Australian Capital Territory Consolidated Acts

DUTIES ACT 1999 - SECT 95

    (1)     If the person lodging an acquisition statement under this part in relation to the acquisition of an interest in a landholder—

        (a)     informs the commissioner at the time the statement is lodged that the acquisition is effected for the purpose of securing financial accommodation; and

        (b)     the commissioner is satisfied that the acquisition is effected for that purpose;

the statement, so far as it relates to that acquisition, is not chargeable with duty, except as provided by subsection (2).

    (2)     The statement is chargeable with duty at the end of the period of 5 years after the date of the acquisition (or the longer period that may be determined by the commissioner in the particular case) if the interest concerned is not—

        (a)     reacquired by the person from whom it was acquired; or

        (b)     for an acquisition by way of mortgage—conveyed by the mortgagee to a third person in exercise of the mortgagee's power of sale;

within that period (or that longer period).

    (3)     Section 86 does not apply to the reacquisition by a person of the interest concerned.