Duties Act 2000 - legislation.vic.gov.auFILE/00-79a117.docx · Web viewOCPC Victoria, Word 2007, Template Release 29/04/2019 (PROD) SectionPage. ... 231Licensed motor car traders—trading

Duties Act 2000

Schedule 2—Transitional provisions

Duties Act 2000No. 79 of 2000

Version No. 117

Duties Act 2000

No. 79 of 2000

Version incorporating amendments as at1 July 2019

table of provisions

SectionPage

i

xvi

Chapter 1—Preliminary1

1Purpose1

2Commencement1

3Definitions1

3AWhat is a controlling interest for the purposes of the definition of foreign corporation?36

3BWhat is a substantial interest in a trust estate for the purposes of the definition of foreign trust?37

3CCommissioner may determine person has a controlling interest in a corporation38

3DCommissioner may determine person has a substantial interest in a trust39

3EExemptions from holding controlling interests in foreign corporations or substantial interests in trust estates of foreign trusts39

3FDelegation of exemption power42

3GWhat is residential property?43

3HPartners taken to have beneficial ownership of individual partnership property46

4Division of Act into Chapters48

5Taxation Administration Act 199748

6Act binds the Crown48

Chapter 2—Transactions concerning dutiable property49

Part 1—Introduction and overview49

7Imposition of duty on certain transactions concerning dutiable property49

7AVesting of land in Victoria by statute law53

8Imposition of duty on dutiable transactions that are not transfers54

9What form must a dutiable transaction take?56

10What is dutiable property?56

11When does a liability for duty arise?59

12Who is liable to pay the duty?60

13The liability of joint tenants60

14Necessity for written instrument or written statement60

15Lodging written instrument or statement with Commissioner61

16When must duty be paid?62

17No double duty62

18What is the rate of duty?62

18AForeign purchasers—duty in respect of change of use of land63

19Concessions and exemptions from duty64

19AForeign purchasers not entitled to concessions64

Part 2—Dutiable value65

20What is the dutiable value of dutiable property?65

21What is the consideration for the transfer of dutiable property?65

21ACommissioner may publish percentage68

21BRecords to be kept68

21CPeriod of retention69

21DPower to require documents69

21EJoint and several liability for additional duty70

22What is the unencumbered value of dutiable property?70

22ATenant's fixtures to be included in the value of land72

22BInterdependent sale of land and business goods73

23Arrangements that reduce the dutiable value of marketable securities74

24Aggregation of certain dutiable transactions75

24ADutiable transactions relating to vacant land and construction of residential premises—where not constructed80

25Apportionment—dutiable property and other property82

26Partitions of marketable securities83

27Partitions of land83

Part 3—Rates of duty84

28General rate84

28ARate for additional duty chargeable for foreign purchasers—residential property84

29Marketable securities85

Part 4—Special provisions86

30Interim payment of duty86

30AInterim payment of duty in relation to electronic transactions87

32Transfers arising from mortgages of land88

Part 4A—Transactions treated as sub-sales of land89

Division 1—Introduction89

32ADefinitions89

Division 2—Transfers involving additional consideration92

32BApplication of Division92

32CHow duty is charged on transfer95

32DDutiable value of transactions98

32EWhen does the liability to duty arise?99

32FWho is liable to pay the duty?99

32GExemptions and concessions99

Division 3—Transfers involving land development100

32IApplication of Division100

32JHow duty is charged on transfer101

32KDutiable value of transactions104

32LWhen does the liability to duty arise?105

32MWho is liable to pay the duty?105

32NExemptions and concessions106

Division 3A—Transfers resulting from options involving additional consideration107

32OApplication of Division107

32OAHow duty is charged on transfer110

32OBDutiable value of transactions112

32OCWhen does the liability to duty arise?112

32ODWho is liable to pay the duty?113

32OEExemptions and concessions113

Division 4—Transfers resulting from options involving land development114

32PApplication of Division114

32QHow duty is charged on transfer115

32RDutiable value of transactions118

32SWhen does the liability to duty arise?119

32TWho is liable to pay the duty?119

32UExemptions and concessions120

Division 5—Miscellaneous121

32VProvisions for determining consideration121

32WTransactions between relatives124

32XParties required to provide information to Commissioner125

Part 4B—Acquisition of economic entitlements in relation to relevant land127

32XAApplication of Part127

32XBDefinition127

32XCWhat is an economic entitlement?127

32XDEconomic entitlement taken to be beneficial ownership of relevant land128

32XECalculation of percentage of beneficial ownership taken to have been acquired128

32XFDutiable value of relevant land to which an economic entitlement relates129

32XGPhasing-in of duty129

32XHAggregation of dutiable transactions130

32XIReduction of duty on subsequent transfer of relevant land to person holding economic entitlement130

Part 5—Exemptions and concessional rates of duty131

Division 1—Trusts131

32YReferences to dutiable property131

33Change in trustees131

34Property vested in an apparent purchaser133

35Transfers to and from a trustee or nominee136

36Property passing to beneficiaries of fixed trusts137

36AProperty passing to beneficiaries of discretionary trusts138

36BProperty passing to unitholders in unit trust schemes142

36CEffect of certain mortgages on trust exemptions146

37Establishment of a trust relating to unidentified property and nondutiable property148

38Exemptions from duty under section 37148

38ASpecial disability trusts149

Division 2—Superannuation151

38BReferences to dutiable property151

39Instruments relating to superannuation151

40Transfer of property from one superannuation fund to another152

41Transfers to trustees or custodians of superannuation funds or trusts153

41AProperty passing to beneficiaries of superannuation funds154

Division 3—Other general exemptions and concessions155


42Deceased estates156

43Marriage and domestic relationships—transfer of principal place of residence156

43AACircumstances in which consideration does not include a mortgage157

43AResidence requirement for section 43 exemption158

43BVariation of residence requirement for section 43 exemption158

43CLiability for duty if residence requirement for section 43 exemption not complied with159

43DPersons must notify Commissioner of change in circumstance—section 43 exemption160

44Breakdown of marriage and domestic relationships161

45Charities and friendly societies165

45AHealth centres and services165

46Co-operatives167

47Government bodies and diplomats168

47ATransfer to Victorian Rail Track168

48Bankruptcies and administrations170

48AAmalgamation of industrial organisations171

49Leases of residential sites in caravan parks171

50AConversion of land use entitlements to different form of title172

Division 4—Exemptions and concessions in relation to land173


51Public rights of way173

52Government bodies173

52AJoint government enterprise—water saving projects174

53Defence service homes174

54Joint tenants and tenants in common174

55Equity release programs175

56Transfers of farms to relatives or charities178

57Subsequent transfer not dutiable if duty paid on lease180

57ALand sold initially to financial institution and natural person and then leased to natural person181

57BLand sold initially to financial institution and then resold to natural person181

57CLand sold initially to financial institution and then leased to natural person182

57DLand sold initially to natural person, beneficial interest then transferred to financial institution183

57EChange of financial institution184

57FIf the natural person dies184

57FADealing with fixtures separately from land185

57FBCalculation of duty for aggregated transactions involving fixtures and land186

Division 4A—Principal places of residence and first home buyers187

57GDefinitions187

57HWhat is a principal place of residence?188

57IWhat is a PPR transfer?189

57JRates of duty for certain PPR transfers190

57JAExemption or concession for certain first home buyers on PPR transfers191

57JBRequirements—first home buyers192

57KResidence requirement192

57LVariation of residence requirement194

57MLiability for duty if residence requirement not complied with195

57NTransferee to notify Commissioner of change in circumstances196

Division 5—Eligible pensioner and eligible first home owner exemptions and concessions197

58Who is an eligible pensioner?197

59Eligible pensioner exemption or concession where dwelling exists at the time of transfer199

60Eligible pensioner exemption or concession where dwelling is constructed after transfer202

60AElection to receive eligible pensioner exemption/concession204

61Who is an eligible first home owner?206

62Eligible first home owner exemption or concession where dwelling exists at the time of transfer208

63Eligible first home owner exemption or concession where dwelling is constructed after transfer209

63ATemporary suspension of first home owner exemption or concession210

63BElection to receive eligible first home owner exemption/concession or additional first home owner grant211

64Double duty for false or misleading statements213

Division 5A—Commercial and industrial land in regional Victoria213

64ADefinitions213

64BReduction in duty in relation to eligible transfers214

64CCalculation of duty for certain aggregated transactions215

64DElection to receive reduction or other concession or exemption216

64EUse requirement216

64FVariation of use requirement217

64GLiability for duty if use requirement not complied with217

64HTransferee to notify Commissioner of change in circumstances218

Division 6—Exemptions and concessions in relation to marketable securities218

65Co-operatives and co-operative housing societies218

66Loans and temporary transfers219

67Nomineeing transactions—unquoted marketable securities219

68Share buy-backs220

69Reduction of duty—payment in non-Australian jurisdiction220

Division 7—Young farmers221

69AADefinitions221

69ABDisqualifying interest222

69ACPrimary production requirement224

69ADExemption or concession for young farmers226

69AECalculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land227

69AFCalculation of exemption on transfer of multiple parcels and partial interests of land228

69AGElection to receive young farmer exemption/concession or principal place of residence concession229

69AHLiability for duty if primary production requirement not complied with230

69AIFarmer to notify Commissioner of change in circumstances231

Division 8—Exemption from additional duty for foreign purchasers231

69AJCertain foreign purchasers exempt from additional duty under section 28A231

69AKVariation of residence requirement for exemption232

69ALLiability for additional duty if residence requirement not complied with233

69AMForeign purchasers must notify Commissioner of change in circumstance234

Part 6—Tax avoidance schemes235

69AImposition of duty235

69BWhat is a tax avoidance scheme?235

69CAnti-avoidance provision236

69DMisleading information237

Chapter 3—Certain transactions treated as transfers238


70Imposition of duty238

Part 2—Acquisition of interests in certain landholders239

Division 1—Landholders239

71Meaning of landholder239

72What are land holdings?241

72ALand holdings of unit trust schemes where section 32XD applies241

73What does land include?242

74Effect of uncompleted agreements243

75Constructive ownership of land holdings—linked entities243

76Constructive ownership of land holdings—discretionary trusts245

Division 2—Charging of duty246


78What is a relevant acquisition?246

79What are interests and significant interests in landholders?247

80How may an interest be acquired?248

81Acquisition of economic entitlement in relation to private landholder250

82Acquisition of control252

83Acquisition statements253



86How duty is charged on relevant acquisitions in private landholders255

87How duty is charged on relevant acquisitions in public landholders—concessional rate256

88How duty is charged on relevant acquisitions in public landholders—nonconcessional rate257

89Phasing-in of duty258

89AReduction in marketable securities duty258

89BConversion of a private unit trust scheme or wholesale unit trust scheme to a public unit trust scheme259

89CConversion of a private company to a listed company260

Division 3—Exemptions and concessions262

89DExemptions262

89EDuty concession—anomalous duty outcome262

89FDuty concession—acquisitions securing the provision of finance263

Division 4—Valuation and supplementary calculation provisions264

89GValuation of land holdings264

89HMaximisation of entitlements on distribution of land holdings265

89IAgreements for sale, transfer or purchase of land266

89JRe-purchase facilities—widely held trusts268

89KRe-purchase facilities—wholesale unit trust schemes269

Division 5—Tax avoidance schemes270

89LImposition of duty270

89MWhat is a tax avoidance scheme?271

89NAnti-avoidance provision272

89OMisleading information273

Division 6—Registration of unit trust schemes273

89PDefinitions273

89QApplication for registration276

89RRegistration of declared public unit trust schemes276

89SRegistration of wholesale unit trust schemes277

89TRegistration of imminent wholesale unit trust schemes278

89URegistration of declared wholesale unit trust schemes279

89VDuration of registration280

89WReporting requirements280

89XDisqualifying circumstances for certain unit trust schemes281

89YCancellation of registration283

Part 3—Entitlements arising from capital reductions or rights alterations284

90Definitions284




94Entitlement to voting shares arising from capital reduction or rights alteration286

95Content of statement286

96Assessment of duty287

Part 4—Allotment of shares by direction288

97Application of Part288




101Acquisition of shares by allotment289

102Allotment statement289


Part 5—Acquisition of land use entitlements by allotment of shares or issue of units290

103AWhen does a liability for duty arise?290

103BWhen must duty be paid?290

103CWho is liable to pay the duty?290

103DAcquisition of land use entitlement290

103EForm of statement290

103FAssessment of duty291

Chapter 4—Financial sector (business transfer and group restructure)292




107Statement on transfer of property292


109Exemption293

Chapter 6—Hire of goods294



125AHire of goods duty abolished from January 2007294

126What is a commercial hire business?294

127Hire of goods to which this Chapter applies—jurisdictional nexus294

128What are goods?295

129What is a hire of goods?295

130What is an equipment financing arrangement?296

131What form may a hire of goods take?296

132Exclusions from the definition of hire of goods296

133Special hiring agreements298


135What are hiring charges?299

136Payments exempted from hiring charges299

137Credit for duty paid in another Australian jurisdiction300

138Splitting or redirection of hiring charges (antiavoidance provision)300

139Ascertainment and disclosure of place of use of goods300

Part 2—Registration of commercial hire businesses and payment of duty302

140Commercial hire businesses must be registered302

141Registration of commercial hire businesses302

142Cancellation of registration of commercial hire business302

143Register of commercial hire businesses304

144Duty base304

145Lodgement of returns and payment of duty305

146Statement of special hiring agreement306

147Lodgement of statement and payment of duty307

Chapter 7—Mortgages308



148AMortgage duty abolished from July 2004308

149What is a mortgage?308

150What is an advance?309


152When does a liability arise?310


154How is mortgage duty charged?311

155Extent mortgage is enforceable311

156Where is property located?312

Part 2—Calculating the amount secured by a mortgage314

157Secured amount314

158Contingent liabilities315

159Mortgages over property not wholly within Victoria315

160Advances secured by mortgage package318

161Stamping before advance319

162Security320

163Exchange of information320

164Collection of duty and endorsement of instruments321

165Collateral securities321

Part 3—Duty concessions322

166Refinancing of loans322

167Eligible mortgages under concession schemes324

Part 4—Exemptions326

168Exempt mortgages and supporting instruments326

169Mortgages associated with certain credit contracts327

170Farm machinery and commercial vehicles329

171Certain debentures and related instruments329

Part 5—Miscellaneous331

172Payment of duty on mortgages associated with debenture issues331

173Unregistered mortgages protected by caveats (antiavoidance provision)333

174Stamping counterpart or collateral instrument if mortgage is lost, destroyed or cannot be produced334

Chapter 8—Insurance335



Part 2—General insurance336

Division 1—Duty in respect of general insurance336

176What is general insurance?336

177What is a premium in relation to general insurance?336

178When is a premium paid?337

179What duty is payable?337


181Circumstances in which duty is payable by the insured person338

182Records to be kept338

183Refunds where premiums are returned339

Division 2—How duty is paid by an insurer340

184Who is an insurer?340

185Insurers must be registered340

186Application for registration340

187Cancellation of registration by the Commissioner341

188Cessation of business and cancellation of registration by the insurer341

189Register of insurers342

190Monthly returns and payment of duty342

191Recovery of duty by registered insurer343

Division 3—Apportionment of premiums and other amounts between States and Territories343

192Application of Division343

193Schedule of Apportionment344

194Apportionment in practice344

Division 4—Apportionment of premiums and other amounts as between different types of insurance344

195Apportionment between different types of insurance344

Division 5—Exempt insurance345

196What insurance is exempt from duty?345

196ALife insurance348

196BLife insurance policy riders348

Division 6—Miscellaneous350

197Effect on contract of insurance of failure to comply with this Chapter350

Part 4—Transport accident charges351



211Rate of duty351

212How is duty paid?351

213Refund of duty if transport accident charge is refunded351

Chapter 9—Motor vehicle duty352



215Lodgement of statement of dutiable value352


217When does duty become payable?354

217AAssessment of duty355


219What is the dutiable value of a motor vehicle?358

220Prohibition on registration of motor vehicles359

Part 3—Exemptions360

229Ownership by devolution of title and deceased estates360

230Special dealers—trading stock, demonstrator vehicles and driver education360

231Licensed motor car traders—trading stock, demonstrator vehicles, service demonstrator vehicles and driver education361

232Applications by interstate licensed motor car traders362

233Primary producer vehicles363

233AAMobile plant366

233ABSpecial purpose vehicles (type P)367

233ATransport for disabled, handicapped or injured367

233BIncapacitated person's vehicle367

233CPrivate vehicle used to convey incapacitated person368

233DGovernment or charitable vehicle used to convey incapacitated person369

233EIncapacitated war veteran's vehicle370

233FFire fighting and emergency response vehicle371

233GConsular vehicle371

233HRepossessions and restorations372

234AAmalgamation of industrial organisations372

234BFinancial sector (business transfer and group restructure)373

235Marriage and domestic relationships and their breakdown373

236Minors and trustees374

237Vehicles previously registered in the same name interstate375

Part 4—Duty on change of use376

238Duty on statement of change of use376

Part 5—Refund of duty379

240Entitlement to refund379

Chapter 10—Miscellaneous duties380

Part 1—Sale of cattle380



243What is the purchase money?381

Part 2—Sale of sheep and goats382



Part 3—Sale of pigs383



248What is the purchase money?383

Part 4—Registration of approved agents384

248ARegistration of approved agents384

248BCommissioner to keep register of approved agents384

Chapter 11—General exemptions and concessions from duty385

Part 1—Security for payment of tax385

249Security for payment of tax385

Part 2—Corporate reconstructions386

Division 1—Corporate reconstruction concession and exemptions386

250What is a corporate group?386

250AWhat is an eligible transaction?387

250BConcession and exemptions for certain transactions arising out of corporate reconstruction389

Division 1A—Corporate consolidation concession391

250DADefinitions391

250DBWhat is a corporate consolidation?392

250DCWhat is an eligible transaction?392

250DDConcession for certain transactions arising out of corporate consolidation394

250DGSpecial provision in relation to landholder duty for private unit trust scheme consolidations395

Division 1B—Exchange of stapled ownership interests for ownership interests in a unit trust scheme396

250DHDefinitions396

250DIConcession for relevant acquisitions397

Part 3—Managed investment schemes399

251Managed investment schemes399

Part 4—Mortgage-backed securities401

251AMortgage-backed securities401

251BInstruments issued for the purpose of creating, issuing or marketing mortgage-backed securities402

Chapter 12—Administration and enforcement403

Part 1—Stamping instruments403

251CDefinitions403

252Provision of stamps403

253Limitation on use of designated stamps403

254Form of stamps to be used404

255Stamping of instruments404

255AAuthentication of payment of duty using on-line duty payment system404

256When is an instrument duly stamped?405

257Adhesive stamps405

258Licences to deal in stamps406

259Refunds—spoiled and unused stamps407

260Reassessments—failed instruments407

261Instruments to be separately charged with duty in certain cases408

262Execution of instruments408

263Counterparts and replicas409

Part 2—Authorisation of returns systems410

264Authorised persons410

264AApplication for authorisation410

264BConditions of authorisation410

264CGazettal or service of notices411

265Endorsement of instruments by authorised persons411

266Payment of duty by authorised persons412

267Offset of overpaid amounts413

268Unauthorised endorsement414

Part 3—Enforcement415

269Registration of instruments415

270Registration of transfer of shares in private companies415

271Registration of transfer of units416

272Receipt of instruments in evidence417

273Valuation of property418

274Ascertainment of value of certain items420

275Impounding of instruments420

276Injunction to prevent unregistered businesses trading421

277First charge on land—foreign purchasers of residential property421

278Registration of charge421

Chapter 13—General423

282Payments from Consolidated Fund423

283Regulations423

Chapter 14—Repeals, consequential amendments and transitional provisions424

286Transitional provisions424

Schedules425

Schedule 1—Special purpose vehicles and mobile plant425

Schedule 2—Transitional provisions430

Endnotes464

1General information464

2Table of Amendments466

3Amendments Not in Operation474

4Explanatory details475

SectionPage

1

Version No. 117

Duties Act 2000

No. 79 of 2000

Version incorporating amendments as at1 July 2019

1

The Parliament of Victoria enacts as follows:

Chapter 1—Preliminary

1Purpose

The main purpose of this Act is to create and charge a number of duties.

2Commencement

This Act comes into operation on 1 July 2001.

S. 3 amended by No. 46/2001 s. 3(2) (ILA s. 39B(1)).

3Definitions

(1)In this Act—

S. 3(1) def. of acquisition statement amended by No. 38/2012 s. 6(a).

acquisition statement, in Part 2 of Chapter 3, means a statement referred to in section 83;

advance, in Chapter 7, has the meaning given by section 150;

allotment statement, in Part 4 of Chapter 3, means a statement referred to in section 101;

approved means approved by the Commissioner;

S. 3(1) def of approved agent inserted by No. 84/2008 s. 10.

approved agent means a person registered as an approved agent under section 248A;

S. 3(1) def. of associated person amended by Nos 44/2001 s. 3(Sch. item 32.1(a)), 46/2004 s. 3(1)(a)–(c), 38/2012 s. 4(1)(b).

associated person means a person who is associated with another person in accordance with any of the following provisions—

(a)persons are associated persons if they are related persons;

(b)natural persons are associated persons if they are partners in a partnership to which the Partnership Act 1958 applies;

(c)companies are associated persons if—

(i)there are minority shareholders common to each company who, if their interests were aggregated, would be majority shareholders in each company; or

(ii)any majority shareholder or relative is a majority shareholder in each company;

(ca)companies are associated persons if the shares in the companies are "stapled", in that they are unable to be traded other than as if they together represented a single security;

(d)trustees are associated persons if any person is a beneficiary common to the trusts (not including a public unit trust scheme) of which they are trustees;

(e)a company and a trustee are associated persons if the company or a related body corporate of the company is a beneficiary of the trust (not including a public unit trust scheme) of which the trustee is a trustee;

(f)a company and the trustee of a unit trust scheme are associated persons if their shares and units are "stapled", in that they are unable to be traded other than as if they together represented a single security;

(g)trustees of unit trust schemes are associated persons if the units in each of the unit trust schemes are "stapled", in that they are unable to be traded other than as if they together represented a single security;

(h)a qualified investor and a private company are associated persons if the qualified investor is a majority shareholder in the private company;

(i)a qualified investor and the trustee of a private unit trust scheme are associated persons if the qualified investor holds 20% or more of the units in the private unit trust scheme;

(j)trustees are associated persons if one of the trustees is a beneficiary of the trust (not including a public unit trust scheme) of which the other trustee is a trustee;

(k)persons are associated persons if one of those persons is an associated person of a person of whom the other of those persons is an associated person (including a person that is an associated person of the other of those persons because of one or more other applications of the paragraphs in this definition);

and, for the purposes of Part 2 of Chapter 3, a public company and a subsidiary of a public company are taken to be associated persons;

S. 3(1) def. of associated transaction inserted by No. 38/2012 s. 4(1)(a).

associated transaction, in relation to the acquisition of an interest in a landholder by a person, means an acquisition of an interest in the landholder by another person in circumstances in which—

(a)those persons are acting in concert; or

(b)the acquisitions form, evidence, give effect to or arise from substantially one arrangement, one transaction or one series of transactions;

S. 3(1) def. of ASX inserted by No. 28/2011 s. 20(1)(a).

ASX means ASX Limited (A.C.N. 008 624 691);

S. 3(1) def. of Australian register amended by No. 9/2002 s. 3(Sch. item 4.1(a)).

Australian register has the same meaning as in the Corporations Act;

S. 3(1) def. of Australian Stock Exchange substituted by No. 46/2001 s. 3(1)(b), repealed by No. 28/2011 s. 20(1)(b).

*****

S. 3(1) def. of authorised deposit-taking institution inserted by No. 46/2001 s. 3(1)(a).

authorised deposit-taking institution has the same meaning as in the Banking Act 1959 of the Commonwealth;

calf means any cattle less than 6 weeks of age;

S. 3(1) def. of cattle amended by No. 67/2015 s. 3.

cattle means bull, cow, ox, steer, heifer, bison or buffalo;

charge includes impose;

S. 3(1) def. of collateral mortgage inserted by No. 46/2001 s. 3(1)(a), amended by No. 79/2001 s. 3.

collateral mortgage means a mortgage that secures all or part of the same amount as another mortgage, security instrument or mortgage package that has been duly stamped under this Act or a corresponding Act;

commercial hire business has the meaning given by section 126;

commercial vehicle means—

(a)a motor vehicle or trailer within the meaning of the Road Safety Act 1986 constructed or adapted principally for the carriage of goods but does not include a motor vehicle of the kind known as a utility, a station wagon or a panel van; or

(b)a vehicle without motive power of its own and constructed or adapted principally for the carriage of goods and for being drawn by a motor vehicle within the meaning of that Act;

Commissioner means the Commissioner of State Revenue referred to in section 62 of the Taxation Administration Act 1997;

S. 3(1) def. of compliance plate inserted by No. 26/2015 s. 3(a).

compliance plate means a plate authorised to be placed on a vehicle, or taken to have been placed on a vehicle, under the Motor Vehicle Standards Act 1989 of the Commonwealth;

complying approved deposit fund means an entity that is a complying approved deposit fund in accordance with section 43 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;

S. 3(1) def. of complying super-annuation fund amended by No. 46/2001 s. 3(1)(c).

complying superannuation fund means an entity that is a complying superannuation fund in accordance with section 42 or 42A of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth and an exempt public sector superannuation scheme and in section 40 includes a complying approved deposit fund and an eligible rollover fund;

S. 3(1) def. of controlling interest inserted by No. 26/2015 s. 14.

controlling interest has the meaning given by section 3A;

S. 3(1) def. of co-operative amended by No. 9/2013 s. 42(Sch. 2 item 7(1)).

co-operative has the same meaning as in the Cooperatives National Law (Victoria);

co-operative housing society has the same meaning as in the meaning of the Cooperative Housing Societies Act 1958;

corporation means a body corporate, whether incorporated in this State or elsewhere;

corresponding Act means an Act of another State or of a Territory corresponding to this Act;

S. 3(1) def. of cost repealed by No. 48/2001 s. 5(a).

*****

counterpart includes a duplicate;

Crown leasehold means a lease under the Land Act 1958 or any other Act or enactment in respect of which a Crown grant in fee-simple is by law directed or authorised to be made to the lessee on payment of all sums (whether referred to as rent or otherwise) reserved by the lease and on compliance with the other covenants of the lease;

S. 3(1) def. of defacto spouse repealed by No. 27/2001 s. 3(Sch. 1 item 2.1(b)).

*****

S. 3(1) def. of demonstrator vehicle inserted by No. 71/2004 s. 4.

demonstrator vehicle means a motor vehicle that is used exclusively for the purpose of sale of another vehicle of the same class;

discretionary trust means a trust under which the vesting of the whole or any part of the capital of the trust estate, or the whole or any part of the income from that capital, or both—

(a)is required to be determined by a person either in respect of the identity of the beneficiaries or the quantum of interest to be taken, or both; or

(b)will occur if a discretion conferred under the trust is not exercised; or

(c)has occurred but under which the whole or any part of that capital or the whole or any part of that income, or both, will be divested from the person or persons in whom it is vested if a discretion conferred under the trust is exercised;

S. 3(1) def. of domestic partner inserted by No. 27/2001 s. 3(Sch. 1 item 2.1(a)).

domestic partner of a person means a person with whom the person is in a domestic relationship;

S. 3(1) def. of domestic relationship inserted by No. 27/2001 s. 3(Sch. 1 item 2.1(a)), substituted by No. 12/2008 s. 73(1)(Sch. 1 item 17.1), amended by No. 4/2009 s. 37(Sch. 1 item 10.1).

domestic relationship means—

(a)a registered domestic relationship; or

(b)a relationship between two persons who are not married to each other but who are living together as a couple on a genuine domestic basis (irrespective of gender);

dutiable property has the meaning given by section 10;

S. 3(1) def. of dutiable proportion inserted by No. 46/2001 s. 3(1)(a).

dutiable proportion, for a mortgage, means the proportion of the amount secured by the mortgage worked out under section 159;

dutiable transaction has the meaning given by section 7(2);

dutiable value—

(a)of dutiable property has the meaning given by section 20;

(b)of a motor vehicle has the meaning given by section 219;

S. 3(1) def. of economic entitlement inserted by No. 38/2012 s. 4(1)(a), substituted by No. 17/2019 s. 9.

economic entitlement—

(a)in Part 4B of Chapter 2, has the meaning given by section 32XC(1); and

(b)in Part 2 of Chapter 3, has the meaning given by section 81(2);

eligible first home owner has the meaning given by section 61;

eligible pensioner has the meaning given by section 58;

eligible rollover fund means an entity that is an eligible rollover fund in accordance with section 242 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth and includes an entity the trustee of which is satisfied will be an eligible rollover fund within 12 months after the date on which a liability to duty arises (or would otherwise arise);

S. 3(1) def. of ELN inserted by No. 69/2013 s. 4.

ELN means ELN within the meaning of the Electronic Conveyancing National Law (Victoria);

S. 3(1) def. of entitled repealed by No. 33/2007 s. 3.

*****

S. 3(1) def. of equivalent exchange inserted by No. 38/2012 s. 4(1)(a).

equivalent exchange means a recognised stock exchange operating in Australia which imposes, as a minimum, the requirements set out in subsection (4A) on an entity applying for quotation of its securities on the relevant market;

execute, in relation to an instrument not under seal, means sign;

farm machinery means—

(a)a harvester, binder, tractor, plough or other agricultural implement; or

(b)a boat;

(c)fishing equipment;

(d)any other goods of a class commonly used for the purposes of primary production that are determined by the Commissioner to be farm machinery for the purposes of sections 132(j) and 170—

where the goods are acquired for the purposes of primary production;

S. 3(1) def. of financial institution inserted by No. 71/2004 s. 4, amended by No. 9/2013 s. 42(Sch. 2 item 7(1)).

financial institution means—

(a)an authorised deposit-taking institution within the meaning of the Banking Act 1959 of the Commonwealth; or

(b)a co-operative within the meaning of the Cooperatives National Law (Victoria); or

(c)a co-operative housing society within the meaning of the Co-operative Housing Societies Act 1958; or

(d)a body approved by the Governor in Council by Order published in the Government Gazette;

S. 3(1) def. of foreign corporation inserted by No. 26/2015 s. 14.

foreign corporation means—

(a)a corporation that is incorporated outside Australia; or

(b)a corporation in which one of the following persons has a controlling interest—

(i)a foreign natural person;

(ii)another foreign corporation;

(iii)the trustee of a foreign trust;

S. 3(1) def. of foreign natural person inserted by No. 26/2015 s. 14.

foreign natural person means a natural person who is not any of the following—

(a)an Australian citizen within the meaning of the Australian Citizenship Act 2007 of the Commonwealth;

(b)the holder of a permanent visa within the meaning of section 30(1) of the Migration Act 1958 of the Commonwealth;

(c)a New Zealand citizen who is the holder of a special category visa within the meaning of section 32(1) of the Migration Act 1958 of the Commonwealth;

S. 3(1) def. of foreign purchaser inserted by No. 26/2015 s. 14.

foreign purchaser means a transferee (for the purposes of Chapter 2) or a person who makes a relevant acquisition (for the purposes of Chapter 3), and that transferee or person is—

(a)a foreign natural person; or

(b)a foreign corporation; or

(c)the trustee of a foreign trust;

S. 3(1) def. of foreign trust inserted by No. 26/2015 s. 14.

foreign trust means a trust in which one of the following persons has a substantial interest in the trust estate—

(a)a foreign corporation;

(b)a foreign natural person;

(c)another person that holds the substantial interest as trustee of another foreign trust;

friendly society means a body that was a society within the meaning of the Friendly Societies (Victoria) Code immediately before the transfer date within the meaning of the Financial Sector Reform (Victoria) Act 1999 or is a friendly society for the purposes of the Life Insurance Act 1995 of the Commonwealth;

general insurance has the meaning given by section 176;

S. 3(1) def. of general insurer repealed by No. 40/2014 s. 3(b).

*****

S. 3(1) def. of green car inserted by No. 17/2019 s. 16.

green car means a passenger car that is of a model that has combined tailpipe carbon dioxide emissions of less than 120 grams per kilometre;

GST has the same meaning as it has in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth except that it includes notional GST of the kind for which payments may be made under Part 3 of the National Taxation Reform (Consequential Provisions) Act 2000 by a person that is a State entity within the meaning of that Act;

S. 3(1) def. of GVM inserted by No. 26/2015 s. 3(a).

GVM has the same meaning as in the Road Safety Act 1986;

heavy trailer means a trailer or semi-trailer within the meaning of the Road Safety Act 1986 with an MRC exceeding 45 tonnes;

hire of goods has the meaning given by section 129;

hire purchase agreement has the meaning given by section 130(2);

hiring charges has the meaning given by section 135;

S. 3(1) def. of industrial organisation inserted by No. 46/2001 s. 3(1)(a), amended by No. 74/2009 s. 11.

industrial organisation means an association of employees or employers registered as an organisation under the Fair Work (Registered Organisations) Act 2009 of the Commonwealth;

instrument includes a written document and a written statement;

insurance includes assurance;

S. 3(1) def. of insurance intermediary substituted by No. 9/2002 s. 3(Sch. item 4.1(b)).

insurance intermediary means—

(a)a person who arranges contracts of insurance in Victoria—

(i)for reward; and

(ii)as an agent for a person carrying on a business of insurance; or

(b)a financial services licensee (within the meaning of section 761A of the Corporations Act) whose licence covers arranging contracts of insurance as an agent for a person carrying on a business of insurance; or

(c)a regulated principal (within the meaning of section 1430 of the Corporations Act) when carrying on business as an insurance broker that the regulated principal is authorised to carry on by Subdivision D of Division 1 of Part 10.2 of that Act;

S. 3(1) def. of insurer inserted by No. 40/2014 s. 3(a).

insurer has the meaning given by section 184;

interest includes an estate or proprietary right;

S. 3(1) def. of interest inserted by No. 46/2004 s. 3(2)(a), amended by No. 38/2012 s. 6(b).

interest in a landholder has the meaning given by section 79(1);

S. 3(1) def. of land-related interest inserted by No. 26/2015 s. 14, substituted by No. 17/2019 s. 5(b).

land-related interest means dutiable property referred to in section 10(1)(a), (ab), (ac), (ad) or (e);

S. 3(1) def. of land development inserted by No. 40/2016 s. 3(a).

land development, in relation to land, means any one or more of the following—

(a)preparing a plan of subdivision of the land or taking any steps to have the plan registered under the Subdivision Act 1988;

(b)applying for or obtaining a permit under the Planning and Environment Act 1987 in relation to the use or development of the land;

(c)requesting under the Planning and Environment Act 1987 a planning authority to prepare an amendment to a planning scheme that would affect the land;

(d)applying for or obtaining a permit or approval under the Building Act 1993 in relation to the land;

(e)doing anything in relation to the land for which a permit or approval referred to in paragraph (d) would be required;

(f)developing or changing the land in any other way that would lead to the enhancement of its value;

S. 3(1) def. of land use entitlement inserted by No. 46/2004 s. 3(2)(b).

land use entitlement means an entitlement to occupy land in Victoria conferred through an ownership of shares in a company or units in a unit trust scheme, or a combination of a shareholding or ownership of units together with a lease or licence;

S. 3(1) def. of lease repealed by No. 48/2001 s. 5(a), new def. of lease inserted by No. 39/2009 s. 3.

lease means a lease of land in Victoria or an agreement for a lease of land in Victoria;

S. 3(1) def. of liability date inserted by No. 46/2001 s. 3(1)(a).

liability date, for a mortgage, means the date the mortgage is liable under section 152 for mortgage duty;

licensed motor car trader has the same meaning as in the Motor Car Traders Act 1986;

S. 3(1) def. of life insurance amended by No. 40/2014 s. 3(c).

life insurance has the meaning given by section 196A;

S. 3(1) def. of life insurer repealed by No. 40/2014 s. 3(d).

*****

S. 3(1) def. of linked entity inserted by No. 46/2004 s. 3(2)(b), amended by No. 38/2012 s. 6(c).

linked entity has the meaning given in section 75;

S. 3(1) def. of linked entity inserted by No. 38/2012 s. 4(1)(a), repealed by No. 70/2013 s. 3(Sch. 1 item 15).

*****

S. 3(1) def. of listed company inserted by No. 38/2012 s. 4(1)(a), amended by Nos 41/2013 s. 13(b), 41/2013 s. 14(1)(a), 28/2017 s. 42(2)(a).

listed company means—

(a)a corporation all the shares in which are quoted on the ASX or an equivalent exchange; or

(ab)a corporation all the shares in which are quoted on the LSE, NYSE or NZX; or

(b)a corporation all the shares in which are quoted on any exchange of the World Federation of Exchanges (other than the ASX or an equivalent exchange);

S. 3(1) def. of listed trust inserted by No. 46/2004 s. 3(2)(b), substituted by No. 85/2005 s. 3(1)(b), amended by Nos 28/2011 s. 20(1)(c), 38/2012 s. 4(1)(c), 41/2013 ss 13(c), 14(1)(b), 28/2017 s. 42(2)(b).

listed trust means—

(a)a unit trust scheme all the units in which are quoted on the ASX or an equivalent exchange; or

(ab)a unit trust scheme, all the units in which are quoted on the LSE, NYSE or NZX; or

(b)a unit trust scheme all the units in which are quoted on any exchange of the World Federation of Exchanges (other than the ASX or an equivalent exchange);

S. 3(1) def. of load inserted by No. 26/2015 s. 3(a).

load, in relation to a vehicle, includes anything that is removed from the vehicle when not in use;

S. 3(1) def. of LSE inserted by No. 28/2017 s. 42(1).

LSE means the London Stock Exchange;

S. 3(1) def. of majority shareholder inserted by No. 46/2004 s. 3(2)(b).

majority shareholder in a company means—

(a)in the case of a company the shares in which are not divided into classes—a person entitled to not less than 50% of those shares; and

(b)in the case of a company the shares in which are divided into classes—a person entitled to not less than 50% of the shares in any of those classes;

S. 3(1) def. of managed investment scheme amended by Nos 44/2001 s. 3(Sch. item 32.1(b)), 46/2004 s. 3(2)(c).

managed investment scheme means a managed investment scheme within the meaning of Chapter 5C of the Corporations Act;

S. 3(1) def. of market capitalisation inserted by No. 38/2012 s. 4(1)(a).

market capitalisation means the total market value of an entity's issued securities, calculated by multiplying the number of the entity's issued securities by the current market value of one of those securities;

marketable securities means the following—

(a)shares referred to in section 10(1)(b);

(b)units referred to in section 10(1)(c);

(c)an interest in shares or units referred to in paragraph (a) or (b);

S. 3(1) def. of minority shareholder inserted by No. 46/2004 s. 3(2)(b).

minority shareholder in a company, means a shareholder in that company who is not a majority shareholder;

S. 3(1) def. of mortgage substituted by No. 46/2001 s. 3(1)(d).

mortgage—

(a)subject to paragraph (b), has the meaning given by section 149;

(b)for the purposes of section 251A and the definitions of mortgage-backed security and pool of mortgages means a mortgage of any estate or interest in land, including a leasehold estate or interest in land, whether the land is situated in Victoria or elsewhere, and includes a charge over any such land;

S. 3(1) def. of mortgage-backed security inserted by No. 46/2001 s. 3(1)(a), substituted by No. 30/2002 s. 3(1)(a).

mortgage-backed security means—

(a)an interest in a trust that entitles the holder of or beneficial owner under the interest—

(i)to the whole or any part of the rights or entitlements of a mortgagee and any other rights or entitlements in respect of a mortgage or any money payable by the mortgagor under the mortgage (whether the money is payable to the holder of or beneficial owner under the interest on the same terms and conditions as under the mortgage or not); or

(ii)to the whole or any part of the rights or entitlements of a mortgagee and any other rights or entitlements in respect of a pool of mortgages or any money payable by mortgagors under those mortgages (whether the money is payable to the holder of or beneficial owner under the interest on the same terms and conditions as under the mortgages or not); or

(iii)to payments that are derived substantially or, if the regulations prescribe the extent, to the prescribed extent, from the income or receipts of a pool of mortgages—

and that may, in addition, entitle the holder or beneficial owner to a transfer or assignment of the mortgage or mortgages; or

(b)a debt security (whether or not in writing) the payments under which by the person who issues or makes the debt security are derived substantially or, if the regulations prescribe the extent, to the prescribed extent, from the income or receipts of a pool of mortgages; or

(c)any of the following—

(i)an interest in a trust creating, conferring or comprising a right or interest (whether described as a unit, bond or otherwise) of or on a beneficiary in a scheme under which any profit or income in which the beneficiaries participate arises from the acquisition, holding, management or disposal of prescribed property, or any instrument that evidences such a right or interest;

(ii)a security (whether or not in writing) the payments under which by the person who issues or makes the security are derived substantially from the income or receipts of prescribed property;

(iii)an interest in a trust, a debt security (whether or not in writing), an instrument or property that creates an interest in or charge over an interest in a trust, a debt security (whether or not in writing) or other instrument or property, to which paragraph (a) or (b) or subparagraph (i) or (ii) of this paragraph applies—

but does not include an instrument or property comprising—

(d)a mortgage; or

(e)the transfer of a mortgage; or

(f)a declaration of trust; or

(g)an instrument of a class or description of instruments, or property of a class or description of property, prescribed not to be a mortgage-backed security for the purposes of this definition;

mortgage package has the meaning given by section 160;

S. 3(1) def. of motor vehicle amended by No. 26/2015 s. 3(b).

motor vehicle means—

(a)a motor vehicle within the meaning of the Road Safety Act 1986; or

(b)a heavy trailer, other than in section 233 and Schedule 1;

S. 3(1) def. of MRC substituted by Nos 85/2005 s. 3(1)(c), 26/2015 s. 3(c).

MRC (mass rating for charging), in relation to a vehicle, means—

(a)the maximum mass of the vehicle, including any load, recorded on the compliance plate as the GVM, gross trailer mass rating or aggregate trailer mass of the vehicle; or

(b)in relation to a vehicle for which there is no compliance plate—its maximum mass, including any load;

S. 3(1) def. of National Schedule inserted by No. 85/2005 s. 3(1)(a), repealed by No. 26/2015 s. 3(g).

*****

S. 3(1) def. of net tangible assets inserted by No. 38/2012 s. 4(1)(a).

net tangible assets means the value determined by calculating the value of the total assets of an entity, less the value of its total liabilities and the value of any intangible assets;

S. 3(1) def. of NYSEinserted by No. 28/2017 s. 42(1).

NYSE means the New York Stock Exchange;

S. 3(1) def. of NZX inserted by No. 41/2013 s. 13(a).

NZX means the company registered in New Zealand known as NZX Limited;

S. 3(1) def. of on-line duty payment system inserted by No. 36/2010 s. 3.

on-line duty payment system means a system for the electronic payment of duty authorised by the Commissioner under a taxation law;

S. 3(1) def. of partner inserted by No. 27/2001 s. 3(Sch. 1 item 2.1(a)).

partner of a person means the person's spouse or domestic partner;

passenger car means—

(a)a motor vehicle constructed principally for the carriage of passengers; or

(b)a motor vehicle that—

(i)is designed principally for the conveyance of not more than 8 adults; and

(ii)is constructed either on a truck chassis or with special features for off-road operation—

but does not include—

(c)a motor cycle; or

(d)a motor vehicle having a utility or panel van type body in which the forward part of the body form and the greater part of the mechanical equipment are the same as those in a passenger car manufactured by the manufacturer of the motor vehicle; or

(e)a motor vehicle constructed for the carriage of passengers and equipped to seat more than 8 adults (including the driver);

person includes an unincorporated association and a partnership;

Note to s. 3(1) def. of person inserted by No. 46/2001 s. 3(1)(e).

Note

person also includes a body corporate—see section 38 of the Interpretation of Legislation Act 1984.

pooled superannuation trust means an entity that is a pooled superannuation trust in accordance with section 44 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;

S. 3(1) def. of pool of mortgages inserted by No. 46/2001 s. 3(1)(a).

pool of mortgages means a pool or collection of assets—

(a)that consists solely of mortgages; or

(b)that consists substantially, or to the extent declared under subsection (2)(d), of mortgages or of money paid under mortgages, or both, and may include—

(i)cash;

(ii)investments of a kind referred to in section 4(1)(a), (b), (c), (d), (e), (f), (g), (h), (i), (ia), (j), (k) or (o) of the Trustee Act 1958 as in force immediately before the commencement of section 4 of the Trustee and Trustee Companies (Amendment) Act 1995;

(iii)assets of a class of assets declared under subsection (2)(e);

S. 3(1) def. of potential voting power inserted by No. 26/2015 s. 14.

potential voting power has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth;

S. 3(1) def. of PPR transfer inserted by No. 28/2017 s. 3.

PPR transfer has the meaning given by section 57I;

premium, in relation to general insurance, has the meaning given by section 177;

S. 3(1) def. of prescribed property inserted by No. 30/2002 s. 3(1)(b).

prescribed property means any of the following—

(a)cash;

(b)investments of a kind referred to in section 4(1)(a), (b), (c), (d), (e), (f), (g), (h), (i), (ia), (j), (k) or (o) of the Trustee Act 1958 as in force immediately before the commencement of section 4 of the Trustee and Trustee Companies (Amendment) Act 1995;

S. 3(1) def. of primary producer inserted by No. 17/2019 s. 16.

primary producer means a person—

(a)engaged solely or substantially in agricultural, horticultural, viticultural, dairying, pastoral or other like activities; or

(b)who is the holder of a licence under the Fisheries Act 1995 to take fish for sale;

S. 3(1) def. of primary producer passenger car inserted by No. 17/2019 s. 16.

primary producer passenger car means a passenger car that is—

(a)registered or to be registered in the name of a person who is a primary producer; and

(b)used or to be used primarily in the business of the person as a primary producer;

S. 3(1) def. of primary production amended by No. 58/2003 s. 3(a).

primary production means the use of land primarily for—

(a)cultivation for the purpose of selling the produce of cultivation (whether in a natural, processed or converted state); or

(b)the maintenance of animals or poultry for the purpose of selling them or their natural increase or bodily produce; or

(c)the keeping of bees for the purpose of selling their honey; or

(d)commercial fishing, including the preparation for commercial fishing or the storage or preservation of fish or fishing gear; or

(e)the cultivation or propagation for sale of plants, seedlings, mushrooms or orchids;

S. 3(1) def. of private company amended by Nos 9/2002 s. 3(Sch. item 4.1(c)), 46/2004 s. 3(2)(d), substituted by No. 85/2005 s. 3(1)(d), amended by Nos 28/2011 s. 20(1)(d), 38/2012 s. 4(1)(d), substituted by No. 26/2015 s. 3(d).

private company means a corporation that is not a listed company;

S. 3(1) def. of private corporation repealed by No. 46/2004 s. 3(2)(e).

*****

S. 3(1) def. of private unit trust scheme substituted by No. 46/2004 s. 3(2)(f).

private unit trust scheme means a unit trust scheme that is not—

(a)a public unit trust scheme; or

(b)a wholesale unit trust scheme;

S. 3(1) def. of public unit trust scheme amended by No. 44/2001 s. 3(Sch. item 32.1(c)), substituted by No. 46/2004 s. 3(2)(g), amended by Nos 38/2012 s. 4(1)(e), 17/2019 s. 3.

public unit trust scheme means any of the following unit trust schemes—

(a)a listed trust;

(b)a widely held trust;

*****

(d)a registered declared public unit trust scheme—

but does not include a unit trust scheme that is a wholesale unit trust scheme;

S. 3(1) def. of qualified investor inserted by No. 46/2004 s. 3(2)(b), amended by No. 38/2012 s. 6(d).

qualified investor has the meaning given in section 89P;

S. 3(1) def. of receiving body amended by No. 38/2012 s. 13.

receiving body, in Chapter 4, has the same meaning as in the Financial Sector (Business Transfer and Group Restructure) Act 1999 of the Commonwealth;

S. 3(1) def. of recognised stock exchange amended by Nos 46/2001 s. 3(1)(f), 9/2002 s. 3(Sch. item 4.1(d)), 46/2004 s. 3(2)(h).

recognised stock exchange means—

(a)a stock exchange that is a member of the World Federation of Exchanges; or

(b)a prescribed financial market (within the meaning of section 9 of the Corporations Act); or

(c)a licensed market (within the meaning of section 761A of the Corporations Act) that is prescribed as a recognised stock exchange for the purposes of this Act;

*****

S. 3(1) def. of referrable point inserted by No. 46/2001 s. 3(1)(a).

referrable point, for the dutiable proportion of a mortgage, means the document or approved method used to work out the dutiable proportion under section 159;

S. 3(1) def. of registered declared public unit trust scheme inserted by No. 46/2004 s. 3(2)(b), amended by No. 38/2012 s. 6(e).

registered declared public unit trust scheme means a unit trust scheme declared as a public unit trust scheme under Division 6 of Part 2 of Chapter 3;

S. 3(1) def. of registered imminent public unit trust scheme inserted by No. 46/2004 s. 3(2)(b), repealed by No. 38/2012 s. 4(1)(f).

*****

registered insurer means an insurer registered under Part 2 of Chapter 8;

registered operator has the same meaning as in the Road Safety Act 1986;

S. 3(1) def. of registered used car dealer repealed by No. 30/2002 s. 3(2).

*****

S. 3(1) def. of related body corporate amended by No. 44/2001 s. 3(Sch. item 32.1(d)).

related body corporate has the same meaning as in the Corporations Act;

S. 3(1) def. of related person amended by Nos 44/2001 s. 3(Sch. item 32.1(d)), 58/2003 s. 3(b), 46/2004 s. 3(2)(i)(i)-(v), 38/2012 s. 4(1)(g).

related person means a person who is related to another person in accordance with any of the following provisions—

(a)natural persons are related persons if one of them is a relative of the other;

(b)companies are related persons if they are related bodies corporate within the meaning of the Corporations Act;

(c)a natural person and a company are related persons if the natural person is a majority shareholder or director of the company or of another company that is a related body corporate of the company within the meaning of the Corporations Act;

(d)a natural person and a trustee are related persons if the natural person is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee;

(e)a company and a trustee are related persons if the company, or a majority shareholder or director of the company, is a beneficiary of the trust (not being a public unit trust scheme) of which the trustee is a trustee;

(f)persons are related persons if one of those persons is a related person of a person of whom the other of those persons is a related person (including a person that is a related person of the other of those persons because of one or more other applications of the paragraphs in this definition);

*****

S. 3(1) def. of relative amended by No. 27/2001 s. 3(Sch. 1 item 2.1(c)).

relative in relation to a natural person, means a person who is—

(a)a child or remoter lineal descendant of the person or of the partner of the person;

(b)a parent or remoter lineal ancestor of the person or of the partner of the person;

(c)a brother or sister of the person or of the partner of the person;

(d)the partner of the person or a partner of any person referred to in paragraph (a), (b) or (c);

(e)a child of a brother or sister of the person or of the partner of the person;

(f)a brother or sister of a parent of the person or of a parent of the partner of the person;

S. 3(1) def. of rent reserved inserted by No. 39/2009 s. 3.

rent reserved in relation to a lease, means the rent paid or payable during the term of the lease and any amount paid or payable for the right to use the land under the lease;

Example

Amounts paid under the lease for the following purposes are payments for the right to use the land under the lease—

(a)rates;

(b)charges;

(c)taxes;

(d)maintenance;

(e)utilities;

(f)legal costs required to be paid by the lessee on behalf of the lessor in relation to the grant of the lease;

(g)insurance premiums;

(h)marketing costs;

(i)car park contributions.

S. 3(1) def. of residential property inserted by No. 26/2015 s. 14, substituted by No. 40/2016 s. 3(b).

residential property has the meaning given by section 3G;

S. 3(1) def. of responsible entity amended by No. 44/2001 s. 3(Sch. item 32.1(d)).

responsible entity of a managed investment scheme, has the same meaning as in the Corporations Act;

right to shares or units means any right (whether actual, prospective or contingent) of a person to have shares or units issued by a company or trust to the person, whether or not on payment of money or for other consideration;

S. 3(1) def. of service demonstrator vehicle inserted by No. 17/2019 s. 16.

service demonstrator vehicle means a motor vehicle that is—

(a)used for the purposes of the sale of another vehicle of the same class; and

(b)made available without charge by a licensed motor car trader to a customer of the trader for use while the customer's motor vehicle is being serviced;

S. 3(1) def. of shares substituted by No. 26/2015 s. 3(e).

shares means—

(a)subject to paragraph (b), shares or rights to shares; and

(b)for the purposes of the definition of listed company, shares that entitle the shareholder to a distribution of the property of the company on a winding up of the company, other than a return of capital paid in respect of the shares;

special dealer means a person who would be a motor car trader within the meaning of the Motor Car Traders Act 1986 but for the fact that the motor vehicles in which the person trades are not motor cars within the meaning of that Act;

special hiring agreement has the meaning given by section 133;

S. 3 def. of spouse substituted by No. 27/2001 s. 3(Sch. 1 item 2.1(d)).

spouse of a person means a person to whom the person is married;

stamp means duty stamp whether impressed by machine imprint or adhesive;

S. 3(1) def. of substantial interest inserted by No. 26/2015 s. 14.

substantial interest has the meaning given by section 3B;

S. 3(1) def. of tenant's fixtures inserted by No. 17/2019 s. 5(a).

tenant's fixtures has the meaning given by section 22A(3);

Territory means Territory of the Commonwealth;

S. 3 def. of transfer amended by No. 44/2001 s. 3(Sch. item 32.1(d)).

transfer includes an assignment, a conveyance, an exchange and a buy-back of shares in accordance with Division 2 of Part 2J.1 of the Corporations Act;

S. 3(1) def. of trustee inserted by No. 46/2004 s. 3(2)(b).

trustee of a unit trust scheme that is a managed investment scheme, includes—

(a)a responsible entity of the scheme; and

(b)an agent appointed, or other person engaged, by a responsible entity of the scheme under Part 5C.2 of the Corporations Act;

unencumbered value of dutiable property has the meaning given by section 22;

S. 3(1) def. of unit amended by No. 46/2004 s. 3(3), substituted by No. 26/2015 s. 3(f).

unit in a unit trust scheme means—

(a)subject to paragraphs (b) and (c), a right or interest (whether described as a unit or a sub-unit or otherwise) of a beneficiary under the scheme, or a right to any such right or interest; and

(b)for the purposes of the definition of listed trust, a right or interest (whether described as a unit or a sub-unit or otherwise) of a beneficiary under the scheme that entitles the beneficiary to participate proportionately with other unit holders in a distribution of the property of the trust on its vesting, other than a return of capital paid in respect of the unit; and

(c)for the purposes of the definition of widely held trust and Part 2 of Chapter 3—

(i)a right or interest (whether described as a unit or a subunit or otherwise) of a beneficiary under the scheme that entitles the beneficiary to participate proportionately with other unit holders in a distribution of the property of the trust on its vesting; or

(ii)a right to any such right or interest;

unit trust scheme means any arrangements made for the purpose, or having the effect, of providing, for persons having funds available for investment, facilities for the participation by them, as beneficiaries under a trust, in any profits, income or distribution of assets arising from the acquisition, holding, management or disposal of any property whatever pursuant to the trust;

S. 3(1) def. of variation repealed by No. 48/2001 s. 5(a).

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S. 3 def. of Victorian company substituted by No. 44/2001 s. 3(Sch. item 32.1(e)), amended by No. 46/2004 s. 3(2)(j).

Victorian company means—

(a)a company incorporated or taken to be incorporated under the Corporations Act that is taken to be registered in Victoria; or

(b)any other body corporate that is incorporated under a Victorian Act;

S. 3(1) def. of voting power inserted by No. 26/2015 s. 14.

voting power has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth;

S. 3(1) def. of wholesale unit trust scheme inserted by No. 46/2004 s. 3(2)(b), amended by Nos 36/2005 s. 6, 38/2012 s. 6(f).

wholesale unit trust scheme means a unit trust scheme that is registered under Division 6 of Part 2 of Chapter 3 as a wholesale unit trust scheme, an imminent wholesale unit trust scheme or a declared wholesale unit trust scheme;

S. 3(1) def. of widely held trust inserted by No. 46/2004 s. 3(2)(b), amended by Nos 85/2005 s. 3(1)(e), 38/2012 s. 4(1)(h).

widely held trust means a unit trust scheme—

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(b)that has not less than 300 registered unitholders; and

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(d)none of the registered unitholders in which, either individually or together with associated persons, holds or is entitled to more than 20% of the units in the scheme.

S. 3(2) inserted by No. 46/2001 s. 3(2).

(2)The Governor in Council, by order published in the Government Gazette, may declare—

S. 3(2)(a)–(c) repealed by No. 30/2002 s. 3(3).

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(d)the extent to which a pool of assets consists of mortgages or money paid under mortgages, or both, to be a pool of mortgages;

(e)a class of assets to be assets included in a pool of mortgages.

S. 3(3) inserted by No. 27/2001 s. 3(Sch. 1 item 2.2), substituted by No. 12/2008 s. 73(1)(Sch. 1 item 17.2).

(3)For the purposes of the definition of domestic relationship in subsection (1)—

S. 3(3)(a) amended by No. 4/2009 s. 37(Sch. 1 item 10.2(a)).

(a)registered domestic relationship has the same meaning as in the Relationships Act 2008; and

S. 3(3)(b) amended by No. 4/2009 s. 37(Sch. 1 item 10.2(b)).

(b)in determining whether persons who are not in a registered domestic relationship are in a domestic relationship, all the circumstances of their relationship are to be taken into account, including any one or more of the matters referred to in section 35(2) of the Relationships Act 2008 as may be relevant in a particular case.

S. 3(4) inserted by No. 85/2005 s. 3(2), amended by Nos 28/2011 s. 20(2), 38/2012 s. 4(2), repealed by No. 41/2013 s. 14(2).

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S. 3(4A) inserted by No. 38/2012 s. 4(3).

(4A)For the purposes of the definition of equivalent exchange in subsection (1), the requirements are—

(a)the entity must lodge a prospectus or product disclosure statement (or an equivalent document approved by the exchange) with the Australian Securities and Investments Commission; and

(b)either—

(i)the following apply—

(A)the entity must have at least 400 security holders each having a parcel of the main class of securities on issue with a value of at least $2000; and

(B)persons who are associated persons of the entity must hold no more than 25% of the total number of securities in the main class of securities; or

(ii)the entity must have at least 500 security holders each having a parcel of the main class of securities on issue with a value of at least $2000; and

(c)the entity must have—

(i)net tangible assets of at least $2 000 000 at the time of listing; or

(ii)a market capitalisation of at least $10 000 000.

S. 3(5) inserted by No. 85/2005 s. 3(2).

(5)For the purposes of the definition of widely held trust in subsection (1), if a registered unitholder holds units as a trustee of a number of different trusts, the unitholder is taken to be a separate registered unitholder in relation to each trust and the units held are taken to be separate unitholdings, except where the beneficiaries of the trusts are the same or associated persons.

S. 3A (Heading) amended by No. 22/2018 s. 3(1).

S. 3A inserted by No. 26/2015 s. 15.

3AWhat is a controlling interest for the purposes of the definition of foreign corporation?

S. 3A(1) amended by No. 22/2018 s. 3(2).

(1)For the purposes of the definition of foreign corporation in section 3(1), a person has a controlling interest in a corporation if the person—

(a)is in a position to control more than 50% of the voting power in the corporation; or

(b)is in a position to control more than 50% of the potential voting power in the corporation; or

(c)has an interest in more than 50% of the issued shares in the corporation; or

(d)is a person in respect of whom the Commissioner has made a determination under section 3C.

S. 3A(2) substituted by No. 22/2018 s. 3(3).

(2)Subsection (1) applies whether or not the person has the controlling interest—

(a)alone; or

(b)together with—

(i)an associated person; or

(ii)a foreign natural person, foreign corporation or trustee of a foreign trust.

S. 3A(3) amended by No. 22/2018 s. 3(4).

(3)For the purposes of this section, a reference to control of the voting power in a corporation is a reference to control that is direct or indirect, including control that is exercisable as a result or by means of arrangements or practices, whether or not having legal or equitable force, and whether or not based on legal or equitable rights.

S. 3A(4) amended by No. 40/2016 s. 10(1).

(4)For the purposes of this section, to determine how much potential voting power a person is in a position to control at a particular time, section 22(3) of the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth is to be applied.

S. 3B (Heading) amended by No. 22/2018 s. 4(1).

S. 3B inserted by No. 26/2015 s. 15.

3BWhat is a substantial interest in a trust estate for the purposes of the definition of foreign trust?

S. 3B(1) amended by No. 22/2018 s. 4(2)(a).

(1)For the purposes of the definition of foreign trust in section 3(1), a person has a substantial interest in the trust estate of a trust if—

S. 3B(1)(a) amended by No. 22/2018 s. 4(2)(b).

(a)the person has a beneficial interest of more than 50% of the capital of the estate of the trust; or

(b)the Commissioner has made a determination under section 3D in respect of the person.

S. 3B(2) amended by No. 22/2018 s. 4(3).

(2)If, under the terms of a trust, a trustee has a power or discretion as to the distribution of the capital of the trust estate to a person or a member of a class of person, any such person is taken to have a beneficial interest in the maximum percentage of the capital of the trust estate that the trustee is empowered to distribute to that person.

S. 3B(3) substituted by No. 22/2018 s. 4(4).

(3)Subsection (1) applies whether or not the person has the substantial interest—

(a)alone; or

(b)together with—

(i)an associated person; or

(ii)a foreign natural person, foreign corporation or trustee of a foreign trust.

S. 3C inserted by No. 26/2015 s. 15.

3CCommissioner may determine person has a controlling interest in a corporation

(1)For the purposes of section 3A(1)(d), the Commissioner may determine that a person has a controlling interest in a corporation if, in the Commissioner's opinion, the person has the capacity to determine or influence, directly or indirectly, the outcome of decisions about the corporation's financial and operating policies, taking into account—

(a)the practical influence the person can exert in addition to any rights the person can enforce; and

(b)any practice or behaviour affecting the corporation's financial or operating polices (even if that practice or pattern of behaviour involves the breach of an agreement or a breach of trust).

(2)This section applies regardless of any interests that any other person has in the corporation.

S. 3D inserted by No. 26/2015 s. 15.

3DCommissioner may determine person has a substantial interest in a trust

(1)For the purposes of section 3B(1)(b), the Commissioner may determine that a person has a substantial interest in a trust estate if, in the Commissioner's opinion, the person has the capacity to determine or influence the outcome of decisions about the administration and conduct of the trust, taking into account—

(a)the practical influence the person can exert in addition to any rights the person can enforce; and

(b)any practice or behaviour affecting the trustee's administration and conduct of the trust (even if that practice or pattern of behaviour involves the breach of an agreement or a breach of trust).

(2)This section applies regardless of any interests that any other person has in the trust estate.

S. 3E inserted by No. 26/2015 s. 15.

3EExemptions from holding controlling interests in foreign corporations or substantial interests in trust estates of foreign trusts

(1)Despite sections 3A, 3B, 3C and 3D, a person is taken not to have a controlling interest in a foreign corporation, or a substantial interest in the trust estate of a foreign trust, if the person has an exemption under subsection (2).

(2)The Treasurer, for the purposes of subsection (1), may, in writing, exempt a person who has a controlling interest in a foreign corporation, or a substantial interest in the trust estate of a foreign trust, if the Treasurer is satisfied that, having regard to any one or more of the following matters, the person should not be taken to have that interest—

(a)in the case of a person who has a controlling interest in a foreign corporation—

(i)the nature and degree of ownership and control the person has in the corporation;

(ii)the practical influence the person exerts or any rights the person enforces to determine or influence, directly or indirectly, the outcome of decisions about the corporation's financial and operating policies;

(iii)any practice or behaviour of the person affecting the corporation's financial or operating policies;

(iv)any other relevant circumstances;

(b)in the case of a person who has a substantial interest in the trust estate of a foreign trust—

(i)the nature and degree of the person's beneficial interest in the capital of the estate of the trust;

(ii)the practical influence the person exerts or any rights the person enforces to determine or influence, directly or indirectly, the outcome of decisions about the administration and conduct of the trust;

(iii)any practice or behaviour of the person affecting the trustee's administration and conduct of the trust;

(iv)any other relevant circumstances.

(3)At least once every 6 months the Treasurer must cause to be laid before each House of Parliament, and publish on an appropriate government website, a report setting out—

(a)in respect of the exemptions (if any) granted by the Treasurer under subsection (2) during the period covered by the report—

(i)the number of exemptions; and

(ii)the name of each foreign corporation or foreign trust in relation to which an exemption was granted; and

(iii)the value of each exemption, being the amount of duty foregone, or likely to be foregone, by the State because of the exemption; and

(b)in respect of the exemptions (if any) granted by the Commissioner or a member of staff of the State Revenue Office during the period covered by the report under a delegation under section 3F—

(i)the number of exemptions; and

(ii)the total value of the exemptions, being the total amount of duty foregone, or likely to be foregone, by the State because of the exemptions.

(4)The Treasurer must issue guidelines for the exercise of the power of exemption under subsection (2).

(5)The Treasurer must cause guidelines issued under subsection (4) to be published in the Government Gazette.

(6)Guidelines issued under subsection (4) are not a legislative instrument within the meaning of the Subordinate Legislation Act 1994.

S. 3F inserted by No. 26/2015 s. 15.

3FDelegation of exemption power

(1)The Treasurer may delegate, by instrument, to the Commissioner—

(a)the power of the Treasurer to exempt a person under section 3E(2);

(b)the power to delegate the power delegated under paragraph (a).

(2)If power has been delegated under subsection (1)(b), the Commissioner may, subject to the terms of the instrument of delegation, sub-delegate, by instrument, to a member of staff of the State Revenue Office the power that is the subject of the delegation, other than the power of subdelegation.

(3)Subject to subsection (4), sections 42 and 42A of the Interpretation of Legislation Act 1984 apply in relation to a sub-delegation in the same manner as they apply in relation to a delegation.

(4)Despite section 42A(1)(a) of the Interpretation of Legislation Act 1984, the Treasurer cannot exercise the power to exempt a person under section 3E(2) while a delegation under subsection (1)(a) is in effect.

(5)In this section—

member of staff of the State Revenue Office means—

(a)an employee referred to in section 67 of the Taxation Administration Act 1997; or

(b)a consultant or contractor engaged under section 68 of that Act.

S. 3G inserted by No. 40/2016 s. 4.

3GWhat is residential property?

(1)Residential property is—

(a)land capable of being used solely or primarily for residential purposes and that may lawfully be used in that way; or

(b)land which includes a building, or part of a building, that a person intends to refurbish or extend so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way; or

(c)land—

(i)on which a person intends to construct a building so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way; or

(ii)in respect of which a person has undertaken or intends to undertake land development for the purposes of—

(A)constructing a building so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way; or

(B)enabling another person to construct a building so the land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way.

(2)Despite subsection (1), residential property does not include any of the following—

(a)land—

(i)capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way; and

(ii)that a person intends to use solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village;

(b)land which includes a building, or part of a building, that a person intends to refurbish or extend so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way;

(c)land—

(i)on which a person intends to construct a building so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way; or

(ii)in respect of which a person has undertaken or intends to undertake land development for the purposes of—

(A)constructing a building so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way; or

(B)enabling another person to construct a building so the land is capable of being used solely or primarily as commercial residential premises, a residential care facility, a supported residential service or for the purposes of a retirement village and that may lawfully be used in that way.

(3)In this section—

commercial residential premises has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth;

refurbish means to undertake building work that requires a building permit to be issued under the Building Act 1993 for the conversion of an existing building;

residential care facility has the same meaning as in section 76 of the Land Tax Act 2005;

retirement village has the same meaning as in the Retirement Villages Act 1986;

supported residential service has the same meaning as in the Supported Residential Services (Private Proprietors) Act 2010.

Examples

1A person purchases a fee simple interest in land on which there is a free standing home that was designed and constructed as a residence. The land is capable of being used solely or primarily for residential purposes and may lawfully be used in that way. The person has acquired a land-related interest in residential property.

2A person purchases a fee simple interest in a warehouse that was designed and constructed for industrial purposes. The person purchases the interest with the intention of refurbishing the warehouse into residential apartments. At the time of purchase, the land is not capable of being used solely or primarily for residential purposes and may not lawfully be used in that way. However, the person has acquired a landrelated interest in residential property.

3A person purchases a fee simple interest in an apartment on the tenth floor of a building. The premises on the ground floor of the building were designed and constructed as shops. The person has acquired a land-related interest in residential property because the person has purchased an interest in land that is capable of being used solely or primarily for residential purposes and may lawfully be used in that way.

S. 3H inserted by No. 22/2018 s. 9.

3HPartners taken to have beneficial ownership of individual partnership property

(1)For the purposes of this Act, a partner in a partnership is taken to have beneficial ownership of each item of partnership property in the same proportion as the partner's partnership interest.

(2)The value of the partner's beneficial ownership of an item of partnership property must be determined without regard to any liabilities of the partnership.

Example

A partnership consists of 4 partners each of whom has contributed equally to the capital of the partnership and would be entitled to a 25% share of any surplus on dissolution of the partnership in respect of capital. The sole partnership property is land with an unencumbered value of $4 million. The registered pr

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