Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts28. After Schedule 6 to the Principal Act the following Schedule is inserted:
“ SCHEDULE 7 Section 64B
EXEMPT ACQUISITIONS OF BUSINESSES
An acquisition of a business—
(a) by a personal representative of a deceased person;
(b) by a beneficiary under a will or an intestacy;
(c) by a person by operation of law upon the bankruptcy or insolvency of another person;
(d) under an order by a court under the Family Law Act 1975 of the Commonwealth or the Married Persons' Property Act 1986 ;
(e) by virtue of a relevant maintenance agreement within the meaning of section 90 of the Family Law Act 1975 of the Commonwealth;
(f) by, or by a trustee on trust for, a hospital, school or charitable organisation;
(g) where—
(i) the business is acquired by a trustee;
(ii) the acquisition is made upon the appointment or retirement of a trustee, or any other change of a trustee, in order to vest the relevant property in the trustee or trustees entitled to hold it for the time being; and
(iii) the acquisition is not connected with a tax avoidance scheme;
(h) where the acquisition—
(i) is from a trustee by a person who contributed the purchase money for the acquisition by the trustee; and
(ii) is not made in connection with a tax avoidance scheme;
(j) held on trust where—
(i) the acquisition is from the trustee by a beneficiary of the trust (otherwise than for valuable consideration) and does not constitute a breach of the trust;
(ii) stamp duty on the acquisition by the trustee has been paid or was not payable; and
(iii) the acquisition referred to in subparagraph (i) is not made in connection with a tax avoidance scheme; or
(k) that is, under the regulations, exempt from tax payable under section 64A.
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