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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.

Land-Rich duty

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:

lodge an Acquisition of Interest in a Land Rich Corporation statement, and
pay duty calculated by reference to the unencumbered value of the land holdings of the corporation.

Further information is available in the Land Rich Provisions Guideline.

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