(iii) July 1, 2012 at a landowner who is a publicly traded corporation (see section 31(3) of Schedule 2 to the Act). Responsibility for the landowner`s obligation arises if you make a «relevant acquisition». The tax is reduced by the amount of tax paid on a previous acquisition during the accounting period. If you make more than one purchase during the billing period, the tax is calculated taking into account the share of your combined interest in the property owner. Property tax is levied at the same rate as transfer tax and is calculated on the unencumbered value of the property and property of the landowner. However, there is a specific provision for certain goods that are excluded from the calculation. i. is in itself a significant interest in the landowner, or ii. constitutes a material interest in the landowner when aggregated with all current and previous acquisitions of shares of the landowner by the person, a related person or another person in a related transaction. (a) the person acquires an interest in a landowner who: (17) section 89E of the Act provides for a grant of the obligation if the Commissioner is satisfied that the application of Chapter 3, Part 2, of the Act results in an abnormal mandatory result and, because of that anomaly, the tax payable under Chapter 3, Part 2 of the Act is higher than the tax; which would have been payable under Chapter 2 of the Act if the object of the acquisition had been a direct transfer of the land. In these circumstances, it is at the Commissioner`s discretion to reduce the tax payable on the acquisition under Part 2 of Chapter 3 of the Act to an amount that would not have been less than the tax that would have been payable under Chapter 2 if the object of the acquisition had been a direct transfer of the real property to the person. If a higher customs result is expected from the application of Part 2 of Chapter 3 of the Act, no concession is available.
Section 89E of the Act does not apply to a relevant acquisition that is the acquisition of an economic right under section 81 of the Act or the acquisition of control under section 82 of the Act. When applying for this concession, full and precise details of the abnormal tax result resulting from the application of the provisions must be provided. (1) This declaration must be completed and submitted to the State Revenue Office within 30 days of the date on which a relevant acquisition is made from a landowner. The purchaser of the acquisition in question and the landowner from whom the acquisition was made are required to complete and file a declaration – see section 83 of the Rights Act 2000 (the Act). To reduce compliance costs, a landowner is not required to make a declaration separately if the purchaser has submitted a declaration within the 30-day period. If neither the purchaser nor the landowner makes a declaration within this period, sanctions may be imposed on both parties. In cases involving the conversion of a private company into a publicly traded company or a private or wholesale investment fund into a public investment fund, the landowner in which the acquisition was made is required to complete and submit this declaration within 30 days of the date of the acquisition in question (see sections 89B and 89C of the Act). Income Decision DA 9 «Landowners` Right – Meaning of Law» defines how we treat interests in a landowner held by trustees.
14. Paragraph 89g of the Law provides that the provisions of the Law determining the value of transfers subject to value tax apply in the same way to a relevant acquisition under Part 2 of Chapter 3 of the Law and to the value of the immovable property to which the acquisition in question relates. Under Article 22(1) of the Law, `unencumbered value` of immovable property means the amount for which the land could reasonably have been sold on the open market at the time of the acquisition in question, free from the charges to which the land was subject at that time. When determining the unencumbered value of immovable property, Paragraph 89G of the Law also provides that any agreement concluded in relation to the immovable property which results in a reduction in value is not taken into account. However, an agreement cannot be ignored if the Commissioner is satisfied that the agreement was not entered into under an agreement or arrangement with the guaranteed purpose of reducing the tax otherwise payable in respect of the acquisition in question. The tax must be paid within three months of acquisition. If you make a relevant acquisition based on the combined interests of other persons or companies associated with or affiliated with you, each person or entity must complete its own declaration of acquisition. (23) Where applicable, an administrator or other official responsible for the purchaser of the acquisition in question or the landowner in which the acquisition was made shall sign the declaration. If you are a foreign person and you have made a relevant acquisition in a landowner who has an interest in residential land, you may also have to pay an additional tax in addition to the landowner tax.
(15) Proof of payment of duties on an instrument proving the acquisition of shares including a relevant acquisition, . B such as the stamped instrument or a copy of the instrument bearing the customs imprint, shall be provided. (4) Section 79 of the Act defines the meanings of the terms «interest» and «material interest». It provides that a person has an interest in a landowner if he has a claim (except as a creditor or other person to whom the landowner is liable), either directly or through another person, to a distribution of the landowner`s property in the event of liquidation of the landowner. A person who has an interest in a landowner has a significant interest in the landowner if he or she is entitled to it in the case of a distribution of all the property of the landowner immediately after the acquisition of the interest, in the case of a landowner: Note: For the purpose of determining whether a relevant acquisition has been made, certain interests are not taken into account, including previously acquired interests: Where an interest in a landowner is acquired or held by a mere trustee on behalf of another person, the interest is deemed to have been acquired by the final beneficial owner. .