Land Rich Corporations
Effective 6 December 2016 the Land-Rich provisions contained in the Chapter 3 of the Duties Act 2001 were replaced by new provisions that impose Landholder duty.
Land-Rich Provisions still apply to transactions prior to 6 December 2016.
Prior to 6 December 2016, Chapter 3, Part 2 of the Duties Act 2001 imposed duty on acquisitions of certain interests in Land Rich Corporations.
Land Rich Corporations were defined as private companies or private unit trust schemes that had:
- land holdings in Tasmania with an unencumbered value of $500,000 or more; and
- land holdings in all places, whether within or outside Australia, comprising 60% or more of the unencumbered value of all its property.
Persons who acquired a majority interest in a land rich corporation (an interest of 50% or more whether in one transaction or over a series of transactions) are required to:
Further information is available in the Land rich provisions guideline.