relates, because of an exemptionunderthisoranotherAct—byendorsingitwithanindication that no duty is imposed on the
instrument ortransaction because of the exemption;
or(c)if no duty is imposed on the
instrument or transaction towhich the
instrument relates, other than because of anexemptionunderthisoranotherAct—byendorsingitwithanindicationthatnodutyispayableontheinstrument or transaction.493Stamping of instrument dependent on
anotherinstrument or transaction(1)This section applies if—Current as at [Not applicable]Page
383
Notauthorised—indicativeonlyDuties Act 2001Chapter 15 Signing
and stamping of instruments[s 494](a)duty imposed on an instrument
(thefirst instrument) ora
transaction (thefirst transaction) depends in any
wayon the payment of duty imposed on another
instrumentor transaction (thesecond
instrument or transaction);and(b)all instruments are produced to the
commissioner.(2)On application made by the parties
liable to pay the duty onthe second instrument or transaction,
the commissioner mayindicate the payment of that duty on
the first instrument or theinstrumentrelatingtothefirsttransactioninthewaythecommissioner considers appropriate.494Copies of instruments(1)Duty may be imposed on a copy of an
original instrument as ifit had been signed in the same way and
at the same time as theoriginal instrument, unless the
commissioner is satisfied theoriginal
instrument has been properly stamped.(2)A
copy of an original instrument may be stamped as if it hadbeen
signed in the same way as the original instrument, unlessthe
commissioner is satisfied the original instrument has beenproperly stamped.(3)For
this section, an original instrument is taken to be properlystamped if a copy of it is properly
stamped.(4)In this section—copy,ofanoriginalinstrument,includesafacsimilecopy,duplicate copy and a photocopy, of the
original instrument.495Instrument must not be delivered until
duty or fee paid(1)If an instrument that is not properly
stamped comes into thecommissioner’spossession,otherthaninthecircumstancesmentioned in
subsection (2), the commissioner must keep theinstrument until
any duty, assessed interest and penalty tax onthe instrument
or transaction is paid.(2)Subsection (3)
applies if—Page 384Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 496](a)apersonlodgesaninstrumentforadecisionbythecommissionerastowhethertheinstrument,ortransaction to which it relates, is imposed
with duty; and(b)the commissioner decides the
instrument or transactionis not imposed with duty.(3)Thecommissionermustkeeptheinstrumentuntilthefeeprescribed under
a regulation is paid.(4)However, the
commissioner may waive payment of the fee ifthe commissioner
considers it is appropriate having regard tothetypeofinstrumentandthecircumstancesinwhichtheinstrument was lodged.Chapter 16Miscellaneous provisions496Lodging declaration stating facts and
circumstances(1)Thissectionappliesif,fortheassessmentofaperson’sliabilitytoduty,thepersonlodgesaninstrumentorELNtransactiondocumentthatdoesnotstateallthefactsandcircumstances affecting the liability to
duty or the amount ofdutythatmaybeimposedonitoratransactiontowhichitrelates.(2)Thepersonmustlodgeastatutorydeclarationstatingthefacts and circumstances when lodging
the instrument or ELNtransaction document.Note—Failure to lodge
the declaration is an offence under the AdministrationAct,
section 121.(3)Fordeterminingtheperson’sliabilitytoduty,thecommissionermusttakeintoaccountthefactsandcircumstances stated in the declaration as
if they were in theinstrument or ELN transaction
document.Current as at [Not applicable]Page
385
Duties
Act 2001Chapter 16 Miscellaneous provisions[s
497]497Recognition of duty paid for
Commonwealth placesIf this Act requires regard to be had to
duty previously paid orpayable, regard must be had to any
duty previously paid orpayable under the applied Act if
regard would have been hadunder this Act to that duty if that
duty were paid or payableunder this Act.Notauthorised—indicativeonly498Special
provisions for working out value of particularshares(1)For chapters 2 to 4, a reference to
property in Queensland ordutiable property includes shares in a
landholder if, the holderofthesharesandallrelatedpersonsoftheholderweretonewlyacquirethesharesinthelandholder,arelevantacquisition
under the chapter would have been made.Note—See
section 164 (Who is arelated person).(2)If it is necessary to determine the
unencumbered value of theshares for imposing duty, the value is
taken to be the amountworked out by applying the interests
of the shareholder andrelated persons, or the total of their
interests, in the landholderto the
unencumbered value of all the landholder’s Queenslandland-holdings.(3)For
chapters 2 to 4, a reference to property in Queensland ordutiablepropertyincludessharesinacorporatetrusteeorrelevant corporation for a corporate
trustee.(4)If it is necessary to determine the
unencumbered value of theshares for imposing duty, the value is
taken to be the dutiablevalue under section 222 had they been
acquired.(5)This section applies despite any
provision of chapter 2, 3 or 4.498ASuspension of quotation of securities as
part of anavoidance arrangement(1)Thissectionappliestosecuritiesquotedonthemarketoperated by a recognised stock exchange if
the quotation ofthe securities is suspended.Page
386Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 499](2)Thecommissionermayregardthesecuritiesasnotbeingquoted on the
market during the period of the suspension ifthesuspensionispartofanarrangementtoavoidtheimposition of duty.(3)In
this section—securityincludes a share
and a unit in a unit trust.499Reassessments of
duty in particular circumstances(1)This
section applies if—(a)transferdutyhasbeenassessedonaninstrument,ortransactioneffectedorevidencedbyaninstrumentorELN
transaction document; and(b)1 of the events
in subsection (2) happens.(2)For subsection
(1)(b), the events are—(a)beforehavinganylegaleffect,theinstrumentorELNtransaction document is—(i)inadvertently damaged, defaced or
destroyed; or(ii)inanyway,renderedunfitforthepurposeintended;
or(b)the instrument or ELN transaction
document is void onits making; or(c)theinstrumentorELNtransactiondocumentwasvoidableonitsmakingandisrenderedvoidbeforehaving legal
effect; or(d)beforehavinganylegaleffect,theinstrumentorELNtransaction document is unfitfor
the purpose intendedbecause of an error or mistake in it;
or(e)theinstrumentorELNtransactiondocumenthasnolegaleffect,butonhavinglegaleffectwouldhaveanunintendedeffectbecauseofamistakeinit,andisimposed with duty because of the unintended
effect; or(f)for a mortgage—Current as at
[Not applicable]Page 387
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 499](i)the
mortgagor is not and does not become, nor hasarighttobecome,theownerofthepropertypurported to be
mortgaged; or(ii)itsecuresanunlimitedamountandthehighestamountadvancedunderthemortgagehasbeenwrongly
overstated; or(iii)dutyhasbeenwronglypaidonmorethan1instrumentfortheadvancesecuredbythemortgage;
or(g)foratransfer—thetransferorisnotanddoesnotbecome,norhasarighttobecome,theowneroftheproperty purported to be transferred;
or(h)for a transfer by way of gift—the gift
is not accepted bythe donee.(3)Even
though the signing of an instrument or ELN transactiondocumentbythepartiesisevidencetheinstrumentorELNtransactiondocumentgiveseffecttotheintentionoftheparties, the
instrument or ELN transaction document has anunintended
effect for subsection (2)(e) if—(a)when
it was signed, the parties had a specific intentionthat
was to be given effect to by the instrument or ELNtransaction document; and(b)theinstrumentorELNtransactiondocumentdoesnotgive
effect to the intention or gives effect to the intentionbutalsoachievessomeothereffectthatwasnotcontemplated by
the parties.(4)For this section an instrument or ELN
transaction document istaken to have legal effect only
if—(a)a right has been exercised under it;
or(b)an obligation has been fulfilled under
it; or(c)it has been relied on in another
way.(5)The person may lodge an application
for a reassessment in theapproved form within 1 year after the
event happens.Page 388Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 500](6)Thepersonmustlodgetheinstrument,ELNtransactiondocument or a
copy of the ELN transaction document with theapplication.(7)The
commissioner must make a reassessment of duty for theinstrument or transaction to which it
relates.(8)Thecommissionermaykeeporotherwisedisposeoftheinstrument, ELN
transaction document or a copy of the ELNtransaction
document in the way the commissioner considersappropriate.500Application of Administration Act, pt 6, to
particulardecisions(1)This
section applies if—(a)underaprovisionofthisAct,thecommissionerisrequiredtomakeareassessmentforaparticularinstrumentortransactionifparticularcircumstancesapply;
and(b)a person asks the commissioner to make
a reassessmentfor the instrument or transaction;
and(c)the commissioner decides not to make
the reassessmentbecausethecommissionerisnotsatisfiedthecircumstances apply for the instrument or
transaction.(2)Assoonaspracticableaftermakingthedecision,thecommissionermustgivethepersonnoticestatingthefollowing—(a)the
decision;(b)the reasons for the decision;(c)the person may, within 60 days after
the notice is given,object to the decision;(d)how to object.(3)TheAdministrationAct,part6,appliesforthedecisionasif—(a)the decision
were an assessment; andCurrent as at [Not applicable]Page
389
Duties
Act 2001Chapter 16 Miscellaneous provisions[s
501](b)the notice were an assessment
notice.Notauthorised—indicativeonly501Consideration for
instruments and transactions on whichduty
imposed(1)It does not matter whether the
consideration for an instrumentor transaction
on which duty is imposed is paid or given or isrequired to be
paid or given.(2)If the consideration, or any part of
the consideration, for aninstrument or transaction on which
duty is imposed consists ofproperty, other
than a security, the consideration or part of theconsideration is the unencumbered value of
the property whenthe liability for duty arises.(3)If the consideration, or any part of
the consideration, for aninstrument or transaction on which
duty is imposed consists ofasecurity,otherthanamarketablesecurityordebentureissued, or to be
issued, by a corporation, the consideration orpartoftheconsiderationistheamountofprincipalandinterest owing when the liability for duty
arises.(4)If the consideration, or any part of
the consideration, for aninstrumentortransactiononwhichdutyisimposedisamarketable security or debenture
issued, or to be issued, by acorporation, the
value of the consideration is the market valueof the security
or debenture when the liability for duty arises.(5)However,ifthemarketablesecurityordebenturehasnotissuedwhentheliabilityfordutyarises,thevalueoftheconsideration is the market value of
the security or debentureat the date of issue.502Consideration based on
contingency(1)Subsection (2)appliesfordeterminingtheconsiderationpayableunderaninstrumentortransactioniftheconsideration payable—(a)may be increased or decreased
depending on a particularthing happening or not happening;
orPage 390Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 503](b)may
or may not actually become payable depending ona particular
thing happening or not happening; or(c)isagreedtobeaminimumamount,whetherornotdependingonaparticularthinghappeningornothappening; or(d)isagreedtobeamaximumamount,whetherornotdependingonaparticularthinghappeningornothappening; or(e)is
agreed to be either a minimum or maximum amount,whetherornotdependingonaparticularthinghappening or not happening.(2)Regardless of whether the thing
happens or does not happen,the
consideration is—(a)ifsubsection
(1)(a)or(b)applies—thehighestconsiderationpayableundertheinstrumentortransaction; or(b)if
subsection (1)(c) applies—the minimum amount; or(c)ifsubsection
(1)(d)or(e)applies—themaximumamount.503Amounts stated in foreign currencyIf,
in an instrument or ELN transaction document, an amountisstatedinaforeigncurrencyforaninstrumentortransaction,forimposingduty,theamountistheamountexpressedinAustraliandollarsaccordingtotherateofexchange applicable in Queensland at—(a)thedatetheinstrumentorELNtransactiondocumentwas
signed or the date of the transaction; or(b)iftherateisnotobtainableforQueenslandonthatdate—thelastprecedingdateonwhichtheratewasobtainable for Queensland.Current as at [Not applicable]Page
391
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 504]504Aggregate minimum value and unencumbered
value ofparticular shares(1)Despite any other provision of this Act, the
shares comprisingall of the issued capital of a corporation
or society are taken tohave an aggregate minimum value of
$800.(2)The unencumbered value of each share
is taken to be not lessthan the proportion of $800 that the
share bears to the totalissued share capital of the
corporation or society.505Valuation or
evidence of value of property(1)Fordeterminingwhetherapersonisliablefordutyoraperson’s liability for duty, the
commissioner may—(a)by notice given to the person, require
the person to lodgea valuation of property prepared by a
registered valuerortoprovidetheotherevidenceofvaluethecommissioner considers appropriate;
or(b)have property valued; or(c)rely on a valuation of property
prepared by a registeredvaluer, or other person the
commissioner is satisfied isproperlyqualifiedtoprovideevidenceofvalueoftheproperty,foranypurpose,whetherornotfordetermining liability for duty.(2)Ifthecommissionerisnotsatisfiedwiththevaluationorevidencelodgedorprovidedundersubsection (1)(a),thecommissioner may—(a)have
the property valued; or(b)relyonavaluationofthepropertypreparedbyaregistered valuer, or another person
the commissioner issatisfiedisproperlyqualifiedtoprovideevidenceofvalue of the property, for any
purpose, whether or notfor determining liability for duty
under this Act.(3)Thecommissionermayrecoverthecostofobtainingavaluation under this section from the person
or persons liablefor the duty.Page 392Current as at [Not applicable]
Duties Act 2001Chapter 16
Miscellaneous provisions[s 506](4)The
commissioner may assess duty on the basis of a valuationor
evidence obtained under this section.Notauthorised—indicativeonly506Requirement to keep particular
instruments(1)The trustee of a unit trust must keep
an instrument that effectsor evidences—(a)an
acquisition or disposition of a unit in the trust; or(b)foralistedunittrust—anyotheracquisitionofaninterest in the trust.(2)A corporation or society must keep an
instrument that effectsor evidences an acquisition of an
interest in the corporation orsociety.(3)For subsections (1)(b) and (2),
anacquisitionof an interest
inacorporation,societyorlistedunittrustincludesanacquisition of an interest to which
section 162 would apply ifthe reference in that section to a
landholder were a referenceto a
corporation, society or listed unit trust.506ARefunding stamp duty(1)This
section applies to a stamp duty refund that, on or after thecommencementofthissection,theStateisrequiredto,ormay, make to a person.(2)The State must not make the refund
unless the commissioneris satisfied—(a)thepersonhasnotreceived,andwillnotreceive,anamount from another person for all or part
of the stampduty paid; or(b)ifthepersonhasreceivedanamount(theamountreceived)fromanotherpersonforallorpartofthestampdutypaid—thepersonwillreimbursetheotherperson for the
amount received.(3)AcourtorQCATmustnotmakeanorderrelatingtotherefund that is
inconsistent with subsection (2).Current as at
[Not applicable]Page 393
Notauthorised—indicativeonlyDuties Act 2001Chapter 16
Miscellaneous provisions[s 507](4)If
subsection (2)(b) applies, the person must—(a)within 90 days after receiving the refund
(therelevantperiod),reimbursetheotherpersonfortheamountreceived; and(b)within7daysaftertherelevantperiod,givethecommissionerwrittennoticethattheotherpersonhasbeen reimbursed for the amount
received.(5)Also,ifsubsection (2)(b)appliesandthepersondoesnot,within the relevant period, reimburse the
other person for theamountreceived,thepersonmust,within7daysaftertherelevant period—(a)givethecommissionerwrittennoticethattheotherperson was not
reimbursed for the amount received; and(b)pay
the commissioner the amount received plus interestat
the rate of 10% a year calculated from the date therefund was made to the date the amount
received is paidto the commissioner.Maximum
penalty—50 penalty units.(6)An amount
payable under subsection (5)(b) is a debt payableby
the person to the State.(7)In this
section—stamp dutymeans stamp duty
paid, or purportedly paid, underthe repealed
Act, whether or not under a mistake of law orfact.507Approved forms(1)The
commissioner may approve forms for use under this Act.(2)AformmaybeapprovedforuseunderthisActthatiscombined with, or is to be used together
with, an approvedform under another Act.Page 394Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 508]508Regulation-making power(1)TheGovernorinCouncilmaymakeregulationsunderthisAct.(2)A regulation may—(a)be
made about fees payable under this Act; or(b)provideforamaximumpenaltyofnotmorethan20penalty units for a contravention of a
regulation.(3)Aregulationmayexemptfromtheimpositionofdutyaninstrument or transaction for a financial
arrangement enteredintobyastatutorybodyasdefinedintheStatutoryBodiesFinancialArrangementsAct1982asprovidedinthatoranother Act.Chapter 17Repeal, savings andtransitional
provisionsPart 1Repeal of Stamp
Act 1894509Act repealedThe Stamp Act
1894 is repealed.Current as at [Not applicable]Page
395
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 510]Part
2Savings and transitionalprovisions for
repeal of StampAct 1894Division 1Interpretation510Definition for pt 2In this
part—commencement daymeans the day
section 509 commences.Division 2Application of
this Act and repealedAct511Application of this Act(1)ThisActappliestoinstrumentssigned,andtransactionsentered into, on
or after the commencement day.(2)Subsection (1) has effect subject to the
following provisions—(a)division3,subdivision1andsections 521,522,528,530, 530A and
538;Note—Sections 530 and
530A stopped applying on 1 January 2006 (seesection
532A).(b)a regulation made under section
550.512Continued application of repealed
Act(1)Despiteitsrepeal,therepealedActcontinuestoapplyinrelation to instruments signed, and
transactions entered into,before the commencement day.Page
396Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 513]Note—Because of this
declaration, a provision of the repealed Act that, forexample, provides for an exemption,
concession or reassessment forduty for an
instrument or transaction continues to apply to it.(2)This section has effect subject to the
following provisions—(a)sections 523(4),
526, 527 and 535;(b)the Administration Act, part 13,
division 2;(c)a regulation made under section
550.513DelegationsA delegation
under the repealed Act and in force immediatelybefore the
commencement day continues in force.Division 3Provisions for transfer dutySubdivision 1Provisions for
continuing repealedAct for particular transactions514Repealed Act applies to particular
agreements to transfer(1)Subsection (2)
applies if—(a)undersection
54oftherepealedAct,stampdutyischargeableonacontractoragreementforthesaleofproperty; and(b)atransferofthepropertytothetransfereeunderthecontractoragreementisenteredintoonorafterthecommencement day.(2)The
repealed Act applies to the transfer of the property to thetransferee.(3)Subsection (4) applies if—Current as at [Not applicable]Page
397
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 515](a)undersection
54oftherepealedAct,stampdutyischargeableonacontractoragreementforthesaleofproperty; and(b)the
transferee under the contract or agreement is actingas
agent of another person; and(c)a
transfer of the property to the other person is enteredinto
on or after the commencement day.(4)The
repealed Act applies to the transfer of the property to theother person.515Repealed Act applies to particular
acquisitions aftertransfer by way of security of other
property(1)Subsection (2) applies if—(a)before the commencement day, a
conveyance or transferbywayofsecurityofproperty,otherthanland,wasassessed to or exempted from duty
under the repealedAct or another Act; and(b)afterthecommencementday,thetransfereeorthetransferee’sassignee,acquiresownershipoftheproperty free
from any interest of the transferor or thetransferor’s
assignee.(2)The repealed Act applies to the
acquisition.Note—See theStamp Act 1894, section 56E
(Conveyance of other property byway of
security).516Repealed Act applies to particular
dealings with statutorybusiness licences(1)Subsection (2) applies if—(a)before the commencement day, the
holder of a statutorybusiness licence surrendered or
relinquished, or agreednottoapplyforanextensionof,thelicenceasmentioned in section 54AD(2) of the repealed
Act; andPage 398Current as at
[Not applicable]
Duties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 517](b)after the commencement day, the
licence or an extensionor renewal of the licence or another
licence for the sametype of activity is granted.(2)The repealed Act applies to the grant,
extension or renewal ofthe licence.Notauthorised—indicativeonly517Repealed Act applies to particular
dispositions of units inunit trust schemes(1)Subsection (2) applies if—(a)undersection
56BoftherepealedAct,stampdutyischargeable on an agreement to dispose of
units in a unittrust scheme; and(b)a
disposition of the units under the agreement is madeon
or after the commencement day.(2)The
repealed Act applies to the disposition.Subdivision
2Provisions for applying this Act fortransactions before commencementday518Aggregation of
dutiable transactions(1)An instrument of
conveyance as defined in section 53(1) oftherepealedActthatwasmadeorenteredintobeforethecommencement day is taken to be a dutiable
transaction forsection 30.(2)For
applying section 30, a reference to the dutiable value ofthe
dutiable transaction is taken to be a reference to the fullunencumbered value, under the repealed Act,
of the propertythe subject of the transaction.519Transfers by way of
security—land(1)Subsection (2) applies if—Current as at [Not applicable]Page
399
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 520](a)adutiabletransactionthatistheretransferoflandmentioned in
section 32(1)(d) is entered into on or afterthe commencement
day; and(b)before the commencement day, a
conveyance or transferby way of security of the land was
made to the transferorunder the retransfer.(2)Section 32 applies to the retransfer
as if—(a)a reference to the original transfer
were a reference totheconveyanceortransfermentionedinsubsection (1)(b); and(b)a reference to mortgage duty were a
reference to stampduty that would have been chargeable under
the repealedAct.520Particular
transfers for deceased persons’ estates notdutiable
transactions(1)Subsection (2) applies if—(a)undertherepealedAct,stampdutyispaidonanagreementtoconveyortransferpropertyforcarryinginto effect any
distribution under a will or in intestacy;and(b)atransferofthepropertyismadeonorafterthecommencement day.(2)Transfer duty is not imposed on the
transfer.Subdivision 3Provisions for
public unit trusts521Repealed Act applies to particular
trust acquisitions andtrust surrenders in widely held unit
trusts(1)Subsection (2) applies if—(a)adispositionofunitsinapublicunittrustschemementionedinrepealedAct,section 56B(1),definitionpublicunittrustscheme,paragraphs(b)to(d),thatisPage 400Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 522]one
in a series of dispositions relating to the trust wasnot
chargeable with stamp duty under that Act; and(b)a
trust acquisition or trust surrender of a trust interest inthe
series mentioned in paragraph (a) in the unit trust ismade
on or after the commencement day; and(c)under section 70(2), the unit trust is not a
widely heldunit trust.(2)TherepealedActappliestothedispositionthatisthetrustacquisition or trust surrender.522Repealed Act applies to issue of
particular units in widelyheld unit trusts(1)Subsection (2) applies if—(a)aunittrustschemeistakentobeapublicunittrustscheme under section 56B(1A) of the repealed
Act; and(b)the start-up period for the scheme
ends on or after thecommencement day; and(c)thedisqualifyingcircumstancesmentionedinsection 71(3) apply to the issue of
units in the unit trust.(2)TherepealedActappliestotheissueofunitsduringthestart-up period.Division 4Provisions for land rich duty523Aggregations for land rich duty(1)Subsection (2) applies if—(a)before the commencement day, an
interest was acquiredinacorporationtowhichtheprescribedprovisionsunder section
56F of the repealed Act apply; and(b)theinterestmayhavebeenaggregatedundertheprescribed provisions.Current as at [Not applicable]Page
401
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 524](2)The acquisition of the interest is an
acquisition of an interestin the corporation for chapter 3, part
1.(3)However,section
158(1)(b)(iii)appliesonlytoaggregateinterests of
persons who become related persons on or afterthe commencement
day.(4)Ifanoptionmentionedinsection 158(2)isexercisedonorafter the commencement day, chapter 3,
part 1, applies to thepreliminary acquisition to which the
option relates.(5)Subsection (4)appliesregardlessofwhethertheoptionorpreliminary acquisition was given or made
before or after thecommencement day.(6)For
section 179(2)(b)(ii), the reference to interests previouslyaggregated includes a reference to interests
aggregated underthe repealed Act.524References to majority interests in land
rich corporationsFor chapter 3, part 1—(a)areferencetoalandrichcorporationincludesareferencetoacorporationtowhichtheprescribedprovisions under
section 56F of the repealed Act apply;and(b)areferencetoamajorityinterestinacorporationincludesareferencetoamajorityinterestinacorporation
under section 56FN of the repealed Act.525Particular acquisitions included as exempt
acquisitionsForsection 163(2),thereferencetoanexemptacquisitionunder section
190 includes a reference to a transfer by way ofsecuritymentionedintherepealedAct,section
56FA(1),definitionacquire,
paragraph (e).Page 402Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 526]526Application of ch 3, pt 1, to
particular acquisitions ofsecurity interests(1)Subsection (2) applies if—(a)beforethecommencementday,stampdutyundertherepealed Act was paid on a transfer of
shares by way ofsecurity; and(b)onorafterthecommencementday,thecommissionerceasestobesatisfiedofthemattermentionedinsection 190.(2)Chapter3,part1,appliestotheacquisitionmentionedinparagraph (a).527Application of ch 3, pt 1, div 7, to
particular amounts(1)Thissectionappliesif,beforethecommencementday,thecommissionermayhaverequestedregistrationofacharge,under section
56FD(1) of the repealed Act, for an amount ofstamp duty
chargeable, or penalty payable, on or in relation toa
statement mentioned in the section.(2)Chapter 3, part 1, division 7, applies to
the amount of stampduty or penalty as if it were an outstanding
amount of landrich duty.Division 5Provisions for corporate trusteeduty528Repealed Act
applies to particular dispositions of shares(1)Subsection (2) applies if—(a)undersection
56CoftherepealedAct,stampdutyischargeableonanagreementtodisposeofsharesinacompany to which the section applied;
and(b)a disposition of the shares under the
agreement is madeon or after the commencement day.(2)The repealed Act applies to the
disposition.Current as at [Not applicable]Page
403
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 529]529Aggregation of relevant acquisitions
for corporatetrustee duty(1)An
acquisition made before the commencement day that waschargeable with stamp duty under section 56C
of the repealedAct is taken to be a relevant acquisition
for section 223.(2)For applying section 223, a reference
to the dutiable value ofthe relevant acquisition is taken to
be a reference to the valueoftheacquisitiononwhichdutywascalculatedundertherepealed Act.Division 6Provisions for lease duty530Repealed Act applies to particular
leases and agreementsfor leases(1)Subsection (2) applies if—(a)beforethecommencementday,stampdutyundertherepealedActwaschargeableorpaidonanagreementfor lease;
and(b)aleasethatisinsubstantialconformitywiththeagreement is entered into on or after
the commencementday.(2)The
repealed Act applies to the lease.Note—Because of this declaration, a provision of
the repealed Act, including,for example,
section 64C (Refund of duty) applies to it.(3)Subsection (4) applies if—(a)beforethecommencementday,stampdutyundertherepealed Act was chargeable or paid
on—(i)a written offer for a lease; or(ii)awrittenofferforaleaseandanagreementforleasethatisinsubstantialconformitywiththeoffer; and(b)on
or after the commencement day—Page 404Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 530A](i)ifparagraph(a)(i)applies—aleaseoragreementfor lease that
is in substantial conformity with theoffer is entered
into; or(ii)ifparagraph(a)(ii)applies—aleasethatisinsubstantial conformity with the
agreement for leaseis entered into.(4)The
repealed Act applies to the lease or agreement for leasementioned in subsection (3)(b).(5)Also,therepealedActappliestoaleaseenteredintoinsubstantial conformity with an agreement for
lease to whichthe repealed Act applies under subsection
(4).530ARepealed Act applies to instruments
increasing rent inrelation to particular leases etc.(1)This section applies if—(a)beforethecommencementday,stampdutyundertherepealedActwaschargeableorpaidonanyofthefollowing (aprescribed
lease)—(i)a lease or
agreement for lease;(ii)a transaction
mentioned insection 54AB(1)(b)ofthe
repealed Act;(iii)acontractoragreementforwhichastatementundersection 64D(3)oftherepealedActwasorshould have been
made; and(b)therentpayableinrelationtotheprescribedleaseisincreased by an instrument effected on
or after the daythis section commences.(2)TherepealedActappliestotheinstrumentmentionedinsubsection (1)(b).531Credit allowed for particular leases(1)Subsection (2) applies if—Current as at [Not applicable]Page
405
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 532](a)beforethecommencementday,stampdutyundertherepealedActwaschargeableorpaidonanagreementfor lease;
and(b)aleasethatisinsubstantialconformitywiththeagreement is entered into on or after
the commencementday; and(c)ontheexerciseofanoptionforafurtherperiodcontained in the
lease, a new lease is entered into.(2)For
assessing lease duty imposed on the new lease, a creditmust
be allowed for stamp duty paid on the lease mentioned insubsection (1)(b) for the option
period.(3)Subsection (4) applies if—(a)beforethecommencementday,stampdutyundertherepealed Act was chargeable or paid on a
lease; and(b)ontheexerciseofanoptionforafurtherperiodcontained in the lease, a new lease is
entered into on orafter the commencement day.(4)For assessing lease duty imposed on
the new lease, a creditmust be allowed for stamp duty paid on
the lease mentioned insubsection (3)(a) for the option
period.532Credit or refund for termination of
particular leases etc.(1)This section
applies if, before the commencement day, stampdutyundertherepealedActwaspaidforanyofthefollowing—(a)a
lease or agreement for lease;(b)atransactionmentionedinsection 54AB(1)(b)ofthatAct;(c)acontractoragreementmentionedinsection 64Dofthat
Act.(2)If the lease, transaction, contract or
agreement is terminatedon or after the commencement day,
section 242 applies to thePage 406Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 532A]terminationasifitweretheterminationofaleaseoroccupancy right.(3)Subsection (4)appliesif,onorafterthecommencementday—(a)thelease,transaction,contractoragreementisterminated; and(b)aleaseoroccupancyrightisenteredorgrantedinreplacementofthelease,transaction,contractoragreementincircumstancesmentionedinsection 243(1).(4)Section 243(2) applies to the replacement
lease or right.532AEnding of application of div 6This
division stops applying on 1 January 2006.Note—See
also section 563 (Leases etc. to which repealed Act
applied).Division 7Provisions for
mortgage duty533Liability for mortgage duty for
particular mortgages firstsigned before commencement day(1)This section applies if—(a)amortgageisfirstsignedbeforethecommencementday; and(b)an advance or further advance is made
on or after thecommencement day; and(c)theamountoftheadvancessecuredbythemortgageexceedstheamountforwhichthemortgagehasbeenduly stamped
under the repealed Act or a correspondingAct.(1A)Toremoveanydoubt,itisdeclaredthatthemortgageisamortgage for section 248 and section
252(2) applies to it.Current as at [Not applicable]Page
407
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 534](2)Section 261 applies as if a reference
to liability to duty arisingunderthisActwereareferencetoliabilitytostampdutyarising under the repealed Act.Note—Section
261(Advancessecuredbymortgagepackage).Seealsosection 252
(When liability for mortgage duty arises).534Credit allowed for particular agreements for
mortgage(1)Subsection (2) applies if—(a)beforethecommencementday,stampdutyundertherepealedActwaspaidonanagreementtograntamortgage; and(b)undertheagreement,amortgageasdefinedinsection 248 is first signed on or after the
commencementday.(2)Forassessingmortgagedutyimposedonthemortgage,acredit must be allowed for stamp duty
paid on the agreementto grant the mortgage.535Particular mortgages imposed with
mortgage duty oncommencement day(1)A
mortgage, as defined in section 248(1), that was first
signedbefore the commencement day and had not been
duly stampedunder the repealed Act immediately before
that day is, on thatday, taken to be imposed with mortgage
duty under chapter 5.(2)Despitesubsection (1),foramortgagethatisoverpropertypartlyinandpartlyoutsideQueensland,mortgagedutyisworkedoutinthewaystampdutyonthemortgagewouldhave been worked
out under the repealed Act.Page 408Current as at [Not applicable]
Notauthorised—indicativeonlyDivision 9Duties Act
2001Chapter 17 Repeal, savings and transitional
provisions[s 537]Provisions for
vehicle registrationduty537Reduction in vehicle registration
duty(1)Subsection (2) applies if—(a)ad valorem duty chargeable on an
instrument under therepealed Act was paid; and(b)thedutywasworkedoutbyincludingthevalueofavehicle; and(c)an
application to register or transfer the vehicle is madeon
or after the commencement day.(2)Section 384(2)and(3)applyforreducingthevehicleregistration
duty assessed under section 382(2) as if—(a)factor DP were a reference to the stamp duty
paid underthe repealed Act; and(b)factor DVDP were the value of the property
on whichthe ad valorem duty was paid under the
repealed Act,schedule 1,paragraph4(a)undertheheading‘Conveyance or
transfer’; and(c)factor MVV were a reference to the
value of the vehicleor the part the value of the vehicle
used to calculate theduty paid under the repealed
Act.Division 10Provisions for
corporatereconstructions538Repealed Act applies to particular
agreements(1)Subsection (2) applies if—(a)under section 49C(1) or (2) of the
repealed Act, stampdutyisnotchargeableonanagreementfororinconnection with
the transfer of shares or for conveying,Current as at
[Not applicable]Page 409
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 539]transferringorassigningabeneficialinterestinproperty; and(b)the
conveyance, transfer or assignment of the propertyundertheagreementismadeonorafterthecommencement day.(2)TherepealedActappliestotheconveyance,transferorassignment.539Group
property for intra-group transfers of propertyFor section
407(1)(c)—(a)thereferencetonewparentcompanyincludesareferencetothetransfereecompanyundersection 49C(1)
of the repealed Act; and(b)the reference to
the transferor and transferee becominggroupcompaniesinthecircumstancesmentionedinsection 409(1)(a)to(c)includesareferencetothetransferorandtransfereebecomingassociatedcompaniesinthecircumstancesmentionedinsection 49C(1) of the repealed
Act.Division 11Provisions for
approved andregistered persons540Approved personsA person who,
immediately before the commencement day,wasanapprovedpersonundersection
13AoftherepealedAct
is taken to be a self assessor registered under—(a)if the person’s approval relates to
instruments signed byor in favour of the person—chapter 12,
part 2; and(b)if the person’s approval relates to
instruments regularlyreceived by or on which the person
acts in the course ofthe person’s business—chapter 12, part
3.Page 410Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 543]543Approved insurers(1)A
person who, immediately before the commencement day,was
an approved insurer under section 46F of the repealed Actis
taken to be—(a)if the person’s approval relates to
carrying on insurancebusinessasageneralinsurer—aregisteredgeneralinsurer; or(b)if
the person’s approval relates to carrying on insurancebusiness as a life insurer—a registered life
insurer.(2)Also, the person is taken to be a self
assessor, registered underchapter 12, part 1.544Effect of continued registration of
persons(1)This section applies to a person who,
under sections 540 to543, is taken to be registered under
chapter 12, parts 1 to 3.(2)The person’s
date of registration is the commencement day.(3)Subject to section 464, the matters required
to be stated in anotice of registration for a self assessor
are, for the person, themattersapplyingtothepersonimmediatelybeforethecommencement day.545Exempt charitable institutions(1)An institution that before the
commencement day received anexemption from
stamp duty under the repealed Act because itwas an exempt
charitable institution is taken to be an exemptinstitution.Note—From30June2010,theregistrationofcharitableinstitutionsisprovided for under the Administration Act,
part 11A.(2)Theinstitution’sdateofregistrationisthecommencementday.Current as at [Not applicable]Page
411
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 546](3)Assoonaspracticableafterthecommencement,thecommissionermustgiveanoticeofregistrationtotheinstitution.546Registration of particular institutions
followingreassessment(1)Thissectionappliesif,beforethecommencementday,thecommissionerhadgivenanoticeundersection 59E(8),69A(2) or 72(4)
of the repealed Act to an institution stating alater time to
decide whether an instrument would be exemptfrom stamp duty
under that Act and the later time is after thecommencement
day.(2)If,atthelatertime,thecommissionerissatisfiedtheinstitutionisanexemptinstitution,thecommissionermustregister the institution under chapter 12,
part 5, and give theinstitution a notice of
registration.Notes—1The
reassessment of stamp duty is made under the repealed Act,see
section 512.2From30June2010,chapter12,part5isrepealedandtheregistrationofcharitableinstitutionsisprovidedforundertheAdministration Act, part 11A.Division 12Miscellaneous
provisions547Particular references to related
persons(1)Subsection (2) applies if, for
imposing duty on an instrumentor transaction,
it is necessary to take into account a transactionor
other arrangement entered into before the commencementday
by or in relation to a related person of another person.(2)A reference in this Act to a related
person of another person istaken to be a
reference to a related person of the other personwithin the meaning of section 56FA(3) of the
repealed Act.Page 412Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 548]548Instruments stamped under repealed
ActAn instrument that has been stamped under
the repealed Act istaken to have been properly stamped to the
extent it is dulystamped under that Act.549References in Acts or documents(1)In an Act or document—(a)a reference to the repealed Act is, if
the context permits,taken to be a reference to this Act;
and(b)a reference to stamp duty is, if the
context permits, takento be a reference to—(i)if the reference is made in relation
to a particularinstrument or transaction—the duty under
this Actapplicable to the instrument or transaction;
or(ii)otherwise—duty
under this Act.(2)AreferenceinthisActtoaparticulartypeofdutyfortheimposition or assessment of, or a
deduction or credit for, thedutyincludesareferencetostampdutyundertherepealedAct.(3)Also, a reference in another Act to
duty, or a particular type ofduty, is, if the
context permits, taken to be a reference to stampduty
under the repealed Act.(4)A reference in
this Act to a dutiable transaction or relevantacquisition is,
if the context permits, taken to be a reference toaninstrumentchargeablewithorexemptfromstampdutyundertherepealedActthatgiveseffecttoorevidencesanequivalent transaction or
acquisition.Current as at [Not applicable]Page
413
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 551]Part
3Transitional provision forDuties Amendment Act 2004551Application of amendments about
concession fortransfer duty or mortgage duty for first
home(1)Chapter 2, part 9, division 3 and
chapter 5, part 6, division 2as in force on 1
May 2004 apply to dutiable transactions andmortgages only
if liability for transfer duty or mortgage dutyarises on or
after 1 May 2004.(2)However, chapter 2, part 9, division
3, as in force immediatelybefore 1 May 2004, applies to a
dutiable transaction that is thetransfer,oragreementforthetransfer,ofresidentiallandmade
on or after 1 May 2004 if—(a)thetransferoragreementreplacesatransfer,oranagreement for the transfer, that
included the residentialland and was made before 1 May 2004;
or(b)the transferee had an option to
purchase the residentialland,orthetransferorhadanoptiontorequirethetransfereetopurchasetheresidentialland,grantedbefore1May2004andexercisedonorafter1May2004; or(c)another arrangement was made before 1 May
2004 thesole or main purpose of which was to defer
the makingof the transfer or agreement until 1 May
2004 or later sothe concession for transfer duty under the
division, as inforce on or after 1 May 2004, would apply in
relation tothe dutiable transaction.Page
414Current as at [Not applicable]
Part
4Duties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 552]Transitional provisions forDuties Amendment Act (No. 2)2004Notauthorised—indicativeonly552Application of amendments about
concession fortransfer duty for home(1)Chapter2,part9,division3asinforceon1August2004appliestodutiabletransactionsonlyifliabilityfortransferduty arises on
or after 1 August 2004.(2)However,thedivisionasinforceimmediatelybefore1August2004appliestoadutiabletransactionthatisthetransfer,oragreementforthetransfer,ofresidentiallandmade
on or after 1 August 2004 if—(a)thetransferoragreementreplacesatransfer,oranagreement for the transfer, that
included the residentialland and was made before 1 August
2004; or(b)the transferee had an option to
purchase the residentialland,orthetransferorhadanoptiontorequirethetransfereetopurchasetheresidentialland,grantedbefore 1 August
2004 and exercised on or after 1 August2004; or(c)anotherarrangementwasmadebefore1August2004thesoleormainpurposeofwhichwastodeferthemaking of the transfer or agreement until 1
August 2004orlatersotheconcessionfortransferdutyunderthedivision, as in force on or after 1 August
2004, wouldapply in relation to the dutiable
transaction.553Application of amendments about credit
card duty(1)Chapter6,part2asinforceimmediatelybefore1August2004 applies in
relation to credit card transactions in a partialperiod.(2)Forsubsection (1),apartialperiodistakentobeabillingperiod.Current as at
[Not applicable]Page 415
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 554](3)A term used in this section and
defined in chapter 6, part 2 asin force
immediately before 1 August 2004 has the meaninggivenbythepartasinforceimmediatelybefore1August2004.(4)In this section—partialperiodforabillingperiodthatstarts,buthasnotended, before 1 August 2004 means the period
from the startto 31 July 2004.Part 5Transitional and savingsprovisions for
RevenueLegislation Amendment Act2005Division 1Provisions for ending of creditbusiness duty554Meaning of particular terms used in div
1(1)In this division—pre-repealcredittransactionmeansacredittransactionentered into by
a credit provider before 1 January 2006.registeredcreditprovidermeansapersonwhowas,immediately
before 1 January 2006, registered under chapter12,part1,tocarryonbusinessinQueenslandasacreditprovider and as
a self assessor.repealed, for a
provision of this Act, means the provision as inforce immediately before 1 January
2006.(2)A term used in this division and
defined in repealed chapter 6has the meaning
given to it under repealed chapter 6.Page 416Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 555]555Savings provision for pre-repeal
credit transactions(1)Thecreditbusinessdutyprovisionscontinuetoapplyforrights,privilegesandliabilitiesthatwouldhavebeenacquired,
accrued or incurred on or after 1 January 2006 inrelationtoarelevantcreditamountforapre-repealcredittransaction if the provisions had not been
repealed.Exampleofhowthecreditbusinessdutyprovisionscontinuetoapplyunder this
section—A credit provider may be required to lodge a
return or statement, andpay credit business duty, on or after
1 January 2006 in relation to arelevant credit
amount for a pre-repeal credit transaction.(2)Subsection (1) applies subject to section
556.(3)In this section—credit business
duty provisionsmeans—(a)repealed chapter 6; and(b)schedule 6, repealed definitionshort-term.relevantcreditamount,forapre-repealcredittransaction,means a credit
amount for the transaction that exists before 1January
2006.556Cash price for particular credit
arrangements notincluded in credit amountRepealed section 303(4) does not apply under
section 555(1)to the extent it would otherwise provide
that the cash price fora credit arrangement that is a
pre-repeal credit transaction isan amount
debited under the arrangement if—(a)the
cash price is not paid within the period mentioned inthe
repealed section; and(b)the period ends
on or after 1 January 2006.557Ending of
registration of credit providers(1)This
section applies to a registered credit provider.(2)The following are cancelled on 1
January 2006—Current as at [Not applicable]Page
417
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 558](a)theperson’sregistrationunderchapter12,part1,tocarry on business in Queensland as a
credit provider;(b)the person’s registration under
chapter 12, part 1, as aself assessor for duty on instruments
or transactions towhichthepersonbecomesapartyforcarryingonbusiness as a credit provider.(3)However, subsection (2) does not
affect—(a)theregistrationofthepersonunderthisActforanyother purpose;
or(b)a requirement that applies to the
person under this ActortheAdministrationActinrelationtoapre-repealcredit
transaction.Division 2Provisions for
ending of lease duty558Meaning of particular terms used in
div 2(1)In this division—pre-repeal lease
duty liabilitymeans a liability for lease dutyarising under repealed chapter 4 before 1
January 2006.repealed, for a
provision of this Act, means the provision as inforce immediately before 1 January
2006.(2)A term used in this division and
defined in repealed chapter 4has the meaning
given to it under repealed chapter 4.559Savings provision for particular leases and
occupancyrights(1)Repealedchapter4continuestoapplyforrights,privilegesandliabilitiesthatwouldhavebeenacquired,accruedorincurred on or after 1 January 2006 in
relation to a lease oroccupancyrightforwhichthereisapre-repealleasedutyliability if
chapter 4 had not been repealed.(2)Subsection (1) applies subject to section
560 and 561.Page 418Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 560]560Application of repealed s 241(1)Repealed section 241(2) and (4)
applies under section 559(1)only if the
relevant event happened before 1 January 2006.(2)Repealed section 241(9) does not apply under
section 559(1)in relation to an agreement increasing the
cost of a lease oroccupancy right that is made on or after 1
January 2006.(3)In this section—relevant
eventmeans—(a)forrepealedsection
241(2)—theeventmentionedinrepealed section 241(3)(a) or (b) that
starts the 30 dayperiod mentioned in the subsection;
or(b)forrepealedsection 241(4)—theeventmentionedinrepealed section 241(5)(a) or (b) that
starts the 30 dayperiod mentioned in the subsection.561Reassessments under repealed s
242(1)Repealed section 242 applies under
section 559(1) only for alease or occupancy right that is
terminated before 1 January2016.(2)Repealedsection
242alsoapplies,despiteitsrepeal,toasection 532instrumentthatisterminatedbefore1January2016.(3)Forsubsection
(2),repealedsection
242applieswithanynecessary changes to the termination
of the instrument as if itwere the termination of a lease or
occupancy right.(4)In this section—section 532
instrumentmeans a lease, transaction, contract
oragreement—(a)mentioned in section 532(1); and(b)that was in force immediately before 1
January 2006.Current as at [Not applicable]Page
419
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 562]562Saving of particular provisions for
exempt institutions(1)This section applies if an assessment
for lease duty was madebefore 1 January 2006.(2)If the assessment was made onthe
basis that an exemptionunderchapter10,part2,division1,applied,previoussections 417 and 419 continue to apply in
relation to the lease.(3)Forsubsection (2),areassessmentmadeasrequiredunderprevious section 419(3) imposing duty on the
lease must bemade as if chapter 4 had not been
repealed.(4)If duty was imposed on the lease
because the use requirementsunder chapter
10, part 2, division 2 would not be compliedwith,previoussection
418continuestoapplyforthelease,even if the
duration period ends on or after 1 January 2006.(5)In this section—previous,
for a provision of this Act, means the provision as inforce immediately before 1 January
2006.563Leases etc. to which repealed Act
applied(1)This section applies for the
following—(a)a lease or agreement to lease to which
the repealed Actapplied,immediatelybefore1January2006,undersection
530;(b)an instrument increasing rent to which
the repealed Actapplied,immediatelybefore1January2006,undersection
530A.(2)Section 64CoftherepealedActcontinuestoapplyforthelease, agreement to lease or
instrument.564Ending of registration of self
assessor(1)Thissectionappliestoapersonwhoisregistered,immediately
before 1 January 2006, as a self assessor underchapter 12, part
2 or 3.Page 420Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 565](2)The registration mentioned in
subsection (1) is cancelled on 1January2006totheextentitappliesfordutyonleasesoroccupancy rights.(3)However, subsection (2) does not
affect—(a)theregistrationofthepersonunderthisActforanyother purpose;
orExample—registration of
the person under chapter 12, part 2 or 3, as a selfassessor for duty on instruments or
transactions other than leasesor occupancy
rights(b)a requirement that applies to the
person under this ActortheAdministrationActinrelationtoaleaseoroccupancyrightforwhichthereisapre-repealleaseduty
liability.565No refund of lease duty merely because
lease oroccupancy right ends on or after 1 January
2006(1)Toremoveanydoubt,itisdeclaredthatapersonisnotentitled, under a relevant Act or
otherwise, to a refund of leaseduty paid for a
lease or occupancy right only because the leaseor right ends on
or after the repeal of chapter 4.(2)In
this section—relevantActmeansthisAct,theAdministrationActortherepealed
Act.Division 3Provisions for
amendments abouttransfer duty etc.566Application of amendments about rates of
duty ondutiable transactions and relevant
acquisitions for landrich and corporate trustee dutySchedule 3asinforceon1July2006appliestodutiabletransactions and
relevant acquisitions if liability for transferCurrent as at
[Not applicable]Page 421
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 567]duty, land rich duty or corporate trustee
duty arises on or after1 July 2006.567Application of amendments about concession
fortransfer duty for home(1)Chapter 2, part 9, division 3 as in force on
1 July 2006 appliesto dutiable transactions if liability for
transfer duty arises onor after 1 July 2006.(2)However, the division as in force
immediately before 1 July2006 applies to a dutiable transaction
that is the transfer, oragreement for the transfer, of
residential land made on or after1 July 2006
if—(a)thetransferoragreementreplacesatransfer,oranagreement for the transfer, that
included the residentialland and was made before 1 July 2006;
or(b)the transferee had an option to
purchase the residentialland,orthetransferorhadanoptiontorequirethetransfereetopurchasetheresidentialland,grantedbefore 1 July
2006 and exercised on or after 1 July 2006;or(c)another arrangement was made before 1
July 2006 thesole or main purpose of which was to defer
the makingof the transfer or agreement until 1 July
2006 or later sothe concession for transfer duty under the
division, as inforce on or after 1 July 2006, would apply
in relation tothe dutiable transaction.Page
422Current as at [Not applicable]
Notauthorised—indicativeonlyPart
6Duties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 568]Transitional and savingsprovisions for
Revenue andOther Legislation AmendmentAct
2006Division 1Preliminary568Definitions for pt 6In this
part—amendingActmeanstheRevenueandOtherLegislationAmendment Act
2006.omitted definitionmeans a
definition that was in schedule 6oranotherprovisionofthisActbutwasomittedbytheamending
Act.569References to terms with omitted
definitionsA term used in this part that, immediately
before 1 January2007, was defined in an omitted definition
has the meaninggiven to it under the omitted
definition.Division 2Transitional
provisions foramendment of provisions aboutconcessions for homes and firsthomes570Retrospective operation of new s
92(1)(c)Section 92(1)(c), as inserted by the
amending Act, section 12,appliesinrelationtoadutiabletransactionrelatingtoresidential land entered into on or
after 1 May 2004.Current as at [Not applicable]Page
423
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 571]571Application of amendments about
concession fortransfer duty for residential land or vacant
land(1)The relevant provisions, as in force
on 1 January 2007, applyto dutiable transactions only if
liability for transfer duty ariseson or after 1
January 2007.(2)Therelevantprovisions,asinforceimmediatelybefore1January2007,applytoadutiabletransactionthatisthetransfer, or
agreement for the transfer, of residential land orvacant land made on or after 1 January 2007
if—(a)thetransferoragreementreplacesatransfer,oranagreementforthetransfer,thatincludedthelandandwas
made before 1 January 2007; or(b)the
transferee had an option to purchase the land, or thetransferorhadanoptiontorequirethetransfereetopurchasetheland,grantedbefore1January2007andexercised on or after 1 January 2007;
or(c)another arrangement was made before 1
January 2007thesoleormainpurposeofwhichwastodeferthemakingofthetransferoragreementuntil1January2007 or later so
the concession for transfer duty underthe relevant
provisions, as in force on or after 1 January2007, would
apply in relation to the dutiable transaction.(3)In
this section—relevant provisionsmeans the
following provisions—•chapter 2, part
9, divisions 2 and 3•chapter 2, part
14, division 1•schedule 4A.Page 424Current as at [Not applicable]
Division 3Duties Act
2001Chapter 17 Repeal, savings and transitional
provisions[s 572]Savings and
transitional provisionsfor amendments relating toQueensland marketable securitiesNotauthorised—indicativeonly572Meaning ofpre-repeal
marketable security transactionA transaction is
apre-repeal marketable security
transactionif—(a)a liability for
transfer duty imposed on the transactionarose, or would,
apart from an exemption or concession,have arisen,
before 1 January 2007; and(b)thetransactionconcernedaQueenslandmarketablesecurityoraQueenslandmarketablesecuritywasotherwise relevant to the imposition
of the duty.573Savings provision for pre-repeal
marketable securitytransactionsThisAct,asinforceimmediatelybefore1January2007,continues to apply for powers, rights,
privileges and liabilitiesthatwouldhavebeenexercisable,acquired,accruedorincurred on or after 1 January 2007 in
relation to a pre-repealmarketablesecuritytransactioniftheamendmentsintheamending Act had not commenced.Example of how this Act continues to apply
under this section—A person or other entity may be required to
lodge an instrument ortransfer duty statement, and pay
transfer duty, on or after 1 January2007 in relation
to a pre-repeal marketable security transaction.574Deduction relating to transfer duty
for marketablesecuritiesSection 227, as
in force immediately before 1 January 2007,continues to
apply in relation to transfer duty that was paid orpayable, before 1 January 2007, for a
transfer, or agreementforthetransfer,ofsharesofacorporatetrusteeorrelevantcorporation for
a corporate trustee.Current as at [Not applicable]Page
425
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 575]575Saving of particular provisions for
exempt institutions(1)This section applies to an assessment
for transfer duty made inrelation to a pre-repeal marketable
security transaction.(2)Iftheassessmentwasmadeonthebasisofanexemptionunderchapter10,part2,division1,thenprevioussections 417and419continuetoapplyinrelationtothetransaction.(3)Forsubsection (2),areassessmentmadeasrequiredunderprevious section 419(3) imposing duty on the
transaction mustbe made as if the amending Act had not
commenced.(4)Ifdutywasimposedonthetransactionbecausetheuserequirements
under chapter 10, part 2, division 2 would not becomplied with, previous section 418
continues to apply for thetransaction.(5)In
this section—previous, for a
provision of this Act, means the provision as inforce immediately before 1 January
2007.576Ending of registration as self
assessors(1)This section applies to a person who,
immediately before 1January 2007, was registered as a self
assessor under chapter12, part 2 or 3.(2)On 1
January 2007, the person’s registration is cancelled tothe
extent it applied for transfer duty on transactions relatingto
Queensland marketable securities.(3)Subsection (2) does not affect—(a)theregistrationofthepersonunderthisActforanyother purpose;
or(b)a requirement that applies to the
person under this ActortheAdministrationActinrelationtoapre-repealmarketable
security transaction.Page 426Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 577]577Transitional provision for s
484Section 484, as in force immediately before
1 January 2007,continues to apply to an instrument that
effects or evidences adutiabletransactionforashareorrightrelatingtoashareentered into before 1 January 2007.Division 4Savings and
transitional provisionsfor ending of hire duty578Definitions for div 4In
this division—pre-repeal hiremeans a hire of
goods, mentioned in previoussection
325(1)(a)or(b),madeoreffectedbefore1January2007.pre-repeal hiring chargemeans—(a)for a pre-repeal hire that is a credit
purchase agreementor an agreement under previous section
345—the totalhiring charges paid or payable under the
hire; or(b)for another pre-repeal hire—the hiring
charges paid orpayable for a period before 1 January
2007.previous,inrelationtoaprovisionofthisAct,meanstheprovision as in force immediately before 1
January 2007.579Savings provision for pre-repeal
hires(1)The hire duty provisions continue to
apply for powers, rights,privilegesandliabilitiesthatwouldhavebeenexercisable,acquired,
accrued or incurred on or after 1 January 2007 inrelationtoapre-repealhiringchargeifthehiredutyprovisions had not been repealed.Current as at [Not applicable]Page
427
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 580]Examples of how the hire duty provisions
continue to apply under thissection—1A commercial hirer may be required to
lodge a return or statement,and pay hire
duty, on or after 1 January 2007 in relation to apre-repeal hiring charge.2A person other than a commercial hirer
may be required to lodgethe instrument by which a pre-repeal
hire is effected, and pay hireduty, on or
after 1 January 2007 in relation to a pre-repeal hiringcharge.3The
commissioner may make an assessment or reassessment underprevioussection
339ofthehiredutypayableinrelationtoapre-repeal hiring charge.4A pre-repeal hire was made in the
circumstances mentioned inprevious section 345. The hire was for
an indefinite period butended,orends,within6monthsafteritwasenteredinto.Anapplication may be made, and must be dealt
with, under previoussection 347.(2)In
this section—hiredutyprovisionsmeanspreviouschapter7andtheomitted definitions.580Duty
payable for pre-repeal hire relating to a periodending on or after 1 January 2007(1)Toremoveanydoubt,itisdeclaredthatapersonisnotentitled, under a relevant Act or
otherwise, to a refund of hiredutypaidonapre-repealhireonlybecausetheperiodforwhichthepre-repealhirewasmadeoreffectedendsonorafter 1 January
2007.(2)In this section—relevantActmeansthisAct,theAdministrationActortherepealed
Act.581Ending of registration of commercial
hirers(1)This section applies to a person who,
immediately before 1January 2007, was a registered
commercial hirer.(2)The following are cancelled on 1
January 2007—Page 428Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 582](a)theperson’sregistrationunderchapter12,part1,tocarry on business in Queensland as a
commercial hirer;(b)the person’s registration under
chapter 12, part 1, as aself assessor for duty on instruments
or transactions towhich the person is or becomes a party for
carrying onthe business.(3)Subsection (2) does not affect—(a)theregistrationofthepersonunderthisActforanyother purpose;
or(b)a requirement that applies to the
person under this Actor the Administration Act in relation
to a pre-repeal hire.582Saving of
particular provisions for exempt institutions(1)This
section applies to an assessment for hire duty made inrelation to a pre-repeal hire.(2)If the assessment is or was made on
the basis of an exemptionunderchapter10,part2,division1,thenprevioussections 417 and 419 continue to apply in
relation to the hire.(3)Forsubsection (2),areassessmentmadeasrequiredunderprevioussection
419(3)imposingdutyinrelationtothepre-repeal hiring charges must be made
as if chapter 7 had notbeen repealed.(4)Ifdutyisorwasimposedonthehirebecausetheuserequirements under chapter 10, part 2,
division 2 would not becomplied with, previous section 418
continues to apply for thehire,evenifthedurationperiodendsonorafter1January2007.Current as at [Not applicable]Page
429
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 583]Division 5Transitional
provisions foramendment of provisions aboutmortgage duty583Application of amendments about concession
formortgage duty for home or first homeChapter5,part6asinforceon1January2007appliestomortgages only if liability for
mortgage duty arises on or after1 January
2007.Part 7Transitional and
savingsprovisions for Revenue andOther Legislation AmendmentAct
2007584Application of amendment about rate of
mortgage duty(1)Section 254,asinforceon1January2008,appliestoamortgage only if the liability date
for the mortgage is on orafter 1 January 2008.(2)However,section
254,asinforceimmediatelybefore1January2008,appliestoamortgageifanarrangementwasmadebefore1January2008thesoleormainpurposeofwhich was to defer a liability date
for the mortgage until 1January2008orlatersotherateofmortgagedutyundersection
254,asinforceonorafter1January2008,wouldapply in
relation to the liability date.(3)Also,apersonisnotentitled,underarelevantActorotherwise, to a refund of mortgage
duty paid before 1 January2008 only because a liability date for
the mortgage is on orafter 1 January 2008.(4)In this section—relevant
Actmeans this Act or the Administration
Act.Page 430Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 585]585Mortgage duty associated with
debenture subscriptionsin financial year ending 30 June
2008(1)Thissectionappliesinrelationtomortgagedutypayableundersection 266(3)ontheamountsubscribedfor,inthefinancial year
ending 30 June 2008, for debentures.(2)The
rate of mortgage duty is—(a)40cforeach$100,orpartof$100,oftheamountsubscribedforintheperiodfrom1July2007to31December 2007;
and(b)20cforeach$100,orpartof$100,oftheamountsubscribed for
in the period from 1 January 2008 to 30June
2008.(3)The rate of mortgage duty under
subsection (2)(a) applies toan amount
subscribed for debentures if an arrangement wasmadebefore1January2008thesoleormainpurposeofwhich was to defer the subscription
until 1 January 2008 orlatersotherateofmortgagedutyundersubsection
(2)(b)would apply in relation to the
subscription.586Mortgage duty associated with caveats
and releases ofmortgage(1)This
section applies in relation to—(a)mortgage duty imposed under section 268 on a
caveatclaiming an interest under a mortgage;
and(b)mortgage duty imposed under section
269 on a releaseof mortgage.(2)Totheextentanamountofmortgagedutyimposedontherelevant mortgage is calculated by
reference to the rate underpre-amendedsection
254,theamountofmortgagedutyimposedonthecaveatorreleaseisalsocalculatedunderpre-amendedsection
254,evenifthecaveatorreleaseiseffected on or after 1 January 2008.(3)In this section—Current as at
[Not applicable]Page 431
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 587]pre-amendedsection
254meanssection
254asinforcebefore 1 January 2008.Notauthorised—indicativeonlyPart 8Savings and
transitionalprovisions for Revenue andOther Legislation AmendmentAct
(No. 2) 2007587Definitions for pt 8In
this part—agentselfassessormeansaselfassessorregisteredunderchapter 12, part 3.amendingActmeanstheRevenueandOtherLegislationAmendment Act
(No. 2) 2007.588Delayed
application of amendments to agent selfassessorsFor
the period up to and including 2 March 2008—(a)sections 455,488and491applytoanagentselfassessor as if
the amending Act, part 2, division 3, hadnot commenced;
and(b)section 481A does not apply to an
agent self assessor.589Savings provision about properly
stamped instruments(1)AreferenceinthisActtoaninstrumentthatisproperlystamped
includes—(a)aninstrumentendorsedundersection
455(1)(c)beforethe commencement
day; and(b)an instrument stamped with an
impressed stamp or otherstamp under section 492 before the
commencement day;andPage 432Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 590](c)an instrument stamped with an
impressed stamp or otherstamp,duringthetransitionalperiod,inawaythatcomplieswithsection
492asinforceimmediatelybefore the
commencement day.(2)In this section—commencement
daymeans—(a)foraninstrumentendorsedundersection
455(1)(c)byan agent self assessor—3 March 2008;
or(b)foranotherinstrumentendorsedsection 455(1)(c)—4 February 2008; orunder(c)otherwise—7 January 2008.transitional periodmeans the period
of 1 year starting on 7January 2008.Part 9Transitional provisions for theRevenue and Other LegislationAmendment Act 2008, part 2,division 2Division 1Transitional provisions for abolitionof
mortgage duty590Definition for div 1In
this division—previous,inrelationtoaprovisionofthisAct,meanstheprovision as in force immediately before 1
July 2008.591Requirement to lodge mortgageOn
and from 1 July 2008, section 255 continues to apply to amortgage if the liability for mortgage duty
on the mortgagearose before 1 July 2008.Current as at [Not applicable]Page
433
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 592]592Mortgage packages(1)Subsection (2) applies if—(a)amortgagepackageconsistsof2ormoresecurityinstruments signed before 1 July 2008;
and(b)the commissioner is satisfied that a
mortgage signed onorafter1July2008wasintendedtobepartofthepackage.(2)Mortgage duty must be assessed on the
mortgage package—(a)under previous chapter 5; and(b)asiftheinstrumentscomprisingthepackagewere1mortgagefirstsignedonthedaythelastoftheinstruments signed before 1 July 2008
was signed.593Reassessment—stamping before
advance(1)This section applies if—(a)a mortgage was first signed before 1
July 2008; and(b)the mortgage was, under section 257,
properly stampedfor an amount of advances secured by the
mortgage; and(c)the advances were not all made before
1 July 2008.(2)Themortgagormayapplytothecommissionerforareassessmentofmortgagedutypaidinrelationtotheadvances not made before 1 July
2008.(3)The application must—(a)be in the approved form; and(b)include the mortgage document;
and(c)be made by 31 December 2008.(4)The commissioner must make the
reassessment.594Mortgage duty on caveats(1)This section applies if—Page
434Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 595](a)before1July2008,mortgagedutywasimposedonamortgage but was not paid; and(b)on or after 1 July 2008, a caveat
claimed an interest inland or a water allocation under the
mortgage.(2)On and from 1 July 2008, section 268
continues to apply toimpose mortgage duty on the
caveat.(3)Mortgage duty is imposed on the caveat
at the rate applicableat the time the duty was imposed on
the mortgage.595Mortgage duty on releases of
mortgages(1)This section applies if—(a)before1July2008,mortgagedutywasimposedonamortgage but was not paid; and(b)on or after 1 July 2008, the mortgage
is released.(2)On and from 1 July 2008, section 269
continues to apply toimpose mortgage duty on the release of
the mortgage.(3)Mortgage duty is imposed on the
release at the rate applicableat the time the
duty was imposed on the mortgage.596Reassessment—Victorian and Tasmanian
property(1)This section applies if, before 1 July
2008, the commissionerwasrequiredundersection
290Aor290Btomakeareassessment to impose mortgage duty on a
mortgage.(2)Sections 290A and 290B apply to
require the reassessment toimpose duty
based on the dutiable proportion at the liabilitydate.597Reassessment—concessions for home mortgages
andfirst home mortgages(1)This
section applies if—Current as at [Not applicable]Page
435
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 598](a)before 1 July 2008, mortgage duty on a
home mortgagewas assessed on the basis of a concession
under chapter5, part 6; and(b)on
or after 1 July 2008, one of the events mentioned insection 291(1) happens.(2)Section 291(2)to(4)applies toenablethecommissionertomakeareassessmenttoimposemortgagedutyonthemortgageattherateapplicableatthetimethat,butfortheconcession, the liability for mortgage duty
would have arisen.598Reassessment—concessions for
cooperatives(1)This section applies if—(a)before 1 July 2008, a mortgage was
given to secure anadvancetoacooperativeregisteredundertheCooperatives Act 1997;
and(b)mortgage duty was not imposed on the
mortgage; and(c)on or after 1 July 2008, the advance
or part of it wasusedforanoncomplyingusewithinthemeaningofsection 292(1).(2)Section 292(2)to(4)applies toenablethecommissionertomakeareassessmenttoimposemortgagedutyonthemortgageattherateapplicableatthetimethat,butfortheexemption, the liability for mortgage duty
would have arisen.599Saving of previous provisions for
exempt institutions(1)This section applies to an assessment
for mortgage duty on amortgage given to secure an advance
made—(a)toanexemptinstitutiononthebasisofanexemptionunder chapter
10, part 2, division 1; and(b)before 1 July 2008.Note—From30June2010,theregistrationofcharitableinstitutionsisprovidedforundertheAdministrationAct,part11A.SeethePage 436Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 600]Administration Act, section 168 in relation
to institutions that were,immediately before 30 June 2010,
exempt institutions.(2)Onandafter1July2008,previoussections
417and419continue to
apply in relation to the advance.(3)Forsubsection (2),areassessmentmadeasrequiredunderprevioussection
419(3)imposingdutyinrelationtotheadvancemustbemadeasiftheRevenueandOtherLegislation
Amendment Act 2008, part 2 had not commenced.(4)Ifmortgagedutywasimposedinrelationtotheadvancebecausetheuserequirementsunderchapter10,part2,division 2 would not be complied with,
previous section 418continues to apply in relation to the
advance.600Cancellation of registration to defer
endorsement—s446A(1)This
section applies if, immediately before 1 July 2008, a selfassessor was registered under previous
section 446A to deferendorsement,undersection 455(1)(c),ofmortgagesforfurther advances under the mortgages.(2)On 1 July 2008, the registration is
cancelled.(3)However, the self assessor must, by 1
January 2009, complywith section 455(1)(c) in relation to
any endorsement deferredunder previous section 455(4).601Lapsing of application for
registration to deferendorsement(1)This
section applies to an application to be registered underprevious section 446A made but not finally
decided before 1July 2008.(2)On 1
July 2008, the application lapses.Current as at
[Not applicable]Page 437
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 602]602Requirement to lodge returnsOn
and from 1 July 2008, section 455 continues to apply, to aself
assessor registered under part 2 or 3 for mortgage duty, inrelation to a return period that started
before 1 July 2008.603Reassessment of duty in particular
circumstances(1)This section applies if—(a)before 1 July 2008, a person paid
mortgage duty on amortgage; and(b)onorafter1July2008,aneventmentionedinsection 499(2)(f) happens.(2)Section 499(5)to(8)continuestoapplyinrelationtoareassessment of the duty paid.604Impact of div 1Theinclusioninthisdivisionofaprovisionaffectingtheapplication of a provision of chapter 5 or
chapter 10 followingtheabolitionofmortgagedutyon1July2008doesnotbyimplicationlimitthecontinuingapplicationofanotherprovision of the
chapter.Division 2Other
transitional provisions605Application of
amendments about rates of transfer duty,land rich duty
and corporate trustee dutySchedule 3asinforceon1July2008appliestodutiabletransactions and
relevant acquisitions if liability for transferduty, land rich
duty or corporate trustee duty arises on or after1
July 2008.Page 438Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 606]606Application of amendments about
concession fortransfer duty—residential land(1)The relevant provisions, as in force
on 1 July 2008, apply todutiable transactions only if
liability for transfer duty arises onor after 1 July
2008.(2)The relevant provisions, as in force
immediately before 1 July2008,applytoadutiabletransactionthatisthetransfer,oragreement for the transfer, of
residential land made on or after1 July 2008
if—(a)thetransferoragreementreplacesatransfer,oranagreementforthetransfer,thatincludedthelandandwas
made before 1 July 2008; or(b)the
transferee had an option to purchase the land, or thetransferorhadanoptiontorequirethetransfereetopurchasetheland,grantedbefore1July2008andexercised on or after 1 July 2008;
or(c)another arrangement was made before 1
July 2008 thesole or main purpose of which was to defer
the makingof the transfer or agreement until 1 July
2008 or later sotheconcessionfortransferdutyundertherelevantprovisions, as
in force on or after 1 July 2008, wouldapply in
relation to the dutiable transaction.(3)In
this section—relevant provisionsmeans the
following provisions—•chapter 2, part
9, divisions 2 and 3•chapter 2, part
14, division 1•schedule 4A.Current as at
[Not applicable]Page 439
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 607]Part 10Transitional provision for theRevenue and Other LegislationAmendment Act 2008, section24Notauthorised—indicativeonly607Application of amendments about
concession fortransfer duty—residential land(1)Therelevantprovisions,asinforceon1September2008,apply to dutiable transactions only if
liability for transfer dutyarises on or
after 1 September 2008.(2)Therelevantprovisions,asinforceimmediatelybefore1September2008,applytoadutiabletransactionthatisthetransfer,oragreementforthetransfer,ofresidentiallandmade
on or after 1 September 2008 if—(a)thetransferoragreementreplacesatransfer,oranagreementforthetransfer,thatincludedthelandandwasmadeonorafter1July2008andbefore1September 2008; or(b)the
transferee had an option to purchase the land, or thetransferorhadanoptiontorequirethetransfereetopurchase the land, granted on or after 1
July 2008 andbefore1September2008andexercisedonorafter1September 2008; or(c)another arrangement was made on or after 1
July 2008and before 1 September 2008 the sole or main
purposeofwhichwastodeferthemakingofthetransferoragreementuntil1September2008orlatersotheconcessionfortransferdutyundertherelevantprovisions,asinforceonorafter1September2008,would apply in relation to the dutiable
transaction.(3)In this section—relevant
provisionsmeans the following provisions—•chapter 2, part 9, divisions 2 and
3•chapter 2, part 14, division 1Page
440Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 608]•schedule 4A.Part 11Savings and transitionalprovisions for
Revenue andOther Legislation AmendmentAct
(No. 2) 2008608Meaning ofcommencement
dayIn this part—commencement
daymeans the day of commencement of theprovision in which the term is used.609Limitation period—particular
retirement villagearrangements(1)Thissectionappliestodutyimposedbeforethecommencement day if—(a)the
duty was—(i)transfer duty on the transfer, or
agreement for thetransfer, of residential land; or(ii)mortgagedutyimposedonamortgageoverresidential
land; and(b)thelandwasanaccommodationunitinaretirementvillage;
and(c)on or after the commencement day, the
transferee entersintoaretirementvillageleasingarrangementfortheunit.(2)The
limitation period for a reassessment of the duty does notapply.Current as at
[Not applicable]Page 441
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 610]610Application of amendment about concession
for transferduty—first homeA reference in
section 607 to a relevant provision as in forceon 1 September
2008 includes section 92, as amended by theRevenue and
Other Legislation Amendment Act (No. 2) 2008,as
in force on 1 September 2008.Notauthorised—indicativeonly611Reassessment of
vehicle registration duty under s 393ASection 393A
does not apply in relation to an application toregister a
vehicle in the name of a vehicle dealer, or to transfera
vehicle to a vehicle dealer, made before the commencementday.612Non-application
of s 471EA to liabilities arising beforecommencement
daySection 471EA does not apply to a liability
to pay an amountof duty, assessed interest or penalty tax
that arose before thecommencement day.Part 12Transitional provision for FuelSubsidy Repeal and Revenueand
Other LegislationAmendment Act 2009613Application of amendments about concession
fortransfer duty—vacant land(1)The relevant provisions, as in force
on 1 July 2009, apply todutiable transactions only if
liability for transfer duty arises onor after 1 July
2009.(2)The relevant provisions, as in force
immediately before 1 July2009,applytoadutiabletransactionthatisthetransfer,oragreement for the transfer, of vacant
land made on or after 1July 2009 if—Page 442Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 614](a)thetransferoragreementreplacesatransfer,oranagreementforthetransfer,thatincludedthelandandwas
made before 1 July 2009; or(b)the
transferee had an option to purchase the land, or thetransferorhadanoptiontorequirethetransfereetopurchasetheland,grantedbefore1July2009andexercised on or after 1 July 2009;
or(c)another arrangement was made before 1
July 2009 thesole or main purpose of which was to defer
the makingof the transfer or agreement until 1 July
2009 or later sotheconcessionfortransferdutyundertherelevantprovisions, as
in force on or after 1 July 2009, wouldapply in
relation to the dutiable transaction.(3)In
this section—relevant provisionsmeans the
following provisions—•chapter 2, part
9, divisions 2 and 3•chapter 2, part
14, division 1•schedule 4B.Part 13Transitional provisions forRevenue and Other LegislationAmendment Act 2010614References to an acquisition mentioned in s
85(b)Aprovisionineitherofthefollowingthat,onthecommencementofthissection,includesareferencetoanacquisitionmentionedinsection 85(b)istakentohaveincluded that
reference on and from 1 December 2003—(a)chapter 2, part 9;(b)chapter 2, part 14, division 1.Current as at [Not applicable]Page
443
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 615]615Exemption under s 117Section
117(2)asinforceonthecommencementofthissectionistakentohavehadeffectonandfrom13August2004.Notauthorised—indicativeonly616Exemption under s
151Section 151(2)asinforceonthecommencementofthissection is taken
to have had effect on and from 2 May 2003.617Charge mentioned in s 198(1)Section 198 as in force immediately
before its amendment bythe amending Act continues to apply to
a relevant acquisitionmade before the amendment.(2)In this section—amendingActmeanstheRevenueandOtherLegislationAmendment Act
2010.618Registered
general insurers and registered life insurersApersonwho,immediatelybefore14January2010,wasaregistered
general insurer or registered life insurer is, on andfrom
14 January 2010, taken to be a registered insurer.619Date of effect of particular
provisionsThe following provisions as in force on the
commencement ofthissectionaretakentohavehadeffectonandfrom14January 2010—•section 73•sections 353 to 355•section 357•section 360•chapter 8, part 5Page 444Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 620]•sections 371 and 372•section 437•theschedule,totheextentthedefinitionsinsurer,registeredgeneralinsurerandregisteredlifeinsurerhavebeenomittedandthedefinitionsinsurerandregistered insurerhave been
inserted.620Start of use requirement under s
416Section 416(1)(a) and (3)(a) as in force on
the commencementof this section is taken to have had effect
on and from 1 March2002.Part 14Transitional provision forRevenue and Other LegislationAmendment Act 2011621Dutiable value of vehicles modified for a
person with adisabilityThe following
provisions as in force on the commencement ofthis section are
taken to have had effect on and from 4 March2009—(a)sections 378(3) and 379B;(b)schedule 6,definitionmodifiedforapersonwithadisability.Current as at [Not applicable]Page
445
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 622]Part 15Transitional provisions forCommunity Ambulance CoverLevy
Repeal and Revenue andOther Legislation AmendmentAct
2011Notauthorised—indicativeonlyDivision 1Transitional
provisions forCommunity Ambulance Cover LevyRepeal and Revenue and OtherLegislation Amendment Act 2011622Definition for pt 15In
this part—previous,iffollowedbyaprovisionnumber,meanstheprovision of that number as in force
immediately before 1 July2011, as affected by any relevant
definition in force for theprovision at
that time.Note—1 July 2011 was
the day on which amendments to this Act under theCommunityAmbulanceCoverLevyRepealandRevenueandOtherLegislation
Amendment Act 2011commenced.623Particular references to landholder duty,
majorityinterests and relevant acquisitions(1)In the provisions mentioned in
subsection (2)—(a)areferencetolandholderdutyimposedorpaidforarelevantacquisitionincludesareferencetolandrichduty
imposed or paid under previous chapter 3, part 1;and(b)a reference to a
relevant acquisition includes a referenceto a relevant
acquisition made under previous chapter 3,part 1;
andPage 446Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 624](c)a reference to a significant interest
includes a referenceto a majority interest under previous
chapter 3, part 1.(2)For subsection (1), the provisions are
the following—(a)section 82;(b)section 158(1)(c);(c)chapter 3, part 1, division 4;(d)section 407(1)(d).624Relevant acquisitions made in a land rich
corporationbefore 1 July 2011(1)This
section applies if, before 1 July 2011, a person made arelevant acquisition in a land rich
corporation under previoussection 158.(2)Previous chapter 3, part 1 and chapter 10,
part 1 continue toapplyinrelationtotherelevantacquisitionasiftheCommunity
Ambulance Cover Levy Repeal and Revenue andOther
Legislation Amendment Act 2011had not
commenced.625Interests acquired before 1 July 2011
included for s 158(1)This section applies if—(a)before1July2011,apersonorrelatedpersonofthepersonacquiredaninterestinanentity(theoriginalinterest);
and(b)onorafter1July2011,thepersonorrelatedpersonacquires a further interest in the entity;
and(c)whenthefurtherinterestisacquired,thepersonorrelated person still holds the original
interest.(2)Toavoidanydoubt,itisdeclaredthatforsection 158,theoriginalinterestisaninterestheldbythepersonorrelatedperson in the
entity.Current as at [Not applicable]Page
447
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 626]626Particular interests taken to be
excluded interests for s179(1)This
section applies if—(a)before1July2011apersonacquiredaninterestinacorporation other than a land rich
corporation as definedunder this Act before that day;
and(b)on or after 1 July 2011—(i)the corporation is or becomes a
landholder; and(ii)thepersonmakesarelevantacquisitioninthecorporation.(2)For
working out the dutiable value of the relevant acquisitionunder section 179, the interest acquired
before 1 July 2011 istaken to be an excluded
interest.(3)Section 163(2) applies for working out
when the interest wasacquired.627Application of s 412A reference in
section 412(1)(a) to duty assessed on the basisofanexemptionundersection 409includesareferencetodutyassessedonthebasisofanexemptionunderprevioussection 409.Division 2Savings provision for repeal628Pre-amended home concession provisions
continue toapply for particular transactions(1)Thissectionappliestoeachofthefollowingdutiabletransactions for which liability for
transfer duty arose beforethe commencement—(a)the
transfer, or agreement for the transfer, of a home;(b)the acquisition, on its creation,
grant or issue, of a newright that is a lease—Page
448Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 629](i)of residential land on which a home is
constructed;and(ii)for which a
premium, fine or other consideration ispayable;(c)the vesting, as mentioned in section
9(1)(d), of a home.(2)Thefollowingpre-amendedprovisionscontinuetoapplytothe
assessment of transfer duty in relation to the transaction—(a)sections 86, 91 and 93;(b)sections 153, 154 and 155;(c)schedules 3, 4A and 4B;(d)schedule 6,definitionshomeandoccupancyrequirement.(3)This section does not limit theActs
Interpretation Act 1954,section
20.(4)In this section—commencementmeans the
commencement of this section.homemeans a home under pre-amended section
86(1).pre-amended, in relation to
a provision, means the provisionas it was in
force immediately before the commencement.Part 16Transitional provision forTreasury (Cost of Living) andOther Legislation AmendmentAct
2012629Application of amendments about
concession fortransfer duty—home(1)The
relevant provisions, as in force on 1 July 2012, apply todutiable transactions only if liability for
transfer duty arises onor after 1 July 2012.Current as at [Not applicable]Page
449
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 629](2)The relevant provisions, as in force
immediately before 1 July2012,applytoadutiabletransactionthatisthetransfer,oragreement for the transfer, of
residential or vacant land madeon or after 1
July 2012 if—(a)thetransferoragreementreplacesatransfer,oranagreementforthetransfer,thatincludedthelandandwas
made before 1 July 2012; or(b)the
transferee had an option to purchase the land, or thetransferorhadanoptiontorequirethetransfereetopurchasetheland,grantedbefore1July2012andexercised on or after 1 July 2012;
or(c)another arrangement was made before 1
July 2012 thesole or main purpose of which was to defer
the makingof the transfer or agreement until 1 July
2012 or later sotheconcessionfortransferdutyundertherelevantprovisions, as
in force on or after 1 July 2012, wouldapply in
relation to the dutiable transaction.(3)In
this section—relevant provisionsmeans the
following provisions—•chapter 2, part
9•chapter 2, part 14, division 1•schedule 3•schedule 4A•schedule 4B.Page 450Current as at [Not applicable]
Notauthorised—indicativeonlyPart
17Duties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 630]Transitional and declaratoryprovisions for Fiscal RepairAmendment Act 2012Division 1Preliminary630Definitions for pt 17In this
part—acquirer, in relation to
a relevant acquisition in a landholder,includesarelatedpersonoftheacquirerwho,undersection 175(2), is jointly and severally
liable for the paymentof landholder duty on the relevant
acquisition.amending Actmeans theFiscal Repair Amendment Act 2012.commencement daymeans the day
this section commences.retrospectivity periodmeans the period beginning at the
starttime and ending immediately before the
commencement day.start timemeans 10.30a.m.
on 13 January 2012.Division 2Declaratory
provision631Declaratory provision—effect of
amending Act onmeaning ofland(1)Fordecidingwhetheraresourceauthority,otherthananexplorationauthority, was
land under the pre-amended Act,the amendment of
schedule 6 by the amending Act is to bedisregarded.(2)In
this section—pre-amendedActmeansthisActasinforcebeforethecommencement day.Current as at
[Not applicable]Page 451
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 632]Division 3Provisions for explorationauthoritiesNotauthorised—indicativeonlySubdivision 1Preliminary632Purpose of div 3The purpose of
this division is to provide for the imposition ofdutyinrelationtoexplorationauthoritiesduringtheretrospectivity period.Subdivision 2Liability for
duty633Meaning oflandfor
retrospectivity period(1)Duringtheretrospectivityperiod,thisActistakentohaveappliedasifschedule
6,definitionlandhadprovidedasfollows—land—(a)includes—(i)airspace above land and the coastal
waters of theState; and(ii)an
exploration authority; but(b)doesnotincludeanexplorationpermitunderthePetroleum (Submerged Lands) Act 1982.(2)Forsubsection (1),schedule
6,definitionexplorationauthority,asinsertedbysection 8oftheamendingAct,istaken to have had effect on and from
the start time.634Meaning ofstatutory
licencefor retrospectivity periodDuringtheretrospectivityperiod,thisActistakentohaveappliedasifschedule
6,definitionstatutorylicencehadprovided as follows—Page 452Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 635]statutorylicencemeansalicence,permitorotherauthorityissued or given under a Queensland or
Commonwealth Act,other than the following—(a)a chattel authority;(b)an exploration permit under thePetroleum (SubmergedLands) Act
1982.635Exemption from
transfer duty for exploration authoritygranted during
retrospectivity periodTransferdutyisnotimposedonadutiabletransactionmentioned in
section 9(1)(f) that is the grant of an explorationauthorityifliabilityfortransferdutyaroseduringtheretrospectivity period.636Exemption from transfer duty for
transfer of explorationauthority under particular
agreements(1)Thissectionappliestoadutiabletransactionmentionedinsection 9(1)(a) that is the transfer,
on or after the start time, ofan exploration
authority if—(a)the transfer is made under an
agreement for the transferof the exploration authority, whether
conditional or not;and(b)the agreement
for the transfer was entered into beforethe start
time.(2)Transfer duty is not imposed on the
dutiable transaction.637Particular
exploration land-holdings not to be taken intoaccount for
working out landholder duty(1)This
section applies if—(a)a relevant acquisition in a landholder
is made on or afterthe start time; andCurrent as at
[Not applicable]Page 453
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 638](b)there was, before the start time, an
agreement to acquirethe interest that is the subject of
the relevant acquisition,whether the agreement is conditional
or not; and(c)theinterestis,undersection
163(2)(b),acquiredafterthe
start time.(2)Explorationland-holdingsmustbeexcludedfromtheQueensland land-holdings of the
landholder for the purposesof—(a)if the landholder is a private
landholder—working outthedutiablevalueoftherelevantacquisitionundersection 179; or(b)ifthelandholderisapubliclandholder—workingoutthe
landholder duty imposed on the relevant acquisitionunder section 179A.(3)In
this section—explorationland-holdings,ofalandholder,meansland-holdingsmentionedinsection 167ifthelandisanexploration authority.Subdivision 3Obligations of
parties—transferduty638Transfer
duty—transactions previously not dutiable(1)Thissectionappliestoadutiabletransactionforwhichliabilityfortransferdutyaroseduringtheretrospectivityperiod,
if—(a)but for this division, the transaction
would not have beena dutiable transaction under chapter 2;
and(b)for assessing transfer duty on the
dutiable transaction—(i)section 30 does
not apply to the transaction; or(ii)if
section 30 applies to the transaction—paragraph(a) applies to
each of the dutiable transactions thatare to be
aggregated.Page 454Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 639](2)The period within which the parties
liable to pay transfer dutyrelatingtothedutiabletransactionmustcomplywithsection 19(3) is taken to be 30 days after
the commencementday.(3)Forastandardselfassessmentofdutyonthedutiabletransaction—(a)the
date liability for duty for the transaction arises is, forsection 455A(3),takentobethecommencementday;and(b)the date by
which a liable party to the instrument thateffectsorevidencesthetransactionmustcomply withsection
471E(1)istakentobe30daysafterthecommencement day.639Transfer duty—dutiable transactions not
assessed beforecommencement day(1)Thissectionappliestoadutiabletransactionforwhichliabilityfortransferdutyaroseduringtheretrospectivityperiod,
if—(a)but for this division, the dutiable
value of the transactionwould have been required to be
assessed without havingregard to an exploration authority;
and(b)becauseofthisdivision,thedutiablevalueofthetransaction is
required to be assessed having regard todutiable
property that is an exploration authority; and(c)beforethecommencementday,anassessmentofaparty’sliabilityfortransferdutyonthedutiabletransactionhasnotbeenmade,ortakentohavebeenmade, by the commissioner.Note—Areferenceinthissubsectiontoadutiabletransactionincludesareference to a dutiable transaction
that should have been assessed undersection 30
together with 1 or more other dutiable transactions that,
butfor this division, would not have been
dutiable transactions.Current as at [Not applicable]Page
455
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 640](2)Section 638(2)and(3)appliesinrelationtothedutiabletransaction.(3)However,totheextentunpaidprimarytaxrelatingtothedutiable transaction is attributable
to dutiable property otherthan an exploration authority, section
638(2) and (3) does notaffect—(a)thestartdateforunpaidtaxinterestontheunpaidprimary tax
under the Administration Act, section 54; or(b)a
party’s liability for penalty tax.640Transfer duty—dutiable transactions assessed
beforecommencement day(1)Thissectionappliestoadutiabletransactionforwhichliabilityfortransferdutyaroseduringtheretrospectivityperiod,
if—(a)but for this division, the dutiable
value of the transactionwould have been required to be
assessed without havingregard to an exploration authority;
and(b)becauseofthisdivision,thedutiablevalueofthetransaction is
required to be assessed having regard todutiable
property that is an exploration authority; and(c)before the commencement day, an assessment
has beenmade, or taken to have been made, of a
party’s liabilityfor transfer duty on the dutiable
transaction.Note—Areferenceinthissubsectiontoadutiabletransactionincludesareference to a dutiable transaction
that should have been assessed undersection 30
together with 1 or more other dutiable transactions that,
butfor this division, would not have been
dutiable transactions.(2)Transfer duty
for the dutiable transaction must be reassessed.(3)Within 30 days after the commencement
day, a party liable fortransfer duty on the dutiable
transaction must—(a)give notice in the approved form to
the commissionerthat the reassessment is required;
andPage 456Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 641](b)lodgetheinstrumentthateffectsorevidencesthetransactionorthetransferdutystatementforthetransaction.Note—Under the Administration Act, failure to
give the commissioner noticeabout a matter
under a tax law is an offence under section 120 of thatAct.Also,undertheAdministrationAct,therequirementunderparagraph (b) is a lodgement requirement for
which a failure to complyis an offence under section 121 of
that Act.(4)Ifapartycomplieswithsubsection
(3)forthedutiabletransaction,thepartyisnotliableforpenaltytaxundertheAdministrationAct,section 58(2)(c)totheextentthedifference between the transfer duty
assessed on the originalassessment,andonthereassessment,isattributabletodutiable property that is an exploration
authority.(5)Subsection (6) applies to unpaid tax
interest that is payable onunpaid primary
tax for the dutiable transaction, to the extentthetaxisattributabletodutiablepropertythatisanexploration authority.(6)For the Administration Act, section
54(2) and (2A), the startdate is—(a)the
due date for the reassessment under this section; or(b)if the party has not complied with
subsection (3)—thedate that is the same number of days before
the due dateforthereassessmentasthenumberofdaysintheperiods of noncompliance with the
subsection.Subdivision 4Obligations of
parties—landholderduty and corporate trustee duty641Landholder duty and corporate trustee
duty—acquisitions not previously dutiable(1)This section applies to a relevant
acquisition in a landholder orcorporate
trustee for which liability for duty arose during theretrospectivity period, if—Current as at [Not applicable]Page
457
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 642](a)but for this division, the acquisition
would not have beenarelevantacquisitioninalandholderorcorporatetrustee under
chapter 3; and(b)for assessing landholder duty or
corporate trustee dutyon the relevant acquisition—(i)section 180or223doesnotapplytotheacquisition; or(ii)if
section 180 or 223 applies to the acquisition—paragraph(a)appliestoeachoftheacquisitionsthat are to be
aggregated.(2)Theperiodwithinwhichtheacquirermustcomplywithsection 177or217istakentobe30daysafterthecommencement day.642Landholder duty and corporate trustee
duty—relevantacquisitions not assessed before
commencement day(1)This section applies to a relevant
acquisition in a landholder orcorporate
trustee for which liability for duty arose during theretrospectivity period, if—(a)butforthisdivision,thefollowingwouldhavebeenrequiredtobeassessedwithouthavingregardtoanexploration
authority—(i)for a relevant acquisition in a public
landholder—theamountofdutyimposedontherelevantacquisition;(ii)otherwise—thedutiablevalueoftherelevantacquisition;
and(b)becauseofthisdivision,thedutiablevalueof,ortheamount of duty imposed on, the relevant
acquisition isrequired to be assessed having regard
to—(i)forlandholderduty—land-holdingsthatareanexploration
authority; orPage 458Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 643](ii)for corporate
trustee duty—dutiable property, or anindirectinterestindutiableproperty,thatisanexploration authority; and(c)beforethecommencementday,anassessmentoftheacquirer’sliabilityforlandholderdutyorcorporatetrusteedutyontherelevantacquisitionhasnotbeenmade by the
commissioner.Note—Areferenceinthissubsectiontoarelevantacquisitionincludesareference to a relevant acquisition
that should have been assessed undersection 180 or
233 together with 1 or more other relevant acquisitionsthat, but for this division, would not have
been relevant acquisitions.(2)Section 641(2) applies in relation to the
relevant acquisition.(3)However,totheextentunpaidprimarytaxrelatingtherelevant acquisition is attributable to
land-holdings or dutiablepropertyotherthananexplorationauthority,section
641(2)does not affect—(a)thestartdateforunpaidtaxinterestontheunpaidprimary tax
under the Administration Act, section 54; or(b)the
acquirer’s liability for penalty tax.643Landholder duty and corporate trustee
duty—relevantacquisition assessed before commencement
day(1)This section applies to a relevant
acquisition in a landholder orcorporate
trustee for which liability for duty arose during theretrospectivity period, if—(a)butforthisdivision,thefollowingwouldhavebeenrequiredtobeassessedwithouthavingregardtoanexploration
authority—(i)for a relevant acquisition in a public
landholder—theamountofdutyimposedontherelevantacquisition;(ii)otherwise—thedutiablevalueoftherelevantacquisition;
andCurrent as at [Not applicable]Page
459
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 643]Notauthorised—indicativeonly(b)becauseofthisdivision,thedutiablevalueof,ortheamount of duty imposed on, the relevant
acquisition isrequired to be assessed having regard
to—(i)forlandholderduty—land-holdingsthatareanexploration
authority; or(ii)for corporate
trustee duty—dutiable property, or anindirectinterestindutiableproperty,thatisanexploration authority; and(c)beforethecommencementday,anassessmentoftheacquirer’sliabilityforlandholderdutyorcorporatetrustee duty on
the relevant acquisition has been madeby the
commissioner.Note—Areferenceinthissubsectiontoarelevantacquisitionincludesareference to a relevant acquisition
that should have been assessed undersection 180 or
233 together with 1 or more other relevant acquisitionsthat, but for this division, would not have
been relevant acquisitions.(2)Landholderdutyorcorporatetrusteedutyfortherelevantacquisition must
be reassessed.(3)Within30daysafterthecommencementday,theacquirermust—(a)give notice in the approved form to
the commissionerthat the reassessment is required;
and(b)lodge the landholder duty statement or
corporate trusteeduty statement for the relevant
acquisition.Note—Under the
Administration Act, failure to give the commissioner noticeabout a matter under a tax law is an offence
under section 120 of thatAct.Also,undertheAdministrationAct,therequirementunderparagraph (b) is a lodgement requirement for
which a failure to complyis an offence under section 121 of
that Act.(4)Iftheacquirercomplieswithsubsection
(3),theacquirerisnotliableforpenaltytaxundertheAdministrationAct,section 58(2)(c) to the extent the
difference between the dutyassessed on the
original assessment, and on the reassessment,Page 460Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 644]is
attributable to a land-holding or dutiable property that is
anexploration authority.(5)Subsection (6) applies to unpaid tax
interest that is payable onunpaid primary
tax for the relevant acquisition, to the extentthe tax is
attributable to a land-holding or dutiable propertythat
is an exploration authority.(6)For
the Administration Act, section 54(2) and (2A), the startdate
is—(a)the due date for the reassessment
under this section; or(b)if the acquirer
has not complied with subsection (3)—the date that is
the same number of days before the duedate for the
reassessment as the number of days in theperiods of
noncompliance with the subsection.Subdivision
5Obligations of other parties644Obligation for self assessor(1)This section applies to a self
assessor registered under chapter12, part 3
if—(a)duringtheretrospectivityperiod,theselfassessorlodgedatransactionstatementundersection
455or455A; and(b)the
transaction statement relates to a dutiable transactionorrelevantacquisitiontowhichsubdivision3or4applies.(2)Theselfassessormust,within30daysafterthecommencement day, give notice to the
commissioner that thetransaction statement was
lodged.Note—Under the
Administration Act, failure to give the commissioner noticeabout a matter under a tax law is an offence
under section 120 of thatAct.(3)Section 488 applies to a failure by a self
assessor to complywith subsection (2).Current as at
[Not applicable]Page 461
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 645]645Obligation for other persons in
relation to registration ofparticular instruments(1)This section applies if, during the
retrospectivity period—(a)a person—(i)recorded an instrument or transaction
in a registerof interests in property; and(ii)theinstrument,ortheinstrumentthateffectsorevidences the transaction, relates to a
transaction oracquisition to which subdivision 3 or 4
applies; or(b)the trustee or responsible entity of a
unit trust—(i)recordedinthetrust’srecordsaninstrumentthateffectsorevidencesatrustacquisitionortrustsurrender of
units in a unit trust; and(ii)section
638,639or640appliestothetrustacquisition or
trust surrender; or(c)a person—(i)entered in the records of a corporation or
society aninstrumentthateffectsorevidencesarelevantacquisition;
and(ii)section
641,642or643appliestotherelevantacquisition.(2)The
person, trustee or responsible entity must, within 30 daysafter the commencement day, give notice to
the commissionerthat the record or entry was made.Note—Under the
Administration Act, failure to give the commissioner noticeabout a matter under a tax law is an offence
under section 120 of thatAct.Page 462Current as at [Not applicable]
Notauthorised—indicativeonlySubdivision 6Duties Act
2001Chapter 17 Repeal, savings and transitional
provisions[s 646]Miscellaneous
provisions646Offences during retrospectivity
period(1)ApersoncannotbeprosecutedunderthisActortheAdministration
Act for an act or omission done or omitted tobe done during
the retrospectivity period if, when the act oromission
occurred, it would not have constituted an offencebut
for this division.(2)Subsection (1) does not limit the
Criminal Code, section 11.647Properly stamped
instruments not affected(1)This section
applies to an instrument that was stamped duringthe
retrospectivity period.(2)If,atthetimetheinstrumentwasstamped,itwasproperlystamped under
section 491 but for this division, the instrumentis
taken to have been properly stamped despite this division.Division 4Transitional
provisions for othermatters648Application of s 167Section
167,asamendedbytheamendingAct,section 5appliestoarelevantacquisitionmadeonorafterthecommencement day.649Application of amended sch 3Schedule 3 as in force on the commencement
day applies todutiable transactions and relevant
acquisitions if liability fortransfer duty,
landholder duty or corporate trustee duty ariseson
or after the commencement day.Current as at
[Not applicable]Page 463
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 650]Part 18Transitional provisions forRevenue Amendment andTrade and
InvestmentQueensland Act 2013Notauthorised—indicativeonly650Application of s
152ASection 152Aistakentoapplytoapreviousdutiabletransactionwithinthemeaningofsection 152A(3)thathappens before the commencement of this
section, if the thirddutiabletransactionundersection 152A(1)(c)tocorrecttheclericalerrorinthepreviousdutiabletransactionisenteredinto on or after
4 February 2012.651Application of amendment of s
155(1)Section 155, as in force on the
commencement of this section,applies to a
dutiable transaction only if liability for transferduty
for the transaction arises on or after the commencementof
this section.(2)Section 155,asinforcebeforethecommencementofthissection,
continues to apply to a dutiable transaction if liabilityfortransferdutyforthetransactionarosebeforethecommencement of this section.652Application of new rate of insurance
duty under s 362(1)The new rate of insurance duty applies
to a premium paid forgeneralinsuranceonorafterthecommencementofthissection only if
the contract that effects the general insurance isentered into on or after the commencement of
this section.(2)In this section—new rate, of
insurance duty, means the rate of insurance dutyimposed on the premium under section 362(1),
as amended bytheRevenueAmendmentandTradeandInvestmentQueensland Act
2013, section 17.Page 464Current as at [Not applicable]
Notauthorised—indicativeonlyPart
19Duties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 653]Transitional provisions forRevenue LegislationAmendment Act
2014653Application of amended ch 2, pt 10 and
related provisions(1)Therelevantprovisions,as inforceonthecommencement,apply to
dutiable transactions only if liability for transfer dutyarises on or after the commencement.(2)In this section—commencementmeans the day
this section commences.relevant provisionsmeans the following provisions—•chapter 2, part 10•sections 123 and 173•schedule 6,definitionsdefinedrelative,familypartnership,family trustandfamily unit trust654Application of existing s 123
concession(1)Thissectionappliestoadutiabletransactiontowhichsection 123
applies if, before the day this section commences,aconcessionfortransferdutyhasbeenprovidedunderchapter 2, part
10 for the dutiable property the subject of thedistribution.(2)Section 123,asinforceimmediatelybeforethedaythissectioncommences,continuestoapplyinrelationtothedutiable transaction.Current as at [Not applicable]Page
465
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 655]Part
20Transitional provisions forPayroll Tax Rebate, Revenueand
Other LegislationAmendment Act 2015655Definitions for pt 20In this
part—retrospectivity periodmeans the period
beginning at the starttime and ending immediately before the
commencement.rulingmeans the
commissioner’s ruling called ‘DA000.12.1Transferduty—exemptionforfarm-intransactionsintheresources sector’.start
timemeans 10.30a.m. on 13 January 2012.656Retrospective operation of s
145Section 145, as amended by thePayroll Tax Rebate, RevenueandOtherLegislationAmendmentAct2015,appliestoavestingoflandintheStatemadeonorafter25February2014.657Retrospective operation of ch 2, pt
8A(1)Chapter 2, part 8A and any ancillary
provision, as inserted oramendedbythePayrollTaxRebate,RevenueandOtherLegislation
Amendment Act 2015, is taken to have had effecton
and from the start time.(2)In this
section—ancillary provisionmeans a
provision of this Act necessary togive effect to
chapter 2, part 8A.Page 466Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 658]658Particular matters relating to upfront
farm-in agreementsfor retrospectivity period(1)If, during the retrospectivity period,
the farmee for an upfrontfarm-inagreementhaslodgedtheagreementincompliancewith paragraph
12 of the ruling the farmee is taken to havecomplied with
section 84K.(2)Also, if, during the retrospectivity
period, the farmee for anupfront farm-in agreement has notified
the commissioner incompliancewithparagraph14oftheruling,thefarmeeistaken to have complied with section
84L.(3)Toremoveanydoubt,itisdeclaredthatifsubsection (2)applies,thecommissioneroraninvestigatorundertheAdministrationActmay,underthatAct,requireapersonliablefortransferdutyfortheagreementtogivethecommissioner or investigator the agreement,
or a transfer dutystatement for the agreement, on or after the
commencement.(4)If,duringtheretrospectivityperiod,apersontowhomparagraph 12 of
the ruling applied did not comply with thatparagraph,
section 84K applies as if the person were requiredtolodgetheinformationandagreementoratransferdutystatement for the agreement under that
section within 14 daysafter the commencement.(5)If,duringtheretrospectivityperiod,apersontowhomparagraph 14 of
the ruling applied did not comply with thatparagraph,
section 84L applies as if the person were requiredto
give the notice and lodge the agreement or a transfer dutystatementfortheagreementundersection 84L(2)within30days after the commencement.659Application of Administration Act, pt
6—farm-inagreements(1)This
section applies if liability for transfer duty arose and wasassessedduringtheretrospectivityperiodforadutiabletransaction that was—(a)a
farm-in agreement; orCurrent as at [Not applicable]Page
467
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 660](b)a transfer of an interest in an
exploration authority undera farm-in
agreement.(2)Despite the Administration Act,
section 65(1)(d), the personliablefortransferdutyontheagreementmayobjecttotheassessment within 30 days after the
commencement.660Application of start of use
requirement under s 416(1)Thissectionappliestoadutiabletransactionthatisanapplication to
register or transfer a vehicle in the name of acharitable
institution—(a)if—(i)the
application was made on or after 26 February2013 but before
25 February 2014; and(ii)the period for
which the vehicle is used solely oralmostsolelybytheinstitutionforaqualifyingexempt purpose
has not ended before 25 February2014; or(b)iftheapplicationwasmadeonorafter25February2014.(2)Section 416(4)(d) as in force on the
commencement applies inrelation to the application to
register or transfer the vehicle.Part 21Transitional provisions forDuties and Other LegislationAmendment Act 2016661Application of amendments relating to s
105(1)Sections 105 and 105A as amended or
inserted by theDutiesandOtherLegislationAmendmentAct2016applytoadutiable
transaction only if liability for transfer duty arises onor
after the commencement.Page 468Current as at
[Not applicable]
Duties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 662](2)Section 105 as in force before the
commencement continuesto apply to a dutiable transaction for
dutiable property used tocarry on particular family businesses
of primary production ifthe liability for transfer duty arose
before the commencement.Notauthorised—indicativeonly662Application of ch 4Chapter4appliestoarelevanttransactionifliabilityfortransfer duty, landholder duty or corporate
trustee duty ariseson or after 1 October 2016.Part
22Transitional provisions forRevenue and Other LegislationAmendment Act 2016663Application of s 154(1)Section154(2)and(2AA)applytoadutiabletransactionmentionedinsection154(1)(a)onlyifliabilityfortransferduty on the
transaction arises on or after the commencement.(2)Section154(2)asinforcebeforethecommencementcontinuestoapplytoadutiabletransactionmentionedinsection154(1)(a)ifliabilityfortransferdutyonthetransaction
arose before the commencement.664Continuing application of pre-amended s 154
for s 291Section154(2)asinforcebeforethecommencementcontinues to
apply for the purposes of section 291(1)(a).665Retrospective operation of s 375Section375,asamendedbytheRevenueandOtherLegislationAmendmentAct2016,appliestoacontractofinsuranceforwhichinsurancedutywouldotherwisebepayable on or after 14 October 2014.Current as at [Not applicable]Page
469
Duties
Act 2001Chapter 17 Repeal, savings and transitional
provisions[s 666]666Retrospective operation of s 404Section404,asamendedbytheRevenueandOtherLegislationAmendmentAct2016,appliestoavestingofdutiablepropertythattakesplaceonorafter30November2015.Notauthorised—indicativeonlyPart 23Transitional
provision forRevenue LegislationAmendment Act
2017667Application of amendments applying
AFAD to particularagreementsSections 240(2),
241A, and chapter 4, part 5, divisions 2 and3, apply in
relation to an agreement for the transfer of dutiablepropertyifliabilityfortransferdutyarisesonorafterthecommencement.Part 24Transitional provisions forRevenue LegislationAmendment Act
2018668Definition for partIn
this part—amending Actmeans theRevenue Legislation Amendment Act2018.669Application of amendments increasing
the rate of AFADSections 244 to 246 as amended by the
amending Act apply inrelation to a relevant transaction
within the meaning of section230 if liability
for transfer duty, landholder duty or corporatetrustee duty
arises on or after the commencement.Page 470Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Chapter 17
Repeal, savings and transitional provisions[s 670]670Application of amendments about rate
of vehicleregistration dutySection383asamendedbytheamendingActappliesinrelation to an application to register or
transfer a vehicle if theapplication is made on or after the
commencement.Part 25Transitional
provisions forRevenue and Other LegislationAmendment Act 2018671Meaning of amending ActIn this
part—amendingActmeanstheRevenueandOtherLegislationAmendment Act
2018.672Retrospective effect of ss
76E–76G(1)This Act applies, and is taken to have
applied since 9 August2017, to a trust acquisition or trust
surrender happening on orafter that day, as if sections 76E to
76G were in force from 9August 2017.(2)However, to remove any doubt, it is declared
that a person cannot be prosecuted under this Act or the
Administration Act fora contravention of section 76G before
the commencement.(3)A pre-commencement approval has
effect, and is taken to havehad effect since
it was given, to the extent it would have hadeffect if
sections 76E to 76G were in force from 9 August 2017.(4)In this section—pre-commencement
approvalmeans an approval mentionedin
section 76F given by the commissioner on or after 9 August2017
and before the commencement.Current as at
[Not applicable]Page 471
Notauthorised—indicativeonlyDuties Act 2001Chapter 17 Repeal,
savings and transitional provisions[s 673]673Retrospective effect of amended s
179(4)(1)The amended provision applies, and is
taken to have appliedsince22August2017,toarelevantacquisitionforwhichaliability for landholder duty arose on or
after that day.(2)In this section—amended
provisionmeans section 179(4) as amended by
theamending Act.674Retrospective effect of amended definition
businessproperty(1)The
amended definition applies, and is taken to have appliedsince 12 October 2016, in relation to a
dutiable transactionentered into on or after that
day.(2)In this section—amendeddefinitionmeansschedule6,definitionbusinessproperty as amended by the amending
Act.Page 472Current as at
[Not applicable]
Schedule 2Duties Act
2001Schedule 2When liability
for transfer dutyon dutiable transaction arisessection 16Notauthorised—indicativeonlyCurrent as at [Not applicable]Page
473
Notauthorised—indicativeonlyDuties Act 2001Schedule 2Column 1Dutiable
transactionTransfer of dutiable propertyAgreement for transfer of dutiablepropertyColumn 2When
liability for transfer dutyarisesThe
earlier of the following—(a)whenthepropertyistransferred;(b)ifthetransferisanELNtransfer—whentheELNworkspacefortheELNtransfer—(i)includesanELNtransactiondocumentfortheELNtransfersignedbythepartiestothetransaction;
and(ii)is
locked;(c)ifthetransferisanELNlodgement—whentheELNworkspacefortheELNlodgement—(i)includesanELNtransactiondocumentforthe ELN lodgement signedbythepartiestothetransaction;
and(ii)is
locked;(d)ifaninstrumenteffects,orwhenrecordedinaregisterwill
effect, the transfer and thetransfer is not
an ELN transferorELNlodgement—whentheinstrumentissignedbytheparties to the transactionWhen
the agreement is madePage 474Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 2Column 1Column 2Dutiable transactionWhen liability
for transfer dutyarisesSurrender of
dutiable property thatThe earlier of the following—is
land in Queensland or atransferable site area(a)whenthepropertysurrendered;is(b)ifthesurrenderisanELNlodgement—whentheELNworkspacefortheELNlodgement—(i)includesanELNtransactiondocumentforthe ELN lodgement signedbythepartiestothetransaction;
and(ii)is
locked;(c)ifaninstrumenteffects,orwhenrecordedinaregisterwilleffect,thesurrenderandthesurrenderisnotanELNlodgement—whentheinstrumentissignedbytheparties to the transactionVesting of dutiable property by, orThe
earlier of the following—eoxf pthreisssolryaanuoththoerrisjeudribsyd,icsttiaotnu,te
law(a)when the vesting takes place;whether inside or outside Australia(b)ifanELNtransactiondocumentforanELNlodgementevidencesthevesting—whentheELNworkspacefortheELNlodgement—(i)includestheELNtransactiondocumentsignedbythepartiestothe
transaction; and(ii)is lockedCurrent as at [Not applicable]Page
475
Notauthorised—indicativeonlyDuties Act 2001Schedule 2Column 1Dutiable
transactionVesting of dutiable property by acourt
order, of this or anotherjurisdiction, whether inside oroutside AustraliaForeclosure of a
mortgage overdutiable propertyColumn 2When
liability for transfer dutyarisesThe
earlier of the following—(a)when the order
is made;(b)ifanELNtransactiondocumentforanELNlodgementevidencesthevesting—whentheELNworkspacefortheELNlodgement—(i)includestheELNtransactiondocumentsignedbythepartiestothe
transaction; and(ii)is lockedWhenaforeclosureorderismadefor the
propertyPage 476Current as at
[Not applicable]
Column 1Dutiable
transactionAcquisition of a new rightPartnership acquisitionCurrent as at
[Not applicable]Duties Act 2001Schedule 2Column 2When liability
for transfer dutyarisesThe earlier of
the following—(a)when the right is acquired;(b)iftheacquisitionisanELNlodgement—whentheELNworkspacefortheELNlodgement—(i)includesanELNtransactiondocumentforthe ELN lodgement signedbythepartiestothetransaction;
and(ii)is
locked;(c)ifaninstrumenteffects,orwhenrecordedinaregisterwill
effect, the acquisition andtheacquisitionisnotanELNlodgement—whentheinstrumentissignedbytheparties to the transaction;(d)ifawrittenagreementevidencestheacquisition—when the
agreement is madeThe earlier of the following—(a)whenthepartnershipinterestis
acquired;(b)ifaninstrumenteffects,orwhenrecordedinaregisterwilleffect,theacquisition—whentheinstrumentissignedbythepartiestothetransaction;(c)ifawrittenagreementevidencestheacquisition—when the
agreement is madePage 477Notauthorised—indicativeonly
Notauthorised—indicativeonlyDuties Act 2001Schedule 2Column 1Column 2Dutiable transactionWhen liability
for transfer dutyarisesCreation or
termination of a trust ofThe earlier of the following—dutiable property(a)whenthetrustiscreatedorterminated;(b)ifaninstrumenteffects,orwhenrecordedinaregisterwilleffect,thecreationortermination—whentheinstrumentissignedbytheparties to the transactionTrust
acquisition or trust surrenderThe earlier of
the following—(a)when the interest is acquired
orsurrendered;(b)ifaninstrumenteffects,orwhenrecordedinaregisterwilleffect,theacquisitionorsurrender—whentheinstrumentissignedbytheparties to the transaction;(c)ifawrittenagreementevidencestheacquisitionorsurrender—whentheagreement is madePage 478Current as at [Not applicable]
Notauthorised—indicativeonlySchedule 3Duties Act
2001Schedule 3Rates of duty on
dutiabletransactions and relevantacquisitions for landholder andcorporate trustee dutysections 24(2),
91, 92, 93, 178A and 216Column 1Column 2Dutiable value of dutiableRate
of dutytransaction or relevant acquisitionNot
more than $5,000NilMore than $5,000 but not more
than$1.50foreach$100,orpartof$75,000$100, by which
the dutiable value ismore than $5,000More than $75,000
but not morethan $540,000$1,050 plus
$3.50 for each $100, orpart of $100, by which the
dutiablevalue is more than $75,000More
than $540,000 but not morethan $1m$17,325plus$4.50foreach$100,orpartof$100,bywhichthedutiablevalueismorethan$540,000More than
$1m$38,025plus$5.75foreach$100,orpartof$100,bywhichthedutiable value is more than $1mCurrent as at [Not applicable]Page
479
Duties
Act 2001Schedule 4Schedule 4Example for partnership andtrust acquisitions and relevantacquisitions for corporatetrusteessections 46(4),
63(5) and 222(4)Notauthorised—indicativeonlyPage 480Current as at
[Not applicable]
Duties Act 2001Schedule 4Notauthorised—indicativeonlyThis
example shows how the value of a partnership acquisition ortrust acquisition or dutiable value of a
relevant acquisition underchapter 3, part 2, is worked out in
the following circumstances—(a)a
person acquires a 20% interest in—(i)forapartnershipacquisition—arelevantpartnershipunder section
46; or(ii)for a trust
acquisition—a relevant trust under section 63;or(iii)forarelevantacquisitionunderchapter3,part2—acorporate trustee;(b)therelevantpartnership,relevanttrustorcorporatetrusteeholds dutiable property the unencumbered
value of which is$100,000andhasa50%partnershipinterestinpartnershipAB;(c)partnershipABholdsdutiablepropertytheunencumberedvalue of which
is $100,000 and has a 50% partnership interestin partnership
BC;(d)partnership BC has a 50% partnership
interest in partnershipCD;(e)partnershipCDholdsdutiablepropertytheunencumberedvalue of which
is $500,000 and is the sole beneficiary in trustE;(f)trustEholdsdutiablepropertytheunencumberedvalueofwhich is $1,000,000.In
this example—(a)trust E is the ultimate entity because
it holds dutiable propertyand there is no other partnership or
trust lower in the seriesholding dutiable property; and(b)under section 46(3)(a), 63(4)(a) or
222(3)(a), partnership CDis the last beneficiary.Thevalueofthepartnershipacquisitionortrustacquisitionordutiablevalueoftherelevantacquisitionisworkedoutasfollows—Step 1Current as at [Not applicable]Page
481
Notauthorised—indicativeonlyDuties Act 2001Schedule 4Partnership CDs trust interest in trust E
(100%) is applied to theunencumberedvalueofthedutiablepropertyheldbythetrust($1,000,000).The result is
$1,000,000.Step 2PartnershipBCspartnershipinterestinpartnershipCD(50%)isapplied to—(a)the
result under step 1 ($1,000,000); and(b)the
unencumbered value of the dutiable property held by thepartnership ($500,000).The result is
$750,000.Step 3PartnershipABspartnershipinterestinpartnershipBC(50%)isapplied to the amount worked out under step
2 ($750,000).The result is $375,000.Step 4The
partnership interest of the relevant partnership, relevant
trustor corporate trustee in partnership AB (50%)
is applied to—(a)the result under step 3 ($375,000);
and(b)the unencumbered value of the dutiable
property held by thepartnership ($100,000).The
result is $237,500.Step 5The acquirer’s
interest (20%) is applied to—(a)the
result under step 4 ($237,500); and(b)the
unencumbered value of the dutiable property held by therelevantpartnership,relevanttrustorcorporatetrustee($100,000).Thevalueofthepartnershipacquisitionortrustacquisitionordutiable value of the relevant acquisition
is $67,500.Page 482Current as at
[Not applicable]
Notauthorised—indicativeonlySchedule 4ADuties Act
2001Schedule 4AAmount of
concession fortransfer duty—first home—residential landsections 92(2)(a)
and 93(9)Dutiable value of the residential landNot
more than $504,999.99$505,000—$509,999.99$510,000—$514,999.99$515,000—$519,999.99$520,000—$524,999.99$525,000—$529,999.99$530,000—$534,999.99$535,000—$539,999.99$540,000—$544,999.99$545,000—$549,999.99$550,000 or
moreConcession amount$8,750 or, if
the transfer dutyotherwise payable under chapter2,
part 9, division 3 is less than$8,750, the
amount of dutyotherwise payable under thatdivision$7,875$7,000$6,125$5,250$4,375$3,500$2,625$1,750$875nilCurrent as at [Not applicable]Page
483
Notauthorised—indicativeonlyDuties Act 2001Schedule 4BSchedule 4BAmount of
concession fortransfer duty—first home—vacant landsection 92(2)(b)
and 93A(5)(a)Dutiable value of the vacant landNot
more than $259,999.99$260,000—$269,999.99$270,000—$279,999.99$280,000—$289,999.99$290,000—$299,999.99$300,000—$309,999.99$310,000—$319,999.99$320,000—$329,999.99$330.000—$339,999.99$340,000—$349,999.99$350,000—$359,999.99$360,000—$369,999.99$370,000—$379,999.99$380,000—$389,999.99$390,000—$399,999.99$400,000 or
moreConcession amount$7,175$6,700$6,225$5,750$5,275$4,800$4,325$3,850$3,375$2,900$2,425$1,950$1,475$1,000$525nilPage 484Current as at
[Not applicable]
Notauthorised—indicativeonlySchedule 4CDuties Act
2001Schedule 4CRate of vehicle
registrationduty other than for specialvehiclessection
383Type of vehiclehybrid vehicle
(with any number ofcylinders)electric
vehiclevehicle with 1 to 4 cylindersvehicle with 2 rotorssteam
vehiclevehicle with 5 or 6 cylindersvehicle with 3 rotorsvehicle with 7 or
more cylindersAmount of vehicle registrationduty
for each $100, and each partof $100, of the
vehicle’s dutiablevalue$2.00$3.00$3.50$4.00Current as at
[Not applicable]Page 485
Duties
Act 2001Schedule 5Schedule 5Example for corporatereconstructionsection
403Notauthorised—indicativeonlyParent companies—CompanyAowns90%ofthesharesin,andhasvotingcontrolover, companies B and E. Undersection 401, companyA is theparent company of companies B and E.Page
486Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 5CompanyBowns90%ofthesharesin,andhasvotingcontrolover,companyC.Undersection
401,companyBistheparentcompany of company C.CompanyCowns90%ofthesharesin,andhasvotingcontrolover,companyD.Undersection
401,companyCistheparentcompany of company D.NocompanyistheparentcompanyofcompanyF,becausenocompany holds 90% of its issued shares, and
has voting control,over it.Subsidiaries—Under section 402—•companies B and E are subsidiaries of
company A•companyCisasubsidiaryofcompanyBand,becausecompany B is a subsidiary of company A,
company C is also asubsidiary of company A•companyDisasubsidiaryofcompanyCand,becausecompany C is a subsidiary of companies B and
A, company Dis also a subsidiary of companies A and
B.•company F is a subsidiary of company A
because company A,with its subsidiary company E, holds 90% of
the issued sharesin, and has voting control over, company
F.Group companies—Undersection
400(2),allthecompaniesaregroupcompaniesbecause companies B, C, D, E and F are
subsidiaries of companyA.Corporate
group—Undersection
400(4),thecorporategroupcomprisesthegroupcompanies A, B,
C, D, E and F.Current as at [Not applicable]Page
487
Duties
Act 2001Schedule 6Schedule 6DictionaryNotauthorised—indicativeonlysection 3Page 488100%
transfer farm-in agreementsee section 84D.accepted
representationssee section 467(2).accident
insurancesee section 352.accommodationunitseetheRetirementVillagesAct1999,schedule.acquirableasset,forsections
130Aand130B,meansanacquirableassetundertheSuperannuationIndustryAct,section
10.acquirer—(a)forchapter2,part8,division7,meansapersonwhoacquires an indirect interest in a land
holding trust; or(b)for chapter 4, see section 233;
or(c)for chapter 17, part 17, see section
630.additional foreign acquirer dutysee
section 231(2).AdministrationActmeanstheTaxationAdministrationAct2001.advancesee section
249.AFADstands for
additional foreign acquirer duty.AFAD residential
land, for chapter 4, see section 232.agent, for chapter 4,
part 5, division 2, see section 246AA.agreement,forchapter4,part5,division2,seesection246AA.amending Act—(a)for chapter 17, part 6, see section
568; or(b)for chapter 17, part 17, see section
630.ancestor, of a person,
means—Current as at [Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonly(a)a parent or grandparent of the person
or person’s spouse;or(b)aspouseofaparentorgrandparentmentionedinparagraph (a).applicationtoregister,foravehicle,meansanapplicationunder the
Vehicle Registration Act to register the vehicle.applicationtotransfer,foravehicle,meansanapplicationunder the
Vehicle Registration Act to transfer the registrationof
the vehicle.appliedActmeansthisActasalawappliedundertheCommonwealth Places (Mirror Taxes) Act
1998(Cwlth).approved
formmeans a form approved under section
507.assessed interestsee the
Administration Act, section 54(3).assessmentsee the
Administration Act, schedule 2.assessment
noticesee the Administration Act, section
26(1).asset-backed securitysee section
130C.AustraliancitizenseetheAustralianCitizenshipAct2007(Cwlth), section
4.Australian registersee the
Corporations Act, section 9.Australian
Securities Exchangemeans ASX Limited (ACN008 624
691).authorised investmentfor—(a)a pool of financial assets—see section
130G; or(b)a pool of mortgages—see section
289.authorised trustee corporationmeans a corporation declaredundertheCorporationsActtobeanauthorisedtrusteecorporation for any provision of that
Act.avoidance schememeans—(a)forchapter2,part9,division3—aschemetocircumventlimitationson,orrequirementsaffecting,eligibilityorentitlementforaconcessionfortransferduty under the
division; orCurrent as at [Not applicable]Page
489
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 490(b)forchapter5,part6,division2—aschemetocircumventlimitationson,orrequirementsaffecting,eligibility or
entitlement for a concession for mortgageduty under the
division.avoider, for chapter
11, see section 433(1)(a).boatmeans a floating
vessel of any size or kind, and includesa
hovercraft.businessincludesanyprofession,trade,employment,vocation or
calling.business assetsee section
35.businessofprimaryproductionmeansabusinessofagriculture, pasturage or dairy
farming.business propertymeans—(a)landprimarilyusedtocarryonabusinessofprimaryproduction;
or(b)other dutiable property used, on or in
relation to landmentioned in paragraph (a), to carry on that
business ofprimary production; or(c)land
primarily used to carry on a prescribed business;or(d)personalpropertyused,onorinrelationtolandmentioned in
paragraph (c), to carry on that prescribedbusiness.caveatmeans—(a)for an interest in freehold land—a
caveat under theLandTitle Act
1994; or(b)for
an interest in a water allocation—a caveat under theLand
Title Act 1994, as applied by theWater Act
2000,section 150.change,foratrustee,meansthetrustee’sretirementortheappointment of a new or additional
trustee.charitableinstitutionmeansaninstitutionregisteredunderthe
Administration Act, part 11A.Current as at
[Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonlychattelincludes a
chattel authority.chattel authoritymeans a licence,
permit or other authoritythat is granted or issued under a
law—(a)for using a chattel; and(b)transferable only with the
chattel.circuit layout rightmeans an
exclusive right under theCircuitLayoutsAct1989(Cwlth)foraneligiblelayoutunderthatAct.class 1 general insurancemeans general insurance other thanclass 2 general insurance or CTP
insurance.class2generalinsurancemeansgeneralinsurancefor,orrelating to, any of the
following—(a)professional indemnity;(b)personal injury to a person relating
to the person’s travelon an aircraft;(c)a
motor vehicle, other than CTP insurance;(d)a
home mortgage that is a first mortgage;(e)a
life insurance rider.clientnumber,ofaselfassessor,meanstheclientnumberstated in the self assessor’s notice of
registration.collateral mortgagemeans a mortgage
that secures all or partof the same amount as another
mortgage, security instrumentormortgagepackagethathasbeenproperlystampedunderthis
Act or a corresponding Act.commencement
day—(a)for chapter 17,
part 2, see section 510; or(b)for
chapter 17, part 17, see section 630.commissionermeanstheCommissionerofStateRevenueappointed under the Administration
Act.commitment amountsee section
156N(1)(b).Commonwealth placemeans a place in
Queensland acquiredby the Commonwealth for a public
purpose.Current as at [Not applicable]Page
491
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 492company,
for—(a)chapter 10—see section 399; or(b)otherwise—meansacompanyregisteredundertheCorporations Act.completedlodgement,forchapter2,part15,seesection156D.completed transfer, for chapter 2,
part 15, see section 156D.complyingapproveddepositfundmeansacomplyingapproved deposit
fund under the Superannuation Industry Act,section
43.complying superannuation fundmeans—(a)acomplyingsuperannuationfundundertheSuperannuation Industry Act, section 42 or
42A; or(b)anexemptpublicsector
superannuationschemeunderthat
Act.compulsoryacquisition,ofpropertybyastatutoryentity,includes the acquisition of the property
under an agreement if,had the agreement not been made, the
statutory entity wouldhave compulsorily acquired the
property.contracted propertymeans dutiable
property the subject of apurchase or sale agreement.conversion periodmeans the period
from 1 July 1998 to thelast day permitted by the Corporations
Act or the AustralianSecurities and Investments Commission
for the transition of aprescribed interest scheme to a
registered managed investmentscheme.corporate debt security, of a
corporation or society, means—(a)adebenture,debenturestock,bondornoteorothersimilar security
of the corporation or society; or(b)any
right relating to a thing mentioned in paragraph (a),whether or not the right is a charge on the
assets of thecorporation or society.corporate
groupsee section 400(4).Current as at
[Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonlycorporate reconstructionsee section
398.corporate trusteesee section
209.corporate trustee dutysee section
205(1).corporate trustee duty statementsee
section 217.corporationsee the
Corporations Act, section 57A.correspondingActmeansanActofanotherStatethatcorresponds to this Act or the applied
Act.credit cardmeans a card, or
other thing, for which the creditcard provider
agrees, whether or not on conditions, to—(a)makepaymenttoamerchanttowhomthecardisproduced; or(b)provide a cash advance to the credit card
holder.credit card holdermeans a
person—(a)to whom a credit card has been issued;
and(b)whose address last known to the credit
card provider, orat the person’s direction, is in
Queensland.credit card providermeans—(a)apersonwhohasissuedacreditcardand,intheordinarycourseofbusiness,maymakeapaymentorprovidecreditunderanobligationacceptedbytheperson on the
issue of the credit card; or(b)a
prescribed credit card provider.CTP
insurancemeans insurance cover the subject of a
policyof insurance under theMotor Accident
Insurance Act 1994.custodianmeans—(a)forchapter2,part12andpart13,division3—thecorporation that has been or will be
appointed under theCorporationsAct,section 601FB,toholdthepropertyof a registered
managed investment scheme as agent forthe responsible
entity of the scheme; or(b)for an eligible
superannuation entity—a custodian underthe
Superannuation Industry Act, section 10, that—Current as at
[Not applicable]Page 493
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 494(i)itself performs custodial functions for
assets of theentity; and(ii)satisfies the eligibility requirements for a
custodianunder part 15 of that Act.declared public unit trustsee
section 79.defactopartnermeans1of2personswhoisadefactopartnerwithinthemeaningoftheActsInterpretationAct1954, section 32DA,
if the persons are living, and for at least 2years have
lived, together as a couple on a genuine domesticbasis within the meaning of theActs
Interpretation Act 1954,section 32DA, or
have so lived together as a couple for at least2 years.de
facto relationshipmeans the relationship between de
factopartners.de facto
relationship instrumentsee section 422.de facto
relationship propertysee section 423.deferred farm-in
agreementsee section 84C.defined
relative, of a person, means each of the
following—(a)the person’s spouse;(b)a parent of the person or the person’s
spouse;(c)a grandparent of the person or the
person’s spouse;(d)a brother, sister, nephew or niece of
the person or theperson’s spouse;(e)achildorgrandchildofthepersonortheperson’sspouse;(f)an aunt or uncle of the person or the
person’s spouse;(g)the spouse of anyone mentioned in
paragraphs (b) to (f).demonstratormeans a new
vehicle used solely or primarilyfor the sale of
another new vehicle of the same type.descendant, of a person,
means—(a)achildorgrandchildofthepersonortheperson’sspouse;
orCurrent as at [Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonly(b)aspouseofachildorgrandchildmentionedinparagraph (a).digitally
signsee the Electronic Conveyancing National
Law(Queensland), section 3.dissatisfied
personmeans—(a)for
a decision of the commissioner to refuse to register aperson as a self assessor—the applicant;
or(b)for a decision of the commissioner to
amend, suspend orcancel a self assessor’s registration—the
self assessor;or(d)for a decision
of the commissioner to require a person topay a penalty
amount—the person.dormant, for a company
for a period, means the company hasnot, in the
period—(a)had any assets or liabilities other
than share capital forsubscriber shares or shares issued to
replace subscribershares of the same value on their
redemption; or(b)been party to an agreement or a
beneficiary or trustee ofa trust; or(c)issuedorsoldanysharesorrightsrelatingtosharesother than
subscriber shares, rights relating to subscribershares or shares issued to replace
subscriber shares ofthe same value on their
redemption.duration period—(a)for chapter 2, parts 13 and 14—see
section 151A(2)(e);and(b)for chapter 10,
part 2—see section 416(1)(b) and (2)(b).dutiable
day, for the dutiable value of a vehicle,
means—(a)foranapplicationtoregisteravehicle—thedaytheapplication is made; or(b)foranapplicationtotransferavehicle—thedaythetransaction to which the transfer
relates takes place.dutiable propertysee section
10.Current as at [Not applicable]Page
495
Notauthorised—indicativeonlyDuties Act 2001Schedule 6dutiable proportion, for a
mortgage, means the proportion oftheamountsecuredbythemortgageworkedoutundersection
260.dutiable transactionsee section
9.dutiable valuefor—(a)a dutiable transaction—see section 11;
or(b)residential land or vacant land—see
section 90; or(c)arelevantacquisitionunderchapter3,part1or2—means the
dutiable value of the acquisition worked outunder chapter 3,
part 1, division 4 or part 2, division 5;or(d)a vehicle as defined for chapter 9—see
section 378.dutymeans a duty
imposed under this Act.duty benefit, for chapter
11, see section 434(1).ECD variationsee section
84E(2).eligible land, for chapter 2,
part 15, see section 156D.eligiblemoneymarketdealerseetheCorporationsAct,section 9.eligiblerolloverfundseetheSuperannuationIndustryAct,section
242.eligible superannuation entitysee
section 130A.eligible use, for
land—(a)means the use of the land solely, or
almost solely, forresidential or traditional purposes;
but(b)doesnotincludeauseforacommercialpurpose,including, for example, selling or leasing
the land.ELNmeansanElectronicLodgmentNetworkundertheElectronic Conveyancing National Law
(Queensland).ELN lodgementsee section
156D.ELN transaction documentsee section
156D.ELN transfersee section
156D.Page 496Current as at
[Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonlyELN
workspace, for an ELN transfer or ELN lodgement,
seesection 156D.entityfor—(a)chapter2,part8,division7,meansacorporation,partnership,
person or trust; or(b)chapter 3, part 1, means a corporation
or listed unit trust;or(c)chapter 11, includes—(i)a
trust; and(ii)asuperannuationfundundertheSuperannuationIndustry
Act.executive officer, of a body
corporate, means a person who isconcerned in, or
takes part in, the management of the body,regardless of
the person’s designation and whether or not theperson is a
director of the body.exempt acquisitionmeans—(a)a relevant acquisition for which
landholder duty is notimposed under chapter 3, part 1,
division 5 or chapter10, parts 2 to 4; or(b)a relevant acquisition for which
corporate trustee duty isnotimposedunderchapter3,part2,division6orchapter 10, parts 2 to 4.exempt bill of exchangemeans a bill of
exchange that—(a)is for $50,000 or more and a term of
not more than 180days; and(b)is
drawn, accepted or endorsed by a financial institution,aneligiblemoneymarketdealerordealerintheunofficial short-term money
market.exempt foreign companysee the
Corporations Act, section 9.exempt managed
investment schememeans a unit trust that isa
managed investment scheme under the Corporations Act if,undersection
601ED(2)ofthatAct,theunittrustdoesnothave
to be registered because of the issue of units in the trustonlytowholesaleclientswithinthemeaningofCurrent as at [Not applicable]Page
497
Notauthorised—indicativeonlyDuties Act 2001Schedule 6section 761G(4) of that Act, including to
persons who are notretail clients under section 761GA of that
Act.exempt promissory notemeans a
promissory note that is for$50,000 or more
and a term of not more than 180 days if—(a)the
only security provided to the person who discountsthe
note is the note; or(b)the security is
comprised of—(i)the note and a guarantee by or for the
governmentof the Commonwealth or a State; or(ii)thenoteandaguaranteeofarelatedbodycorporate of the corporation making the
note; or(iii)thenoteandaletterofcreditfromafinancialinstitution.exempt
proprietary companymeans a proprietary company,other than an exempt foreign company, no
share or interest inwhichisheldbyabodycorporateotherthananotherproprietary
company that is not an exempt foreign company,whether directly
or through interposed companies or trusts.exempt
short-term debenturesee section 267(1).existing rightmeans any of the
following—(a)anexistingstatutorylicence,otherthanastatutorybusiness
licence, granted by the State;(b)anexistingstatutorylicence,otherthanastatutorybusiness
licence, granted by the Commonwealth if therights under the
licence are exercisable in Queensland;(c)an
existing right to use a statutory licence, other than astatutory business licence, granted by the
State;(d)an existing right to use a statutory
licence, other than astatutory business licence, granted by
Commonwealth iftherightsunderthelicenceareexercisableinQueensland;(e)an
existing concession or licence to conduct a businessin
Queensland, other than a franchise arrangement;Page 498Current as at [Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonly(f)an existing lease or licence of a
business conducted inQueensland, other than a franchise
arrangement;(g)existingrightsunderajointventureagreementifthejoint venture has dutiable property
not solely comprisingchattels;(h)an
existing right of the holder of a mortgage, includingthe
debt secured by the mortgage, other than the holderof a
mortgage-backed security;(i)anexistingoptiontoacquiredutiablepropertyiftheacquisitionofthepropertywouldbeadutiabletransaction;(j)an
existing right of pre-emption for dutiable property;(k)an existing right to acquire dutiable
property;(l)an existing right to exploit dutiable
property, other thana business asset that is intellectual
property;(m)an existing right to the income from
dutiable property.expenditure completion datesee
section 84E(1).exploration amount—(a)foranupfrontfarm-inagreement—seesection
84B(1)(b); or(b)foradeferredsection
84C(1)(b).farm-inagreement—seeexploration
authoritymeans a following authority—(a)an authority to prospect under
thePetroleum Act 1923orPetroleum and Gas (Production and Safety)
Act 2004;(b)anexplorationpermitorprospectingpermitundertheMineral Resources Act 1989;(c)a geothermal
exploration permit under theGeothermalEnergy Act
2010;(d)aGHGexplorationpermitundertheGreenhouseGasStorage Act 2009.false or misleadingincludes false
or misleading because ofthe omission of a statement.Current as at [Not applicable]Page
499
Notauthorised—indicativeonlyDuties Act 2001Schedule 6familypartnership,foraperson,meansapartnershipofwhich—(a)ifthepartnershipcarriesonabusinessofprimaryproduction—thetotalpartnershipinterestsofthepartnerswhoaredefinedrelativesofthepersonisatleast 50%; or(b)otherwise—the total partnership interests of
the partnerswho are members of the person’s family is at
least 50%.family trust, for a person,
means a trust—(a)the trustee of which started to hold
the property on trustat the direction of—(i)if the trust property is used to carry
on a businessofprimaryproduction—adefinedrelativeoftheperson; or(ii)otherwise—an ancestor of the person;
and(b)the beneficiaries of which—(i)foratrustmentionedinparagraph(a)(i)—aredefined
relatives of the person; or(ii)otherwise—are members of the person’s
family.family unit trust, for a person,
means a unit trust—(a)that is a private unit trust;
and(b)for which at least 50% of the trust
interests in the trustare held by the person, or—(i)if the trust property is used to carry
on a businessofprimaryproduction—definedrelativesoftheperson;
or(ii)otherwise—members of the person’s
family.farmee—(a)for an upfront farm-in agreement—see
section 84B(1);or(b)for a deferred
farm-in agreement—see section 84C(1).Page 500Current as at [Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonlyfarm-in agreementmeans a deferred
farm-in agreement or anupfront farm-in agreement.farmorsee section
84A.financial assetsee section
130E.financiersee section
130D.firstentity,inaseriesofpartnershipsortrusts,meansthepartnership or trust in which the
relevant partnership, relevanttrustorcorporatetrusteehasapartnershipinterestortrustinterest.first home—(a)foraresidencetobeconstructedonvacantland—seesection 86B; or(b)for
chapter 5, part 6, division 2—see section 272; or(c)otherwise—see section 86(2).first home borrowersee section
273(2).first signedsee section
490.foreign acquirer, for chapter 4,
see section 242.foreign acquirer’s interest,
for chapter 4, see section 242.foreign
companysee the Corporations Act, section 9.foreign corporation, for chapter 4,
see section 236.foreign individual, for chapter 4,
see section 235.foreign person, for chapter 4,
see section 234.foreign trust, for chapter 4,
see section 237.franchisearrangementmeansanagreementorotherarrangement
between 2 or more persons by which 1 of them(thefranchisor)whocarriesonabusinessauthorisesorpermits another (thefranchisee)—(a)toengageinthebusinessofoffering,sellingordistributing goods and services within
or partly withinQueensland at a place other than the place
of business ofthefranchisor,andthefranchiseeisrequiredtodosounder—Current as at [Not applicable]Page
501
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 502(i)astatedmarketing,businessortechnicalplanorsystem; and(ii)a
common format or procedure or common formatand procedure;
and(b)to use a mark or common trade name in
a way that thebusiness carried on by the franchisee is or
is capable ofbeingidentifiedbythepublicasbeingsubstantiallyassociatedwiththemarkornameidentifying,commonlyconnectedwithorcontrolledbythefranchisor or a related person of the
franchisor.franchiseesee
definitionfranchise arrangement.franchisorsee
definitionfranchise arrangement.fundpropertymeansdutiablepropertyofaneligiblesuperannuation
entity held by a person as—(a)the
trustee of the entity; or(b)a custodian for
the trustee of the entity.funds managersee section
73.general insurancesee section
350.general insurersee section
354.governmententityseethePublicServiceAct2008,section 24.group
companiessee section 400(1) and (2).group companysee section
400(3).homesee—(a)for chapter 5, part 6, division
2—section 272; or(b)for chapter 5, part 6, division
3—section 277; or(c)otherwise—section 86(1).home
borrowersee section 273(1).home
mortgagesee section 271(1).home refinance
borrowersee section 278.home refinance
mortgagesee section 276(1).Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6incompleteELNlodgement,forchapter2,part15,seesection 156D.incompleteELNtransfer,forchapter2,part15,seesection 156D.indirect
interest, in dutiable property, held by—(a)a partnership—see section 43;
or(b)a trust—see section 58; or(c)for a corporate trustee—see section
210.indirect trust acquisitionmeans an acquisition of an indirecttrust interest in a land holding
trust.indirecttrustinterest,foralandholdingtrust,meansaperson’s interest in the land holding trust
through 1 or morecorporations, partnerships or trusts, or a
combination of any ofthem.information
notice, for a decision of the commissioner, is
anotice stating the following—(a)the decision;(b)the
reasons for the decision;(c)the person to
whom the notice is given may apply for areview of the
decision within 28 days;(d)how to apply for
the review.instrumentmeans a written
document in hard copy form.insurance
dutysee section 349(1).insurance
intermediarysee theInsurance
Contracts Act 1984(Cwlth), section 11(1).insured
personincludes the holder of a policy of
insurance.insurermeans a person
who is—(a)either a general insurer or a life
insurer; or(b)both a general insurer and a life
insurer.intellectual propertymeans—Current as at [Not applicable]Page
503
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(a)apatent,trademark,industrialdesign,copyright,registereddesign,plantbreederrightorcircuitlayoutright; or(b)a
right, whether or not under a franchise arrangement, touse
or exploit—(i)a patent, trademark, industrial
design; or(ii)a thing, system
or process that is the subject of apatent,copyright,registereddesign,plantvarietybreeder or circuit layout right; or(iii)an adaptation or
modification of a thing, system orprocess
mentioned in subparagraph (ii).interest, of
a person in a corporation for chapter 3, part 1, seesection 159(1).interposedtrustseetheIncomeTaxAssessmentAct1997(Cwlth), section
124.1045(1).intervening eventmeans—(a)a natural disaster, including, for
example, fire and flood;or(b)the
death or incapacity of a transferee, lessee or homeborrower to whom section 153, 154 or 291
applies; or(c)another event prescribed under a
regulation.issued shares, for a
corporation, are all the shares issued bythe corporation
that carry the right to unlimited participationin the
distribution of income and capital of the corporation.land—(a)includes—(i)airspace above land and the coastal waters
of theState; and(ii)a
resource authority; but(b)doesnotincludeanexplorationpermitunderthePetroleum (Submerged Lands) Act 1982.landholdersee section
165.Page 504Current as at
[Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonlylandholder dutysee section
157(1).landholder duty statementsee
section 177.land-holdingssee section
167.landholdingtrustmeansawholesaleunittrustorpooledpublicinvestmentunittrustthatholds,orhasanindirectinterest in, land in Queensland.large qualified holdersee section
76(2).leasemeans—(a)a lease, or agreement for lease, of
land in Queensland;or(b)an offer for the
grant of exclusive possession of land inQueensland.leasedpremisesincludeslandthesubjectofanoccupancyright.lesseeincludes an
assignee or sublessee of a lessee.lessorincludes an assignee or sublessor of a
lessor.liability date, for a
mortgage, means the date the mortgage isliable under
section 252 for mortgage duty.liable
party, for chapter 12A, see section 471A.lifecompanyseetheLifeInsuranceAct1995(Cwlth),schedule.life
insurancesee section 351.life insurance
ridermeans insurance that—(a)isattachedtoapolicyoflifeinsuranceforwhichthepremium or the part of the premium
attributable to theattached insurance is stated separately on
the policy; and(b)provides for an additional capital
payment in the eventofthedisablement,orthedeathbyaccident,oftheinsured.life
insurersee section 355.limitation
period, for a reassessment, see the
AdministrationAct, schedule 2.Current as at
[Not applicable]Page 505
Notauthorised—indicativeonlyDuties Act 2001Schedule 6listedcorporationmeansacorporationwhosesharesarequotedonthemarketoperatedbyarecognisedstockexchange.listed unit
trustsee section 69.list
price, of a vehicle, means the recommended retail
price or,if there is more than 1 recommended retail
price, the highestrecommendedretailprice,ofthemanufacturer,importerorprincipal distributor at Brisbane
of—(a)foratruck—therelevantmakeandmodelofthecab-chassis; or(b)for
another vehicle—the vehicle.loansee
section 250.locked, in relation to
an ELN workspace for an ELN transferor ELN
lodgement, see section 156F(1).lodgemeans lodge with the commissioner.lodgementinformation,forchapter2,part15,seesection156D.lot, for chapter 2, part 15, see section
156D.majorityshareholder,ofacorporation,meansapersonwho—(a)is the holder of at least 50% of the
voting shares in thecorporation; or(b)has
the power, whether direct or indirect, to exercise, orcontrol the exercise of, a right to vote
attached to at least50% of the voting shares.majority trust acquisitionsee
section 80.managedinvestmentschemeseetheCorporationsAct,section 9.management
member, of an unincorporated body, means—(a)ifthebodyhasamanagementcommittee—eachmember of the
management committee; orPage 506Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(b)otherwise—apersonwhoisconcernedwith,ortakespart in, the
body’s management, whatever name is givento the member’s
position in the body.marketable securitymeans—(a)any
share or right relating to a share; or(b)anyrightorinterest,whetherdescribedasaunitorotherwise, of a beneficiary under a public
unit trust.market value, of a vehicle,
see section 379.marriageincludes a void
marriage.matrimonial instrumentsee section
420.matrimonial propertysee section
421.member, of a person’s
family, means the person and each ofthe
following—(a)the person’s spouse;(b)the parents of the person or the
person’s spouse;(c)the grandparents of the person or the
person’s spouse;(d)a brother, sister, nephew or niece of
the person or theperson’s spouse;(e)a
child, stepchild or grandchild of the person;(f)the
spouse of anyone mentioned in paragraph (d) or (e).member,ofaqualifiedholder,includesaunitholder,beneficiary and a policy owner.merchantmeans a person
who—(a)supplies goods, services, money or
money’s worth; and(b)relies, partly or wholly, on a credit
card for payment orrecoupment for the supply.modified for a person with a
disabilitysee section 379B.mortgagesee—(a)for
chapter 5, other than part 7, division 2—section 248;orCurrent as at [Not applicable]Page
507
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(b)for chapter 2, part 13, division 3C
and chapter 5, part 7,division 2—section 287; or(c)otherwise—section 248(1).mortgage-backed securitysee section
286.mortgage dutysee section
247(1).mortgageeincludes a
person who accepts or takes a securityof a type
mentioned in section 248.mortgage packagesee section
261.mortgagorincludes a
person who gives a security of a typementioned in
section 248.motor vehicle, for chapter 8,
means a motor vehicle as definedintheVehicleRegistrationAct,butdoesnotincludeacaravan.net premiums
chargedsee section 356.new duration
period—(a)forchapter2,parts13and14—seesection
151A(3)(b)(ii); and(b)for chapter 10, part 2—see section
417(1)(b).new parent companysee section
409(1).new rightmeans any of the
following—(a)land in Queensland, other than the
following interests inland—(i)a
security interest;(ii)a partner’s
interest in a partnership;(iii)a trust
interest;(iv)the interest of
a discretionary object of a trust thatholds dutiable
property;(b)a lease or licence of a business,
other than a franchisearrangement, conducted in
Queensland;(c)an option to acquire dutiable property
if the acquisitionof the property would be a dutiable
transaction;Page 508Current as at
[Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonly(d)a right to use an existing statutory
licence granted by theState;(e)a
right to use an existing statutory licence granted by theCommonwealthiftherightsunderthelicenceareexercisable in Queensland;(g)acanerailwayeasementgrantedundertheSugarIndustry Act
1999;(h)a water
entitlement;(i)a licence or right to do a thing that
is—(i)prescribed under a regulation;
and(ii)sold or granted
by the State, a government entity, agovernmentownedcorporationorarailgovernmententityundertheTransportInfrastructure
Act 1994.new start date—(a)forchapter2,parts13and14—seesection
151A(3)(b)(i); and(b)for chapter 10, part 2—see section
417(1)(b).new vehiclemeans a vehicle
as defined for chapter 9 that hasnot been
previously registered in Queensland or another State.noticemeans written
notice.notice of registration, for a self
assessor, means a notice ofthe self
assessor’s registration under chapter 12, part 1 to 3,and
includes the notice of amendment of the self assessor’sregistration given under section
464(1).objection,foranassessment,seetheAdministrationAct,schedule 2.occupancy
requirement, for a person’s residence, means theperson’s occupation date for the residence
is within 1 year or 2years after the transfer date for the
land, whichever is relevantunder section
86(1) or 86B(1)(a).occupancy rightmeans an
agreement granting, or an offer forthe grant of, a
right to occupy premises in Queensland if—Current as at
[Not applicable]Page 509
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(a)the occupier intends to use the
premises for conductinga business; and(b)theoccupierdoesnotobtainarighttoexclusivepossession but
the occupier’s use and enjoyment of thepremises as a
place of business is not adversely affectedby the absence
of the right to exclusive possession; and(c)one
of the following applies—(i)therightisforatermoflessthan1monthandthere is an arrangement for extension or
renewal ofthe right beyond 1 month and the cost of the
rightis more than $10,000 on an annual
basis;(ii)the right is for
a term of at least 1 month but lessthan 1 year and
the cost of the right is more than$10,000 on an
annual basis;(iii)therightisforatermofatleast1yearandtheconsideration for the term of the
right is more than$10,000 annually.occupation
date, for a residence, see section 88.omitted definition, for chapter
17, part 6, see section 568.optionalequipment,foravehicleasdefinedforchapter9,means equipment and features that—(a)are not included in the vehicle’s list
price; and(b)are fitted to the vehicle or otherwise
provided with thevehicle when the purchaser takes possession
of it.original assessmentsee the
Administration Act, schedule 2.original
decisionmeans a decision of the commissioner
to—(a)refuseanapplicationtoregisterapersonasaselfassessor;
or(b)amend, suspend or cancel a self
assessor’s registrationotherthanadecisiontocanceltheregistrationundersection 470A; or(d)require a person to pay a penalty
amount.Page 510Current as at
[Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6originaltransferor,forchapter4,part5,division2,seesection 246AA.outstanding
amount, for landholder duty, includes unpaid
taxinterest and penalty tax for the
duty.Note—See the
Administration Act, sections 54 (Unpaid tax interest) and 58(Liability for penalty tax).outstanding liability—(a)for chapter 2, part 15, division 4,
see section 156P(1)(b);or(b)for
chapter 4, part 6, see section 246B(1)(b).owner, of
a residence or vacant land, includes the lessee of aleasementionedinsection 85(b)ofthelandonwhichtheresidence is constructed or is to be
constructed.ownership interestsee theIncome Tax Assessment Act 1997(Cwlth), section 125.60(1).parent companysee section
401.partitionsee section
31(1).partnership acquisitionsee section
41.partnership interestsee section
42.party, to a marriage,
includes a person who was a party to amarriagethathasbeendissolvedorannulled,whetherinAustralia or elsewhere.paymentcommitment,foranagreementforthetransferofdutiablepropertythatisarelevanttransferagreement,seesection 156N.penalty
amountsee section 488(2).penalty
taxsee the Administration Act, section
58(1).permanent residentmeans—(a)theholderofapermanentvisaasdefinedbytheMigration Act 1958(Cwlth), section
30(1); orCurrent as at [Not applicable]Page
511
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(b)aNewZealandcitizenwhoistheholderofaspecialcategoryvisaasdefinedbytheMigrationAct1958(Cwlth), section
32.personal propertymeans a personal
chattel.Examples of personal property—1an aircraft, boat or motor
vehicle2livestock3material held for use in manufactured or
partially manufacturedgoods4plant or equipment5trading stockplaceincludes land and premises.plant breeder rightmeans—(a)a plant breeder’s right under
thePlant Breeder’s RightsAct 1994(Cwlth); or(b)aplantbreeder’srightcorrespondingtoarightmentioned in
paragraph (a).pooled public investment unit trustsee
section 75.pooled superannuation trustsee
the Superannuation IndustryAct, section
10.pool of financial assetssee section
130F.pool of mortgagessee section
288.premisesmeans—(a)a building or structure of any kind or
part of a buildingor structure of any kind; or(b)a building or structure of any kind or
part of a buildingor structure of any kind together with the
land, or part ofthe land, on which the building or structure
is situated.premium,forgeneralinsuranceorlifeinsurance,seesection 353.premiumfundingagreementmeansanagreementunderwhich—Page 512Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(a)aperson agrees to
make a loan, to the insured personunder a policy
of insurance of any kind, of an amountpayable for
premiums under the policy; and(b)thepersonobtainsfromtheinsuredpersonanassignment of either or both of the
following as securityfor payment of the loan—(i)the insured person’s interest in the
policy;(ii)all amounts
payable under the policy.pre-repeal credit transaction,
for chapter 17, part 5, division1, see section
554(1).pre-repealhire,forchapter17,part6,division4,seesection 578.pre-repeal
hiring charge, for chapter 17, part 6, division 4,see
section 578.pre-repeal lease duty liability,
for chapter 17, part 5, division2, see section
558(1).pre-repealmarketablesecuritytransaction,forchapter17,part
6, division 3, see section 572.prescribedbusinessmeansabusinessinvolvingsolelyanactivity prescribed under a
regulation.prescribed credit card providermeans a corporation that—(a)is principally engaged in supplying
goods or services oris a related body corporate of a
corporation (therelatedcorporation)thatisprincipallyengagedinsupplyinggoods or
services; and(b)issuesacreditcardprincipallyforuseinconnectionwith
transactions between the credit card holder and thecorporation or the related corporation for
the supply ofgoodsorservicesbythecorporationortherelatedcorporation;
and(c)is prescribed under a regulation to be
a corporation towhich this paragraph applies.Current as at [Not applicable]Page
513
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 514prescribed
interest schememeans an investment scheme thatoffersprescribedinterestsasthattermwasdefinedintheformer Corporations Law as in force on
30 June 1998.previous—(a)for chapter 17, part 6, division 4,
see section 578; and(b)for chapter 17,
part 9, division 1, see section 590; and(c)for
chapter 17, part 15, see section 622.primary
beneficiary, of a trust, means a person who under
theinstrument creating the trust is the first
taker in default of anappointment for capital by the trustee
of the trust.primary custodian—1TheprimarycustodianfortheresponsibleentityofaregisteredmanagedinvestmentschememeansthecorporationthathasbeenappointedundertheCorporations Act, section 601FB(2), to hold
property ofthe scheme as agent for the responsible
entity.2However, the term does not include a
person who, underthe Corporations Act, section 601FB(3), is
taken to beanagentappointedbytheresponsibleentitytodosomething for
subsection (2) of the section.primary
producermeans—(a)forchapter9—apersonwho,undertheVehicleRegistration
Act, is entitled to concessional registrationfor a primary
production vehicle under that Act; or(b)otherwise—a person engaged in the business
of primaryproduction.principal,
for a loan, means the amount actually lent.principal,
for chapter 4, part 5, division 2, see section 246AA.private landholdersee section
165A(1).properly stampedsee section
491.property—(a)generally—includes dutiable property
and a new right;orCurrent as at [Not
applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(b)of a corporation for chapter 3, part
1—see section 168.proposed actionsee section
466(2)(a).proprietarycompanyseetheCorporationsAct,section 45A(1).publiccompanymeansacompanyotherthanaproprietarycompany.public landholdersee section
165A(2).publicoffersuperannuationfundseetheSuperannuationIndustry Act,
section 18.public superannuation entitymeans—(a)acomplyingapproveddepositfund,otherthananexcludedapproveddepositfundundertheSuperannuation Industry Act, section 10;
or(b)an eligible rollover fund; or(c)a pooled superannuation trust;
or(d)a public offer superannuation fund;
or(e)a fund or trust the trusteeof
which declares will be afund or trust mentioned in paragraphs
(a) to (d) within 1year after the creation of the fund or
trust.public unit trustsee section
68.purchaseagreementmeansanuncompletedagreement,whetherornotconditional,fortheacquisitionofdutiableproperty.qualified holdersee section
76(1).qualifying exempt purposesee
section 415(1).Queensland businesssee section
36.Queensland business assetsee
section 34.Queensland companymeans a company
within the meaningoftheCorporationsActthatistakentoberegisteredinQueensland under that Act.Queensland marketable security—Current as at [Not applicable]Page
515
Notauthorised—indicativeonlyDuties Act 2001Schedule 61AQueensland
marketable securitymeans—(a)anyshareorrightrelatingtoashareinaQueensland
company or society; or(b)any share or
right relating to a share in a foreigncompanythatiskeptontheAustralianregisterkept
in Queensland; or(c)any right or interest, whether
described as a unit orotherwise, of a beneficiary under a
public unit trustregistered on a register kept in
Queensland.2However, the term does not include any
share, right orinterest that—(a)is
quoted on the market operated by a recognisedstock exchange;
or(b)relates to a share mentioned in
paragraph (a).Note—Section 498A
includes provision about when the quotation ofsecurities is
suspended.reassessmentsee the
Administration Act, schedule 2.reassessment
eventsee section 84M(1).recognised stock
exchangemeans—(a)the
Australian Securities Exchange; or(b)another stock exchange prescribed under a
regulation.referablepoint,forthedutiableproportionofamortgage,means the
document used to work out the dutiable proportionunder section 260.registered, for a vehicle,
means registered under the VehicleRegistration Act
or the Act of another State that correspondsto the Vehicle
Registration Act.registered credit provider,
for chapter 17, part 5, division 1,see section
554(1).registered insurermeans an insurer
registered under chapter12, part 1.Page 516Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6registeredmanagedinvestmentschememeansamanagedinvestmentschemewithinthemeaningoftheCorporationsAct,section 9,iftheschemeisregisteredundersection 601EB of that Act.registered operator, of a vehicle,
means the person in whosename the vehicle is registered.registered valuermeans a valuer
registered under theValuersRegistration Act
1992.registrarmeanstheregistraroftitlesoranotherpersonresponsible for keeping a register for
dealings in land.related, for chapter 2,
part 15, see section 156G.related body corporatesee
the Corporations Act, section 50.related
person—(a)for chapter 2,
part 8—see section 61; or(b)for chapter 3 or
section 498—see section 164; or(c)for
chapter 4—see section 238; or(d)otherwise—see section 61(1).relative, for chapter 9,
see section 379A.release of mortgageincludes—(a)a retransfer of the property secured
by a mortgage or thebenefit of that property; and(b)a release or discharge of a mortgage
or the obligationsunder a mortgage.relevant
acquisitionfor—(a)chapter 3, part 1, chapter 10, part 1 or
section 498—seesection 158; or(b)chapter 3, part 2—see section 207.relevant corporation, for a
corporate trustee, see section 211.relevant
exploration or developmentsee section 84F.relevantlodgementrequirement,forchapter12A,seesection 471B.Current as at
[Not applicable]Page 517
Notauthorised—indicativeonlyDuties Act 2001Schedule 6relevant transactions, for chapter 4,
see section 230.relevant transfer agreementsee
section 156D.repealed—(a)for chapter 17, part 5, division 1,
see section 554(1); and(b)for chapter 17,
part 5, division 2, see section 558(1).repealed
Actmeans the repealedStamp Act
1894as in forceimmediately
before its repeal.representative, of a self
assessor, means—(a)for a body corporate—an executive
officer of the body;or(b)for
a partnership—a partner of the partnership; or(c)for
an unincorporated body—a management member ofthe body.residencesee section
87.resident, of a
retirement village, see theRetirement
VillagesAct 1999, section
9.residential land—(a)see section 86A; and(b)for chapter 5, part 6 and section
291—includes land, orthepartofland,onwhicharesidenceistobeconstructed.resource
authoritymeans any of the following—(a)a geothermal tenure under theGeothermalEnergyAct2010;(b)a GHG authority under theGreenhouse Gas Storage Act2009;(c)aminingtenementundertheMineralResourcesAct1989;(d)the following petroleum authorities
under thePetroleumand Gas
(Production and Safety) Act 2004—(i)an authority to prospect;Page
518Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(ii)a petroleum
lease;(iii)a data
acquisition authority;(iv)a water
monitoring authority;(v)a pipeline
licence;(vi)a petroleum
facility licence;(e)an authority to prospect or lease
under thePetroleum Act1923;(f)a sublease under
the following—(i)a geothermal coordination arrangement
under theGeothermal Energy Act 2010;(ii)aGHGcoordinationarrangementundertheGreenhouse Gas Storage Act 2009;(iii)acoordinationarrangementunderthePetroleumand Gas
(Production and Safety) Act 2004.responsibleentity,foraunittrustthatisaregisteredmanagement
investment scheme, means the responsible entityunder the
Corporations Act for the unit trust.retirementvillageseetheRetirementVillagesAct1999,section 5.retirementvillageleasingarrangementmeansanarrangement—(a)enteredintobetweenanownerofanaccommodationunit in a
retirement village and the scheme operator; and(b)underwhichtheownerleasestheunittotheschemeoperator but
occupies the unit, as the owner’s principalplaceofresidence,underasubleasefromtheschemeoperator;
and(c)that is the only arrangement available
to the owner foroccupying the unit.retrospectivity
period, for chapter 17, part 17, see section
630.returnmeansaformofreturnapprovedunderthisActforlodgement by a
self assessor.Current as at [Not applicable]Page
519
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 520return
date, for lodgement of returns by a self
assessor, meansthe date stated in the notice of
registration given to the selfassessor for
lodging returns and paying duty.returnperiod,forlodgementofreturnsbyaselfassessor,means the period stated in the notice of
registration given tothe self assessor to be covered by the
returns.returnselfassessmentseetheAdministrationAct,schedule 2.review
decisionsee section 473(1).sale
agreementmeans an uncompleted agreement, whether
ornot conditional, for the disposal of
dutiable property.schememeans—(a)any agreement, arrangement,
understanding, promise orundertaking—(i)whether it is express or implied; and(ii)whetherornotitis,orisintendedtobeenforceable, by legal proceedings;
or(b)any scheme, plan, proposal, action,
course of action orcourse of conduct whether unilateral or
otherwise.scheme operatormeans a
retirement village scheme operatorwithinthemeaningoftheRetirementVillagesAct1999,section 8.schemepropertymeansdutiablepropertyofaregisteredmanaged
investment scheme held by a person as—(a)the
responsible entity of the scheme; or(b)aprimarycustodianfortheresponsibleentityofthescheme.section 152 exempt transactionsee
section 152(3).security interestmeans the estate
or interest of a mortgagee,chargee or other
secured creditor.self assessormeans a person
registered under chapter 12, part1, 2 or 3, as a
self assessor.share—Current as at [Not applicable]
Notauthorised—indicativeonlyDuties Act 2001Schedule 6(a)forchapter10,part1—meansashareorstockofacorporation or society; or(b)otherwise—means a share or stock of a
corporation orsociety, or an interest in a share or stock
of a corporationor society.share
interestsee section 208.show cause
noticesee section 466(1).show cause
periodsee section 466(2)(e).signed—(a)in relation to
an ELN transaction document for an ELNtransfer—see
section 156E(1); or(b)in relation to an ELN transaction
document for an ELNlodgement—see section 156E(2).significantinterest,ofapersoninalandholder,seesection 159.siteagreementseetheManufacturedHomes(ResidentialParks) Act
2003, section 14.societymeans—(a)a
society registered under theFinancial
IntermediariesAct 1996as a cooperative
housing society; or(b)a body registered under theCooperatives Act 1997as acooperative.special
vehiclemeans any of the following—(a)a vehicle that is, or will be on its
registration, registeredundertheTransportOperations(RoadUseManagement—VehicleRegistration)Regulation2010,section 12(2);(b)mobile machinery within the meaning of
theTransportOperations(RoadUseManagement—VehicleRegistration)Regulation2010,schedule 8,otherthanmobile machinery
built on a truck chassis.spouseincludes de
facto partner and civil partner.Current as at
[Not applicable]Page 521
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 522standardselfassessmentseetheAdministrationAct,schedule 2.stapledentityseetheIncomeTaxAssessmentAct1997(Cwlth), section
124.1045(2).start date—(a)for chapter 2, parts 13 and 14—see
section 151A(2)(d);and(b)for chapter 10,
part 2—see section 416(1)(a) and (2)(a).start
time, for chapter 17, part 17, see section
630.statutorybusinesslicencemeansastatutorylicencethatisrequired to be held by a person to carry out
an activity for gainor reward.statutorydutiabletransactionmeansadutiabletransactionmentionedinsection 9(1)(a)to(d)underwhichastatutoryentity makes a
compulsory acquisition of dutiable property.statutory
entitymeans—(a)a
constructing authority under theAcquisitionofLandAct 1967;
or(b)an entity that is established under an
Act and authorisedunder the Act to acquire property.statutorylicencemeansalicence,permitorotherauthorityissued or given under a Queensland or
Commonwealth Act,other than the following—(a)a chattel authority;(b)an exploration permit under thePetroleum (SubmergedLands) Act
1982.subordinateinterest,forchapter2,part8,division7,means—(a)foracorporation—ashareholder’sinterestinthecorporation
being the proportion that the number of theshareholder’s
shares bears to the total issued shares ofthe corporation
expressed as a percentage; or(b)for
a partnership—a partnership interest; orCurrent as at
[Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonly(c)for a trust—a trust interest.subscriber, for chapter 2,
part 15, see section 156D.subsidiaryfor—(a)chapter 3—see section 166; or(b)chapter 10—see section 402.SuperannuationIndustryActmeanstheSuperannuationIndustry
(Supervision) Act 1993(Cwlth).supplyright,ofabusiness,meansarightunderanuncompleted contract for the supply of
goods or services ofthe business.surrenderincludes the following—(a)abandonment;(b)abrogation;(c)cancellation;(d)extinguishment;(e)forfeiture;(f)redemption;(g)relinquishment.the Stateincludes a body or instrumentality that
represents theState.traditionalpurposesmeansthetraditionalpurposesofAboriginal people or Torres Strait
Islanders under Aboriginaltradition or Island custom, including,
for example—(a)camping, fishing, gathering or
hunting; and(b)performing rites or other ceremonies;
and(c)visiting sites of significance.trading stock, for chapter 9,
means a used vehicle offered orexposedforsalebyavehicledealerinthecourseofthedealer’s
business, other than a vehicle used—(a)solely or principally by the dealer or a
member of thedealer’s staff or family; orCurrent as at [Not applicable]Page
523
Duties
Act 2001Schedule 6Notauthorised—indicativeonlyPage 524(b)for
the general purposes of the dealer’s business.transactionnumber,foraninstrumentorELNtransactiondocument
endorsed by a self assessor, means the transactionnumber—(a)assigned to the instrument or ELN
transaction documentbytheselfassessorunderasystemstatedintheselfassessor’s notice of registration; or(b)assignedtotheinstrumentorELNtransactiondocument,andnotifiedtotheselfassessor,underasystem administered by the
commissioner.transaction statementmeans a form of
transaction statementapproved under this Act for lodgement
by a self assessor.transferincludes
assignment and exchange.transferable site areameans a floor space area that—(a)is recorded in a register kept by a
local government; and(b)derives from the
unused development potential of landinQueenslandthatcontainsimprovementsofheritagevalue;
and(c)may,subjecttoobtainingallnecessaryconsentandapprovals, be used in the development
of other land inQueensland.transferdate,forresidentiallandorvacantland,seesection 89.transfer
dutysee section 8(1).transfer duty
statementsee section 18.transfer
information, for chapter 2, part 15, see section
156D.trucksee the Vehicle
Registration Act, schedule 4.trust
acquisitionsee section 55.trustee—(a)generally—includes a former trustee;
and(b)ofaneligiblesuperannuationentityforsections 130Aand 130B,
means—Current as at [Not applicable]
Duties Act 2001Schedule 6Notauthorised—indicativeonly(i)if the entity’s trustee is an RSE
licensee under theSuperannuation Industry Act, section 10—the
RSElicensee; or(ii)otherwise—thetrusteeoftheentityundertheSuperannuation Industry Act, section
10.trust interestsee section
57(1).trust surrendersee section
56.ultimateentitymeansapartnershiportrustinaseriesofpartnerships or trusts if it holds dutiable
property and does nothold an indirect interest in dutiable
property.unencumbered value, of property,
see section 14.unit,inaunittrust,meansarightorinterest(howeverdescribed)ofabeneficiaryunderthetrust,andincludesaninterest in a unit in the trust.unlisted corporationmeans a
corporation other than a listedcorporation.Note—Section 498A includes provision about when
the quotation of securitiesis
suspended.unlocked,inrelationtoanELNworkspaceforanELNtransfer or ELN lodgement, see section
156F(2).unpaid tax interestsee the
Administration Act, section 54(1).upfront farm-in
agreementsee section 84B.vacant
landsee section 86C.vacant land
concession beneficiarysee section 86D.vehiclemeans a vehicle that is required to be
registered undertheVehicleRegistrationAct,butdoesnotincludethefollowing—(a)a
caravan;(b)a trailer.vehicle
dealermeans—(a)theholderofamotordealerlicenceundertheMotorDealers and
Chattel Auctioneers Act 2014or the
holderCurrent as at [Not applicable]Page
525
Notauthorised—indicativeonlyDuties Act 2001Schedule 6of
an equivalent licence or other authority under an Actof
another State that corresponds to that Act; or(b)apersonwhocarriesonthebusinessofsellingnewvehicles.VehicleRegistrationActmeanstheTransportOperations(Road Use
Management) Act 1995.vehicle
registration dutysee section 377(1).vestedperson,forproperty,meansapersoninwhomtheproperty is vested.voting
control, for a company, means being in a position
tocast, or control the casting of, 90% or more
of the maximumvotes that can be cast at a general meeting
of the companyother than under a debenture or trust deed
securing the issueof a debenture.water
allocationsee theWater Act
2000, schedule 4.water
entitlementsee theWater Act
2000, schedule 4.wholesale
clientsee the Corporations Act, section
761G(4).wholesale investorsee section
74.wholesale unit trustsee section
72(1) and (2).widely held unit trustsee section
70(1).WorkCoverQueenslandmeansWorkCoverQueenslandestablishedundertheWorkers’CompensationandRehabilitation Act 2003.Page
526Current as at [Not applicable]
