Chapter 3 of the Duties Act 2001 imposes duty on acquisitions of certain interests in Land Rich Corporations.
Land Rich Corporations are defined as private companies or private unit trust schemes that have:
(a) land holdings in Tasmania with an unencumbered value of $500 000 or more; and
(b) land holdings in all places, whether within or outside Australia, comprising 60% or more of the unencumbered value of all its property.
Persons who acquire a majority interest in a land rich corporation (that is, an interest of 50 per cent or more whether in one transaction or over a series of transactions) are required to complete a statement pursuant to section 68 of the Duties Act 2001 and pay duty calculated by reference to the unencumbered value of the land holdings of the corporation.
For further information regarding land rich duty please go to the guideline or email dutyhelp@treasury.tas.gov.au |  |
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