2007

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)

(Treasurer)

2007

THE LEGISLATIVE ASSEMBLY

FOR THE AUSTRALIAN CAPITAL TERRITORY

(As presented)

(Treasurer)

An Act to amend the Duties Act 1999

The Legislative Assembly for the Australian Capital Territory enacts as follows:

This Act is the Duties Amendment Act 2007.

This Act commences on the day after its notification day.

Note The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).

This Act amends the Duties Act 1999.

(da) a lease (also a long term lease) of land that is granted to a person for a term of 30 years or less if—

(i) the lease is granted on the surrender of a previous lease of the land granted to the person; and

(ii) the term of the lease, taken together with—

(A) the term for which the person held the previous lease; and

(B) the term (if any) for which the person held a lease of the land under any earlier surrendered lease;

would result in the person holding a lease of the land for a continuous period of longer than 30 years;

(db) a lease (also a long term lease) that is granted for an initial term of 30 years or less if—

(i) the lease is subsequently extended, or further extended; and

(ii) the term as extended, or further extended, is longer than 30 years;

(2A) For subsection (1) (da), a lease is granted to, or held or surrendered by, a person if it is granted to, or held or surrendered by, the person or an associated person.

(6A) The duty charged by this chapter on the grant of a long-term lease mentioned in section 10 (1) (da) must be reduced by the amount (if any) of duty paid under chapter 5 on the lease instrument that evidenced or effected the previous surrendered lease or any earlier surrendered lease mentioned in that section.

(6B) The duty charged by this chapter on the grant of a long-term lease mentioned in section 10 (1) (db) must be reduced by the amount (if any) of duty paid under chapter 5 on the lease instrument that evidenced or effected the lease that was extended or further extended as mentioned in that section.

(2A) However, if the land the subject of a long-term lease mentioned in section 10 (1) (da) is not identical to the land the subject of the previous lease and any earlier surrendered lease, land in subsection (1) (b) (i) means the part of the land the person would hold continuously for longer than 30 years.

another arrangement was made

an option was granted, or another arrangement was made,

lease the property

, or substantially the same property,

long-term lease—see section 10 (1) (d), (da) and (db).

Presentation speech made in the Legislative Assembly on 2007.

Notified under the Legislation Act on 2007.

For the latest republication of amended laws, see www.legislation.act.gov.au.