Australian Capital Territory
Duties (Landholders) Amendment Act 2012
A2012-35
    
Contents
	Page
	1	Name of Act	2
	2	Commencement	2
	3	Legislation amended	2
	4	Definitions—pt 3.2
Section 78, definition of associated person	2
	5	Meaning of entity—pt 3.2
Section 78A (c)	2
	6	Section 78A, note	2
	7	Constructive ownership of landholdings and other property—linked entities
Section 81 (2) (a) (iii)	3
	8	Constructive ownership of landholdings and other property—linked entities
Section 81 (2) (a) (iv) and (b)	3
	9	Interest and significant interest in landholders—pt 3.2
Section 83 (2)	3
	10	What is a relevant acquisition?—pt 3.2
Section 86 (2), except note	3
	11	Section 86 (3), definition of qualifying investor	3
	12	Registration of unit trust schemes
Part 3.2A	4
	13	Objections
Section 252 (l) to (s)	4
	14	New chapter 18	4
	15	Dictionary, definition of associated person, paragraph (b)	5
	16	Dictionary, definition of disqualifying circumstance	5
	17	Dictionary, definition of private unit trust scheme	5
	18	Dictionary, definition of public unit trust scheme, paragraph (c)	5
	19	Dictionary, definition of registered	6
	20	Dictionary, definition of responsible entity	6
	21	Dictionary, definition of wholesale unit trust scheme	6
	22	Dictionary, definition of widely held trust	6

Australian Capital Territory
Duties (Landholders) Amendment Act 2012
A2012-35

An Act to amend the Duties Act 1999

    

The Legislative Assembly for the Australian Capital Territory enacts as follows:

1	Name of Act
This Act is the Duties (Landholders) Amendment Act 2012.
2	Commencement
This Act commences on 1 July 2012.
Note	The naming and commencement provisions automatically commence on the notification day (see Legislation Act, s 75 (1)).
3	Legislation amended
This Act amends the Duties Act 1999.
4	Definitions—pt 3.2
Section 78, definition of associated person
omit
and section 86 (2)
5	Meaning of entity—pt 3.2
Section 78A (c)
omit
6	Section 78A, note
substitute
Note	Private company and private unit trust scheme—see the dictionary.
7	Constructive ownership of landholdings and other property—linked entities
Section 81 (2) (a) (iii)
omit
20%
insert
50%
8	Constructive ownership of landholdings and other property—linked entities
Section 81 (2) (a) (iv) and (b)
omit
, a wholesale unit trust scheme
9	Interest and significant interest in landholders—pt 3.2
Section 83 (2)
omit everything after
would be entitled
substitute
to at least 50% of the property distributed.
10	What is a relevant acquisition?—pt 3.2
Section 86 (2), except note
omit
11	Section 86 (3), definition of qualifying investor
omit
12	Registration of unit trust schemes
Part 3.2A
omit
13	Objections
Section 252 (l) to (s)
omit 
14	New chapter 18
insert
Chapter 18	Transitional—Duties (Landholders) Amendment Act 2012
460	Definitions—ch 18
In this chapter:
amending Act means the Duties (Landholders) Amendment Act 2012.
commencement day means the day the amending Act commences.
new provisions means chapter 3 as amended by the amending Act.
461	Changes to duty on acquisitions in landholders
If a person acquires an interest in a landholder on or after the commencement day, acquisitions made before the commencement day are to be counted for the purpose of determining whether the person has made a relevant acquisition in the landholder under the new provisions.
462	Transitional regulations—ch 18
	(1)	A regulation may prescribe transitional matters necessary or convenient to be prescribed because of the enactment of the amending Act.
	(2)	A regulation may modify this chapter (including in its operation in relation to another territory law) to make provision in relation to anything that, in the Executive’s opinion, is not, or is not adequately or appropriately, dealt with by this chapter.
	(3)	A regulation under subsection (2) has effect despite anything elsewhere in this Act.
463	Expiry—ch 18
This chapter expires 2 years after the commencement day.
15	Dictionary, definition of associated person, paragraph (b)
omit
and section 86 (2)
16	Dictionary, definition of disqualifying circumstance
omit
17	Dictionary, definition of private unit trust scheme
omit
or wholesale unit trust scheme
18	Dictionary, definition of public unit trust scheme, paragraph (c)
omit
19	Dictionary, definition of registered
omit
20	Dictionary, definition of responsible entity
substitute
responsible entity—see the Corporations Act, section 9.
21	Dictionary, definition of wholesale unit trust scheme
omit
22	Dictionary, definition of widely held trust
substitute
widely held trust means a unit trust scheme that has not less than 300 unit holders none of whom, individually or with an associated person, is entitled to more than 20% of the units in the trust, and for the purposes of this definition—
	(a)	if a registered unit holder in a unit trust scheme holds units as a trustee for 2 or more trusts the unit holder is treated as a separate registered unit holder in relation to each of those trusts and the units held under each trust are to be treated as a separate unit holding; but
	(b)	a trustee is not treated as a separate registered unit holder in relation to 2 or more trusts if, as separate registered unit holders in relation to those trusts, they would be associated persons.

Endnotes
1	Presentation speech
	Presentation speech made in the Legislative Assembly on 10 May 2012.
2	Notification
	Notified under the Legislation Act on 18 June 2012.
3	Republications of amended laws
	For the latest republication of amended laws, see www.legislation.act.gov.au.

I certify that the above is a true copy of the Duties (Landholders) Amendment Bill 2012, which was passed by the Legislative Assembly on 7 June 2012. 

Clerk of the Legislative Assembly

© Australian Capital Territory 2012