South Australian Consolidated Acts South Australian Consolidated Acts102G—Multiple incidences of duty
(1) If it is possible
under this Part to assess the incidence of duty in different ways in respect
of the same transaction, duty will be assessed so as to maximise the return to
the revenue but not so as to extend the incidence of duty beyond a single
person or group identified in the assessment.
(2) If a person or a
group acquires a prescribed interest in a land holding entity, and another
person or group later acquires a prescribed interest in the
land holding entity without diminishing the former prescribed interest, the
Commissioner may, if satisfied that it is just and equitable to do so, exempt
the later acquisition, wholly or partly, from duty under this Part.
Example—
Suppose the shares of X Pty Ltd, a land holding entity, are divided into Class
A and Class B. The Class A shares confer rights to dividends but no rights to
share in the distribution of assets on winding up of the company. The Class B
shares confer no rights to dividends but do confer rights to share in the
distribution of assets on the winding up of the company. Suppose that A
acquires all the Class A shares and pays duty under this Part on the
acquisition of a prescribed interest in the company. Suppose that B then
acquires all the Class B shares. In this case, the Commissioner could, if
satisfied that it would be just and equitable to do so, grant relief under the
above subsection.
(3) If—
(a) a
person holds a prescribed interest in a land holding entity and a group of
which the person is a member acquires all or part of that prescribed interest
from that person; or
(b) a
person who is a member of a group acquires an interest in a land
holding entity from another member of the group who holds a
prescribed interest in the land holding entity,
the Commissioner may, if satisfied that it is just and equitable to do so,
exempt the later acquisition, wholly or partly, from duty under this Part.
(4) If a group holds a
prescribed interest in a land holding entity and a person or group that is a
member or subgroup of the group acquires all or part of that prescribed
interest from the group, the Commissioner may, if satisfied that it is just
and equitable to do so, exempt the later acquisition, wholly or partly, from
duty under this Part.