Australian Capital Territory Numbered Acts

REVENUE LEGISLATION AMENDMENT ACT 2023 (NO. 47 OF 2023) - SECT 11

insert

94A     Uncompleted agreements for purchase, allotment or issue of shares or units in landholder

    (1)     This section applies if—

        (a)     a person makes a relevant acquisition; and

        (b)     at the time of the relevant acquisition—

              (i)     there is an uncompleted agreement for the purchase, allotment or issue of a share or unit in a landholder; and

              (ii)     the person is the purchaser or person to whom a share or unit was to be allotted or issued under the agreement; and

        (c)     the commissioner is satisfied that the agreement is subsequently rescinded or terminated within 3 years after the relevant acquisition; and

        (d)     the person does not receive any benefit under the agreement.

    (2)     The commissioner must assess or reassess the duty payable in relation to the relevant acquisition as though, at the time of the acquisition, the person did not purchase, or was not allotted or issued, the share or unit.

    (3)     In this section:

"landholder" includes a linked body of the landholder.

"linked body"—see section 81 (5).