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 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 whether within or outside Australia, comprising 60% or more of the unencumbered value of all its property.
How to lodge
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:
For additional information, refer to: