Duties Act 2001 (Qld)

Duties Act 2001

An Act about creating and imposing duties

Chapter 1    Introduction

Part 1    Preliminary

1   Short title

This Act may be cited as the Duties Act 2001.

2   Commencement

(1)This Act, other than sections 306(2), 342(2) and 497, commences on a day to be fixed by proclamation.

(2)Sections 306(2), 342(2) and 497 commence on the later of the following—

(a)a day to be fixed by proclamation;

(b)when an arrangement is made under the Commonwealth Places (Mirror Taxes) Act 1998 (Cwlth), section 9, for Queensland.

Part 2    Interpretation

3   Definitions

(1)The dictionary in schedule 6 defines particular words used in this Act.

(2)The definition spouse in schedule 6 applies despite the Acts Interpretation Act 1954, section 32DA(6).

4   [Repealed]

5   Relationship of Act with Administration Act

(1)This Act does not contain all the provisions about duties.

(2)The Administration Act contains provisions dealing with, among other things, the following—

(a)assessments of duty;

(b)collection and refunds of duty;

(c)imposition of interest and penalty tax;

(d)objections and appeals against, or reviews of, assessments of duty;

(e)record keeping obligations of taxpayers;

(f)investigative powers, offences, legal proceedings and evidentiary matters;

(g)service of documents;

(h)registration of charitable institutions.

Note—

Under the Administration Act, section 3, that Act and this Act must be read together as if they together formed a single Act.

Part 3    Application of Act

6   Act binds all persons

(1)This Act binds all persons, including the State and, as far as the legislative power of the Parliament permits, the Commonwealth and the other States.

Note—

However, under section 426, the State is exempt from duty unless this Act expressly provides otherwise.

(2)Nothing in this Act makes the State liable to be prosecuted for an offence.

7   Extra-territorial application

This Act applies to impose duty on instruments and transactions regardless of whether they are entered into or made in or outside Queensland.

Note—

This is because instruments and transactions on which duty is imposed have a nexus to Queensland.

7A   Declaration of excluded matter for Corporations Act

An interest of a person in a registered managed investment scheme is declared to be an excluded matter for the Corporations Act, section 5F, in relation to section 1070A(1)(a), (3) and (4) of that Act.

Chapter 2    Transfer duty

Part 1    Preliminary

8   Imposition of transfer duty

(1)This chapter imposes duty (transfer duty) on dutiable transactions.

Notes—

1Concessions and exemptions for transfer duty are dealt with in parts 8A to 13. Also, other exemptions are dealt with in chapter 10.

2Additional foreign acquirer duty is imposed on particular dutiable transactions under chapter 4.

(2)Transfer duty is imposed on the dutiable value of a dutiable transaction.

Part 2    Some basic concepts for transfer duty

9   What is a dutiable transaction

(1)Each of the following is a dutiable transaction—

(a)a transfer of dutiable property;

(b)an agreement for the transfer of dutiable property, whether conditional or not;

(c)a surrender of dutiable property that is land in Queensland or a transferable site area;

(d)a vesting of dutiable property—

(i)by, or expressly authorised by, statute law of this or another jurisdiction, whether inside or outside Australia; or

(ii)by a court order, of this or another jurisdiction, whether inside or outside Australia;

(e)a foreclosure of a mortgage over dutiable property;

(f)an acquisition of a new right on its creation, grant or issue;

(g)a partnership acquisition;

Note—

See chapter 2, part 7 (Dutiable transactions relating to partnerships).

(h)the creation or termination of a trust of dutiable property;

Note—

See chapter 2, part 8 (Dutiable transactions relating to trusts), division 3 (Creation and termination of trusts).

(i)a trust acquisition or trust surrender.

Note—

See chapter 2, part 8 (Dutiable transactions relating to trusts), division 4 (Some basic concepts about trust acquisitions and trust surrenders).

(2)It does not matter whether a dutiable transaction—

(a)is effected by an instrument or another way; or

(b)involves 1 or more parties.

(3)Subsection (1) has effect subject to sections 21, 29 and 37.

Note—

Under section 21, the commissioner must decide the applicable dutiable transaction for imposition of duty if a transaction constitutes more than 1 type of dutiable transaction mentioned in subsection (1).

Also, for when transactions for particular dutiable property are not dutiable transactions, see sections 29 and 37.

(4)Without limiting subsection (1)(d), property is vested under statute law if the law vests property in an entity that the law states is the successor in law of, continuation of or same entity as, the entity in which the property was previously vested.

(5)However, property is not vested under statute law, on the registration of a company under the Corporations Act, chapter 5B, part 5B.1.

10   What is dutiable property

(1)Each of the following is dutiable property—

(a)land in Queensland;

(b)a transferable site area;

(c)an existing right;

(d)a Queensland business asset;

(e)a chattel in Queensland.

Note—

Section 498 includes provision about references to dutiable property.

(2)A reference to property in subsection (1) includes a reference to an interest in the property, other than the following—

(a)a security interest;

(b)a partner’s interest in the partnership;

(c)a trust interest;

(d)the interest of a discretionary object of a trust that holds property mentioned in the subsection.

Note—

See the Acts Interpretation Act 1954, schedule 1, definition interest.

11   What is the dutiable value of a dutiable transaction

(1)The dutiable value of a statutory dutiable transaction is the amount payable for the transaction.

(2)The dutiable value of a dutiable transaction that is a partition is determined under section 31.

(3)The dutiable value of a dutiable transaction that is the surrender of a lease of land in Queensland is the total of any premium, fine or other consideration payable for the surrender.

(4)The dutiable value of a dutiable transaction that is the acquisition of a new right that is a lease of land in Queensland is the total of any of the following amounts payable for the lease—

(a)premiums, fines or other consideration payable for the grant of the lease;

(b)consideration paid for, or the value of, any moveable chattels taken over by the lessee from the lessor or outgoing lessee;

(c)if, on the leased premises, a business is to be carried on and an amount in excess of what would be the rent if a business was not carried on is charged for the lease—the excess amount.

(5)The dutiable value of a dutiable transaction that is a partnership acquisition is determined under part 7, division 3.

(6)The dutiable value of a dutiable transaction that is a trust acquisition or trust surrender is determined under part 8, division 5.

(6A)The dutiable value of a dutiable transaction that is an agreement for the transfer of dutiable property that is a farm-in agreement is determined under part 8A.

(7)Subject to section 48, the dutiable value of another dutiable transaction is—

(a)the consideration for the dutiable transaction; or

(b)the unencumbered value of the dutiable property or new right the subject of the transaction if—

(i)there is no consideration for the transaction; or

(ii)the consideration can not be ascertained when the liability for transfer duty arises; or

(iii)the unencumbered value is greater than the consideration for the transaction.

(8)However, the dutiable value of particular dutiable transactions is subject to apportionment under part 4.

11A   References to consideration

To remove any doubt, it is declared that a reference to consideration is not limited to monetary consideration.

12   Consideration for dutiable transactions—general

(1)The consideration for a dutiable transaction includes—

(a)the amount of any liabilities assumed under the transaction, including an obligation, whether contingent or otherwise, to pay any unpaid purchase money payable under an agreement for the transfer of dutiable property; and

(b)the amount or value of any debt to the extent it is released or extinguished under the transaction.

(2)If the consideration, or any part of the consideration, for a dutiable transaction on which duty is imposed consists of an amount payable periodically and the total amount, including any interest, to be paid can be ascertained, the consideration or part of the consideration is the total amount.

Note—

For other provisions relevant to consideration, see sections 501 to 503.

13   Consideration for dutiable transaction—transfer by way of security

The consideration for the transfer by way of security of dutiable property that is land is an amount equal to the unencumbered value of the dutiable property when the liability for transfer duty arises.

14   What is the unencumbered value of property

(1)The unencumbered value of property is the value of the property determined without regard to—

(a)any encumbrance to which the property is subject, whether contingently or otherwise; or

(b)any arrangement—

(i)the parties to which are not dealing with each other at arm’s length; and

(ii)that results in the reduction of the value of the property; or

(c)any arrangement for which a significant purpose of any party to the arrangement was, in the commissioner’s opinion, the reduction of the value of the property.

Example for paragraph (c)—

A owns land that B wishes to purchase. The land is valued at $1m. Before the purchase, A grants B a 50 year lease of the land. B is not required to pay any rent under the lease. A and B then enter into an agreement to transfer the land for $50,000, being the value of A’s interest in the land taking into account that it is subject to the lease to B.

The unencumbered value of the land is determined without regard to the grant of the lease if the commissioner is of the opinion there is an arrangement under which A or B’s significant purpose in entering into it was to reduce the value of the land.

(2)Also, the unencumbered value of property held on trust or by a partnership must be determined without regard to the liabilities of the trust or partnership, including for a trust, the liability to indemnify the trustee.

(3)The unencumbered value of property that is the goodwill of a business includes the value of any restraint of trade arrangement entered into by the transferor or a related person of the transferor to protect the value of the goodwill acquired by the transferee.

(4)If, before a dutiable transaction mentioned in section 9(1)(a), (b) or (d) for which the dutiable property is land, improvements are made to the land at the transferee’s expense, the unencumbered value of the land must be determined as if the improvements had not been made.

Note—

For provisions about the aggregate minimum value of the shares comprising all of the issued capital of a corporation or society and the unencumbered value of each of the shares, see section 504.

15   When unencumbered value of property is determined

The unencumbered value of dutiable property is determined—

(a)for a dutiable transaction that is the surrender of the property—immediately before the surrender; or

(b)for another dutiable transaction—when the liability for transfer duty arises.

Part 3    Liability for transfer duty

16   When liability for transfer duty arises

A liability for transfer duty imposed on a dutiable transaction in schedule 2, column 1, arises at the time stated opposite the transaction in schedule 2, column 2.

Note—

In relation to a dutiable transaction that is an ELN transfer or ELN lodgement, see also sections 156H and 156K.

17   Who is liable to pay transfer duty

(1)Transfer duty imposed on a statutory dutiable transaction must be paid by the statutory entity under the transaction.

(2)Transfer duty imposed on another dutiable transaction must be paid by the parties to the transaction.

18   Need for instrument, ELN transaction document or statement

If a dutiable transaction is not effected or evidenced by an instrument or ELN transaction document, the parties liable to pay transfer duty on the transaction must make a statement in the approved form (a transfer duty statement) within the time stated in section 19 for lodging the statement.

Maximum penalty—40 penalty units.

19   Lodging instrument, ELN transaction document or statement

(1)The statutory entity under a statutory dutiable transaction must lodge—

(a)the instrument or ELN transaction document that effects or evidences the transaction; or

(b)the transfer duty statement for the transaction.

(2)The statutory entity must comply with subsection (1)—

(a)within 60 days after the liability arises to pay transfer duty on the transaction; or

(b)if the amount payable for the transaction is to be decided by a court or tribunal—within 14 days after the amount is decided.

(3)The parties liable to pay transfer duty relating to another dutiable transaction must, within 30 days after the liability arises, lodge—

(a)the instrument or ELN transaction document that effects or evidences the transaction or transfer duty statement for the transaction; and

(b)an approved form for the transaction.

20   Effect of making or lodging instrument, ELN transaction document or statement by 1 party

The making of a transfer duty statement, or the lodging under section 19 of an instrument, ELN transaction document or transfer duty statement, by 1 of the parties to the dutiable transaction relieves the other parties to the transaction from complying with the requirement to make the statement under section 18 or lodge the instrument, ELN transaction document or transfer duty statement under section 19.

21   No double duty—general

(1)If a transaction for property constitutes more than 1 dutiable transaction for the property and imposition of transfer duty on all of the dutiable transactions for the property would result in transfer duty being imposed more than once on the transaction, the commissioner must decide the dutiable transaction on which transfer duty is imposed.

Notes—

1For objections and appeals against assessments of duty, see the Administration Act, part 6.

2For a dutiable transaction that is an ELN transfer or ELN lodgement, see also part 15, division 2.

(2)For subsection (1), the commissioner must decide the dutiable transaction that is the most applicable dutiable transaction having regard to the provisions of this chapter and the primary purpose of the transaction.

22   No double duty—particular dutiable transactions

(1)If transfer duty is imposed on a dutiable transaction for periodical payments of consideration, no duty is imposed under this Act on any agreement securing the periodical payments.

(2)If transfer duty imposed on a dutiable transaction that is an agreement for the transfer of dutiable property is paid, no transfer duty is imposed on the transfer of the property to the transferee under the agreement.

Note—

For a dutiable transaction that is an ELN transfer or ELN lodgement, see also part 15, division 2.

(2A)Also, if a payment commitment is made for a dutiable transaction that is an agreement for the transfer of dutiable property, no transfer duty is imposed on an ELN transfer of the dutiable property to the transferee under the agreement.

Notes—

1For a dutiable transaction that is an ELN transfer, see also part 15, division 2.

2See part 15, division 3 in relation to the making of a payment commitment for an agreement for the transfer of dutiable property.

(3)If the commissioner is satisfied—

(a)a person (the agent) is appointed in writing as an agent for another person (the principal); and

(b)under the appointment, the agent enters into a dutiable transaction that is an agreement for the transfer of dutiable property from a person (the original transferor) to the agent on behalf of the principal (the agreement); and

(c)the principal provided all the consideration, including any deposit paid; and

(d)transfer duty imposed on the agreement is paid; and

(e)the dutiable property is later transferred to the principal by the original transferor or the agent (the agency transfer);

no transfer duty is imposed on the agency transfer or the trust acquisition or trust surrender by the principal because of the agreement or agency transfer.

(4)For subsection (3)(a), the commissioner must not be satisfied the person was properly appointed as agent unless the original instrument of appointment, or a copy of it, is lodged.

(5)If—

(a)there is an agreement for the transfer of dutiable property (the first agreement); and

(b)after the first agreement takes place, 1 or more agreements to transfer all or part of the dutiable property the subject of the first agreement takes place (the intervening agreements); and

(c)to give effect to the first agreement and the intervening agreements, 1 or more transfers of dutiable property (the transfers) are effected by 1 or more parties to the first agreement and the intervening agreements; and

(d)transfer duty imposed on the first agreement and the intervening agreements is paid;

no transfer duty is imposed on the transfers.

Example for subsection (5)—

On 1 July, under an agreement for transfer, A agrees to sell land in Queensland to B for $100,000. Settlement is to take place on 31 July. On 7 July, under an agreement for transfer, B agrees to sell the land to C for $120,000. Again, settlement is to take place on 31 July. Before 31 July, B directs A, that at settlement, A transfer the land to C.

The agreement between A and B is the first agreement. The agreement between B and C is the intervening agreement. No transfer duty is imposed on the transfer from A to C if transfer duty on the first and intervening agreements has been paid.

23   When credit to be allowed for duty paid

(1)If section 14(1)(c) is applied to determine the value of land because of a lease or occupancy right, in assessing the transfer duty payable for the dutiable transaction that is the transfer, or agreement for the transfer, of the land, a credit must be allowed for any lease duty paid under repealed chapter 4 for the lease or right.

(2)Subsection (3) applies if—

(a)transfer duty is paid on a dutiable transaction that is an option to acquire dutiable property (the first transaction); and

(b)on the exercise of the option, transfer duty is payable on the dutiable transaction for the acquisition of the dutiable property (the later transaction); and

(c)under the option, the consideration paid for the option is part of the consideration for the later transaction.

(3)In assessing the transfer duty on the later transaction, a credit must be allowed for the transfer duty paid for the first transaction.

(4)In this section—

repealed chapter 4 means chapter 4 (Lease duty) as it was in force from time to time before its repeal by the Revenue Legislation Amendment Act 2005.

24   Rates of transfer duty

(1)The rate of transfer duty imposed on a dutiable transaction that is the transfer, or an agreement for the transfer, of an existing right of a holder of the following is $5—

(a)a mortgage, including the debt secured by the mortgage, that is solely over land in Queensland;

(b)another mortgage, including the debt secured by the mortgage, that is incidental to, and transferred in connection with, a mortgage mentioned in paragraph (a) (a primary mortgage) if the primary mortgage is the principal security held by the transferor.

(2)The rate of transfer duty imposed on another dutiable transaction is stated in schedule 3, column 2, opposite the dutiable value of the transaction in schedule 3, column 1.

25   Payment of transfer duty for deeds of grant and particular freeholding leases

(1)This section applies if transfer duty is imposed on a dutiable transaction that is—

(a)a grant of land in fee simple under the Land Act 1994; or

(b)an acquisition of a new right that is a post-Wolfe freeholding lease under the Land Act 1994.

(2)Within 30 days after the liability for the duty arises, the grantee or lessee must pay the duty to the chief executive of the department in which the Land Act 1994 is administered.

Part 4    Apportionment of consideration or unencumbered value for particular dutiable transactions

26   Apportionment—head office or principal place of business in Queensland

(1)This section applies for determining the consideration for a dutiable transaction for or relating to, or the unencumbered value of, dutiable property that is a Queensland business asset, other than a debt or personal property, of a Queensland business that has its head office or principal place of business in Queensland if, at any time during the 3 financial years preceding the dutiable transaction concerned—

(a)a supply of land, money, credit or goods or any interest in them, or provision of services, has been made by the business to customers outside Queensland; or

(b)the asset has been used, exploited or exercised in, or relates to, a place outside Queensland.

(2)A reference in this chapter to consideration for the transaction or the unencumbered value of the property is taken to be a reference to the amount (the apportioned amount) worked out using the following formula—      where—

AA means the apportioned amount.

CUV means the consideration for the dutiable transaction or unencumbered value of the Queensland business asset mentioned in subsection (1).

OS means the gross amount of the supplies and provision of services made by the business to its customers in other States during the 3 completed financial years preceding the dutiable transaction.

TS means the gross amount of supplies and provision of services made by the business to all its customers during the 3 completed financial years preceding the dutiable transaction.

(3)However, the commissioner may decide the consideration for the dutiable transaction or the unencumbered value of the dutiable property on another basis if the commissioner is satisfied the other basis would be more appropriate in particular circumstances.

27   Apportionment—head office or principal place of business in another State

(1)This section applies for determining the consideration for a dutiable transaction for or relating to, or the unencumbered value of, dutiable property that is a Queensland business asset, other than a debt or personal property, of a Queensland business that does not have its head office or principal place of business in Queensland if, at any time during the 3 financial years preceding the dutiable transaction concerned—

(a)a supply of land, money, credit or goods or any interest in them, or provision of services, has been made by the business to customers in Queensland; or

(b)the asset has been used, exploited or exercised in, or relates to, Queensland.

(2)A reference in this chapter to consideration for the transaction or the unencumbered value of the property is taken to be a reference to the amount (the apportioned amount) worked out using the following formula—      where—

AA means the apportioned amount.

CUV means the consideration for the dutiable transaction or unencumbered value of the Queensland business asset mentioned in subsection (1).

QS means the gross amount of the supplies and provision of services made by the business to its Queensland customers during the 3 completed financial years preceding the dutiable transaction.

TS means the gross amount of supplies and provision of services made by the business to all its customers during the 3 completed financial years preceding the dutiable transaction.

(3)However, the commissioner may decide the consideration for the dutiable transaction or the unencumbered value of the dutiable property on another basis if the commissioner is satisfied the other basis would be more appropriate in particular circumstances.

28   Apportionment of particular dutiable transactions relating to existing and new rights

(1)This section applies for determining—

(a)the consideration for a dutiable transaction for or relating to an existing right or acquisition of a new right on its creation, grant or issue if the right is exercisable or relates to the conduct of a business or activity outside Queensland; or

(b)the unencumbered value of dutiable property that is an existing right if the right is exercisable or relates to the conduct of a business or activity outside Queensland; or

(c)the unencumbered value of a new right on its creation, grant or issue if the right is exercisable or relates to the conduct of a business or activity outside Queensland.

(2)A reference in this chapter to consideration for the transaction or the unencumbered value of the right is taken to be a reference to the amount that represents the same proportion of the consideration or unencumbered value that the unencumbered value of the right, to the extent it is exercisable or relates to the conduct of a business or activity in Queensland, bears to the total unencumbered value of the right.

(3)However, the commissioner may decide the consideration for the dutiable transaction or the unencumbered value of the right on another basis if the commissioner is satisfied the other basis would be more appropriate in particular circumstances.

Part 5    Dutiable transactions relating to dutiable property

29   When transaction for chattel is not dutiable transaction

(1)If a chattel in Queensland is the subject of a transaction, the transaction is not a dutiable transaction unless—

(a)another type of dutiable property is the subject of the same transaction; or

(b)under section 30, it is aggregated with a dutiable transaction that is not for a chattel.

(2)For subsection (1)(b), section 30 applies as if the transaction were a dutiable transaction.

30   Aggregation of dutiable transactions

(1)This section applies to dutiable transactions that together form, evidence, give effect to or arise from what is, substantially 1 arrangement.

(2)For assessing transfer duty on each of the dutiable transactions, the transactions must be aggregated and treated as a single dutiable transaction.

Example for subsection (2)—

A conducts a business of manufacturing bullbars. A agrees to sell the business to B as a going concern for $50,000,000. The property included in the agreement comprises land, plant and equipment, goodwill and the business name.

The land is dutiable property being land in Queensland and each of the other assets are dutiable property being Queensland business assets.

The agreement, so far as it relates to the sale of the land, is a dutiable transaction being an agreement to transfer land in Queensland and, so far as it relates to the agreement to sell each of the business assets, is a dutiable transaction being an agreement to transfer dutiable property that is a Queensland business asset. Accordingly, there are 4 dutiable transactions under the agreement.

Because the dutiable transactions together form 1 arrangement, they must be aggregated under this section for imposing transfer duty.

(3)For subsection (1), all relevant circumstances relating to the dutiable transactions must be taken into account in deciding whether they together form, evidence, give effect to or arise from what is, substantially 1 arrangement.

(4)For subsection (3), relevant circumstances include the following—

(a)whether the transactions are contained in 1 instrument;

(b)whether any of the transactions are conditional on entry into, or completion of, any of the other transactions;

(c)whether the parties to any of the transactions are the same;

(d)whether any party to a transaction is a related person of another party to any of the other transactions;

(e)the time over which the transactions take place;

(f)whether, before the transactions take place, the dutiable property the subject of the transactions was used together, or dependently with one another, by the transferor or transferors;

(g)whether, after the transactions take place, the dutiable property the subject of the transactions will be used together, or dependently with one another, by the transferee or transferees.

(5)Transfer duty imposed on the dutiable transaction aggregated under this section must—

(a)be assessed on the total of the dutiable values of the transactions when the liability for transfer duty for each of the transactions arose; and

(b)be apportioned between the transactions as decided by the commissioner.

Example for subsection (5)—

Under 4 agreements between a builder and a developer, the builder agrees to purchase 4 lots of land from the developer for $100,000 each. The lots are dutiable property being land in Queensland and each of the agreements is a dutiable transaction being an agreement to transfer land in Queensland.

Even though the sale of the 4 lots was negotiated at the same time, the agreements were signed on different dates over a 10 month period, had different settlement dates and were not conditional on each other.

Under section 24 (Rates of transfer duty) and schedule 3 (Rates of duty on dutiable transactions and relevant acquisitions for landholder and corporate trustee duty), the agreements for lots 1 to 3 have been separately stamped for $2,350 transfer duty. When the agreement for lot 4 is lodged for stamping, the commissioner decides this section applies because the transactions together formed 1 arrangement.

Accordingly, the transactions must be aggregated under this section for imposing transfer duty and the duty apportioned between them.

Under subsection (5)(a), the total of the dutiable values of the dutiable transactions on which transfer duty is imposed is $400,000, being the value of each of the lots when the liability for transfer duty arose for each of the transactions, regardless of a variation in the values since the liability arose.

Under section 24 and schedule 3, transfer duty imposed on the aggregated transaction is $12,475.

If the commissioner decides to apportion the transfer duty equally between the dutiable transactions, the amount of transfer duty payable is $3,118.75 for each transaction.

Under the Administration Act, part 3, the commissioner will make a reassessment for the transactions for lots 1 to 3. The assessment notice must state the matters mentioned in section 26(2) of that Act.

(6)Each party to each of the dutiable transactions must, when lodging the instrument, ELN transaction document or transfer duty statement relating to the transaction, give notice to the commissioner stating details known to the party about—

(a)all of the dutiable property included or to be included in the arrangement mentioned in subsection (1); and

(b)the dutiable value of each dutiable transaction.

Note—

Under the Administration Act, the requirement under this subsection is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.

(7)This section does not apply to a dutiable transaction to the extent that it relates to an exchange of dutiable property.

31   Partitions

(1)This section applies to a dutiable transaction under which the following happens (the partition)—

(a)dutiable property held by persons jointly as joint tenants or tenants in common (each a co-owner) is transferred, or agreed to be transferred, to 1 or more of the co-owners;

(b)the dutiable property transferred, or agreed to be transferred, includes the interest held by the transferee in the property immediately before the transaction.

(2)The dutiable value of the dutiable transaction is the greater of the following—

(a)the amount by which the unencumbered value of the dutiable property transferred, or agreed to be transferred, is more than the unencumbered value of the interest held by the transferee in the property immediately before the transaction;

(b)the consideration paid by any party to the transaction.

(3)This section does not apply to a transaction if section 48 applies to the transaction.

32   Transfer by way of security—land

(1)This section applies if the commissioner is satisfied—

(a)there has been a dutiable transaction that is a transfer of dutiable property by way of security (the original transfer); and

(b)the property is land; and

(c)transfer duty has been paid on the transaction; and

(d)the property has been retransferred to the person who transferred it by way of security (the retransfer) or has been transferred to a person to whom the property has been transmitted by death or bankruptcy (also the retransfer).

(2)The commissioner must make a reassessment of transfer duty paid on the original transfer to reduce the duty to the amount that would have been payable if the amount secured by the transfer had been secured by a mortgage for which mortgage duty were imposed.

(3)Transfer duty is not imposed on the dutiable transaction that is the retransfer.

(4)Subsection (2) applies to the reassessment despite the limitation period under the Administration Act for reassessments.

Note—

See the Administration Act, part 3 (Assessments of tax), division 3 (Reassessments).

33   Transfer by way of security—other dutiable property

(1)Transfer duty is not imposed on a dutiable transaction if—

(a)the transaction is a transfer of dutiable property by way of security; and

(b)the property is not land.

(2)Subsection (3) applies if—

(a)after the transfer by way of security, the transferee, or the transferee’s assignee, acquires ownership of the dutiable property free from any interest of the transferor, or transferor’s assignee; and

(b)the transferee, or the transferee’s assignee, were to newly acquire the dutiable property at the time of the acquisition mentioned in paragraph (a), the acquisition would be a dutiable transaction.

(3)The acquisition of the ownership of the dutiable property by the transferee is taken to be a dutiable transaction and transfer duty imposed on the transaction must be reduced by the amount of mortgage duty, if any, paid on the transfer.

Part 6    Special provisions about dutiable transactions relating to Queensland business assets

Division 1 Some basic concepts about Queensland businesses and their assets

34   What is a Queensland business asset

A Queensland business asset is a business asset of a Queensland business.

35   What is a business asset

(1)Each of the following is a business asset—

(a)goodwill;

(b)a statutory business licence used for carrying on a business;

(c)a right to use a statutory business licence used for carrying on a business;

(d)the business name used for carrying on a business;

(e)a right under a franchise arrangement used for carrying on a business;

(f)a debt of a business if the debtor resides in Queensland;

(g)a supply right of a business;

(h)intellectual property used for carrying on a business;

(i)personal property in Queensland of a business.

(2)For subsection (1)—

(a)a business asset mentioned in subsection (1)(b) that is issued or given under—

(i)a Queensland Act is used for carrying on a business; or

(ii)a Commonwealth Act is used for carrying on a business if it is used, exploited or exercised in Queensland; and

(b)another business asset is used for carrying on a business if it is used, exploited or exercised in Queensland.

36   What is a Queensland business

A Queensland business is a business—

(a)that is conducted on or from a place in Queensland; or

(b)the conduct of which consists wholly or partly of supplying land, money, credit or goods or any interest in them, or providing any service, to Queensland customers; or

(c)that has ceased but satisfied paragraph (a) or (b) at any time in the 1 year before a dutiable transaction that is the transfer, or agreement for the transfer, of an asset of the business.

Example for paragraph (c)—

A business conducted from a place in Queensland goes into liquidation. Three months after the business stops trading, the liquidator transfers business assets of the business. For determining whether the transfer of the business assets is a dutiable transaction, the business is a Queensland business because paragraph (a) was satisfied in the 1 year before the transfer.

Division 2 Transactions for particular assets of Queensland businesses

37   When transaction for particular Queensland business assets not dutiable transaction

(1)If a debt of a business that is evidenced by a negotiable instrument is the subject of a transaction, the transaction is not a dutiable transaction unless—

(a)another type of dutiable property is the subject of the same transaction or, under section 30, it is aggregated with a dutiable transaction; or

(b)under the transaction, the negotiable instrument is or is to be transferred with all, or substantially all, of the negotiable instruments of the business.

(2)If a supply right of a business is the subject of a transaction, the transaction is not a dutiable transaction unless—

(a)another type of dutiable property is the subject of the same transaction or, under section 30, it is aggregated with a dutiable transaction; or

(b)under the transaction, the supply right is or is to be transferred with all, or substantially all, of the supply rights of the business.

(3)If intellectual or personal property of a business is the subject of a transaction, the transaction is not a dutiable transaction unless, under section 30, it is aggregated with 1 or more of the following—

(a)a dutiable transaction for a Queensland business asset, other than intellectual or personal property;

(b)a dutiable transaction for land in Queensland.

(4)For subsections (1)(a), (2)(a) and (3), section 30 applies as if the transaction were a dutiable transaction.

38   When consignment of trading stock of Queensland business is a dutiable transaction

(1)This section applies if—

(a)the owner of a Queensland business transfers or agrees to transfer a Queensland business asset, other than trading stock of the business, to a person (the new owner); and

(b)the owner places all or most of the trading stock on consignment for sale by a person, whether or not the new owner, (the consignee) in the conduct of the business by the new owner; and

(c)having regard to the terms of the consignment it is reasonable to conclude that the consignment is, or is part of, an arrangement to avoid transfer duty.

(2)Without limiting subsection (1)(c), the terms of the consignment include the following—

(a)the amount payable to the owner by the consignee and the terms of payment;

(b)the price ultimately payable to the owner for the trading stock and the way in which it is worked out;

(c)the basis of working out the consignee’s commission;

(d)the right of the consignee to mix the trading stock with other property not owned by the owner;

(e)the right of the consignee to deal with the trading stock as if it were the consignee’s or other than as agent of the owner.

(3)The placing of the trading stock on consignment is taken to be a transfer of the stock.

Note—

Accordingly, the transfer is a dutiable transaction being the transfer of a Queensland business asset because trading stock is a business asset being personal property.

39   Surrender of Queensland business asset so replacement asset may be granted

(1)This section applies if a Queensland business asset is surrendered by a person (the owner) so that a similar business asset may be granted, issued, given to or obtained by another person.

(2)For imposing transfer duty—

(a)the surrender is taken to be a transfer of the business asset by the owner to the other person when the similar business asset is granted, issued, given or obtained; and

(b)the owner and other person are the parties to the dutiable transaction that is the transfer of the business asset.

Part 7    Dutiable transactions relating to partnerships

Division 1 Preliminary

40   Interpretation for property held by partnership or trust

A reference to a partnership or trust holding property is a reference to the holding of the property by the partners for the partnership or trustees on trust.

Division 2 Some basic concepts about partnership acquisitions

41   What is a partnership acquisition

A person makes a partnership acquisition if the person acquires a partnership interest in a partnership that—

(a)holds dutiable property; or

(b)has an indirect interest in dutiable property.

Note—

Section 498 includes provision about references to dutiable property.

42   What is a partner’s partnership interest

(1)A partner’s partnership interest is—

(a)if the partner has a variable partnership entitlement under subsection (2)—the proportion that the value of the partner’s entitlements as a partner bears to the value of the entitlements of all partners in the partnership expressed as a percentage; or

(b)if the partner is entitled only to share in the profits of the partnership and has given or is required to give consideration, or has made or is required to make a contribution to the capital of the partnership, for the acquisition of the profit-sharing right—the partner’s profit-sharing percentage; or

(c)if paragraph (a) or (b) does not apply—the greater of the following—

(i)the percentage of the capital of the partnership the partner has contributed or is obliged to contribute;

(ii)the percentage of the losses of the partnership the partner is required to bear.

(2)For subsection (1)(a), a partner has a variable partnership entitlement in a partnership if, in the ordinary course of determining the partner’s entitlement to share in the profits or obligation to contribute to the capital or losses of the partnership, the entitlement or obligation varies or may vary from time to time.

43   What is a partnership’s indirect interest in dutiable property

A partnership has an indirect interest in dutiable property if—

(a)through a partnership interest or trust interest there is a connection between the partnership and dutiable property of the other partnership or trust; or

(b)through a series of partnership interests or trust interests, or a combination of any of them, there is a connection between the partnership and dutiable property of a partnership or trust in the series.

44   Acquiring a partnership interest

(1)A person acquires a partnership interest if a partnership is formed or the person’s partnership interest increases.

(2)Without limiting subsection (1)—

(a)a partnership may be formed on—

(i)a change in the membership of a partnership; or

(ii)the merger of 2 or more partnerships; or

(b)a person’s partnership interest may increase—

(i)under the terms of a partnership agreement; or

(ii)on the retirement of a partner from a partnership; or

(iii)on a change in the terms of a partnership agreement effecting a change in the interests of the partners.

(3)However, a partner’s variable partnership entitlement under section 42 does not increase if—

(a)the partner’s entitlement to share in the profits or obligation to contribute to the capital or losses of the partnership increases merely because of the partner’s performance as a partner; and

(b)there is no arrangement stating—

(i)the extent of the future variation to the partner’s entitlement or obligation; or

(ii)the consideration for the variation.

Division 3 Dutiable value of partnership acquisitions

45   What is the dutiable value of a partnership acquisition

The dutiable value of a partnership acquisition is the greater of the following—

(a)the consideration for the acquisition so far as the consideration relates to dutiable property, or an indirect interest in dutiable property, held by the partnership;

(b)the value of the acquisition worked out under section 46 or 47.

46   What is the value of a partnership acquisition—general

(1)Subject to subsections (5) and (6), the value of a partnership acquisition is the total of the amounts worked out by applying the partner’s partnership interest to the unencumbered value, when the liability for transfer duty arises, of—

(a)the dutiable property held by the partnership (the relevant partnership); and

(b)any indirect interest in dutiable property held by the relevant partnership.

(2)For subsection (1)(b), the unencumbered value of an indirect interest under section 43(a) of the relevant partnership is the amount worked out by applying to the unencumbered value of the dutiable property held by the entity in which the relevant partnership has a partnership or trust interest, the partnership or trust interest of the relevant partnership in that entity.

(3)For subsection (1)(b), the unencumbered value of an indirect interest under section 43(b) of the relevant partnership is the amount worked out by—

(a)first applying to the unencumbered value of the dutiable property held by the ultimate entity, the partnership or trust interest of the partnership or trust (the last partner or beneficiary) that is a partner or beneficiary of the ultimate entity; and

(b)applying to the amount worked out under paragraph (a), and the unencumbered value of any dutiable property held by the last partner or beneficiary, the partnership or trust interest of the next partnership or trust in the series of partnerships or trusts that is a partner or beneficiary of the last partner or beneficiary; and

(c)applying the calculation in paragraph (b) for each of the other partnerships or trusts in the series until the first entity’s partnership interest or trust interest is used in the calculation; and

(d)applying to the amount last worked out under paragraph (c) and the unencumbered value of any dutiable property held by the first entity, the partnership or trust interest of the relevant partnership.

(4)Schedule 4 contains an example of how the value of a partnership acquisition is worked out.

(5)For determining the value of a new partner’s partnership acquisition on formation of a partnership, the value of any dutiable property the partner contributed to the partnership on its formation must be disregarded.

(5A)For subsection (5), a person is a new partner only if—

(a)the person was not in partnership with any partners of the partnership immediately before its formation; or

(b)on the person’s partnership acquisition, the person becomes a partner in an additional partnership to a partnership in which the person is a partner with any partners of the additional partnership immediately before its formation.

(5B)However, subsection (5A)(b) does not apply to a person who makes a partnership acquisition in a partnership that was formed because of a change in the membership of the partners of another partnership (the old partnership) if the person had a partnership interest in the old partnership.

(6)For determining the value of a partner’s partnership acquisition that is an increase in the partner’s partnership interest, the partner’s partnership interest is taken to be the increase in the partner’s partnership interest.

47   What is the value of a partnership acquisition—merger of 2 or more partnerships

(1)This section applies if—

(a)a person (the partner) first makes a partnership acquisition (the new partnership acquisition) on the merger of 2 or more partnerships; and

(b)the person had a partnership interest (the old partnership interest) in 1 of the merging partnerships; and

(c)the partner were to make a partnership acquisition for the old partnership interest immediately before the merger, the value of the partnership acquisition would include all or part of the unencumbered value of dutiable property (the continuing property) that becomes dutiable property of the merged partnership.

(2)The value of the new partnership acquisition must be reduced by the lesser of—

(a)the amount that would be the value of the new partnership acquisition if the dutiable property of the merged partnership comprised only the continuing property; or

(b)the amount that represents the value of the partner’s partnership acquisition for the old partnership interest mentioned in subsection (1)(c) immediately before the merger worked out as if the dutiable property of the former partnership comprised only the continuing property.

Example for working out dutiable value under this section—

X is a 30% partner in the XYZ partnership that has dutiable property of $10m. The XYZ partnership merges with another partnership, to form a new partnership (the merged partnership). X has a 40% partnership interest in the merged partnership. The merged partnership has dutiable property with an unencumbered value of $12m, including $2m of the dutiable property of the XYZ partnership (the continuing property).

The value of X’s new partnership acquisition is worked out as follows—
Example—

1The value of X’s interest in the merged partnership is $4.8m, being 40% (X’s partnership interest in the merged partnership) of $12m (the unencumbered value of the merged partnership’s dutiable property).

2The reduction under subsection (2)(a) is $800,000, being 40% (X’s partnership interest in the merged partnership) of $2m (the continuing property).

3The reduction under subsection (2)(b) is $600,000, being 30% (X’s partnership interest in the XYZ partnership) of $2m (the continuing property).

The value of X’s partnership acquisition is $4.2m, being $4.8m less $600,000 which is the lesser of the amounts worked out under subsection (2).

Division 4 Dutiable value of other dutiable transactions for dutiable property of partnership

48   Dutiable value of dutiable transaction reduced for transfer of dutiable property to partner on retirement or dissolution

(1)This section applies if, on a person (the retiring partner) ceasing to be a partner in a partnership because of the retiring partner’s retirement from the partnership or its dissolution, dutiable property of the partnership is transferred or agreed to be transferred to the retiring partner.

(2)The dutiable value of the dutiable transaction for the transfer, or agreement for the transfer, of the dutiable property to the retiring partner must be reduced by an amount worked out by applying the retiring partner’s partnership interest in the partnership to the unencumbered value of the dutiable property immediately before the retirement or dissolution.

Example for subsection (2)—

A, B and C are in partnership in equal shares. B had a one-third partnership interest immediately before retiring. On B ceasing to be a partner, A and C transfer land to B. The dutiable value of the land acquired by B will be reduced by one-third.

Part 8    Dutiable transactions relating to trusts

Division 1 Preliminary

49   Application of pt 8

(1)This part applies to all expressly or intentionally created trusts, regardless of how they are created.

(2)However, this part does not apply to a trust acquisition or trust surrender of a trust interest in a public unit trust other than a majority trust acquisition in a land holding trust.

Notes—

1For subsection (2), see division 7 (Public unit trusts), subdivisions 7 (Majority trust acquisitions in land holding trusts) and 8 (Indirect trust interests).

2An acquisition of an interest in a listed unit trust that is a landholder may be dutiable under chapter 3, part 1 (Landholder duty).

50   Joint trustees

If a trust has 2 or more trustees, the trustees are taken to be a single person for this chapter.

Note—

Under section 65, trustees are jointly and severally liable for transfer duty payable.

Division 2 Some basic concepts about property

51   Interpretation for property held by trust or partnership

A reference to a trust or partnership holding property is a reference to the holding of the property by the trustees on trust or the partners for the partnership.

52   Contracted property and trust interests

(1)For a trust, contracted property is taken to be dutiable property held by the trust.

(1A)If a trust has made a purchase or sale agreement for a trust interest, the trust is taken to have an indirect interest in the trust-related dutiable property.

(2)For determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender—

(a)a sale agreement made by the trustee is taken not to have been made; and

(b)a purchase agreement made by the trustee is taken to have been completed.

(3)Subsection (3A) applies if—

(a)contracted property, or an indirect interest in dutiable property mentioned in subsection (1A), is included in determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender; and

(b)afterwards, the sale agreement for the property or trust interest is completed or the purchase agreement for the property or trust interest is not completed.

(3A)The commissioner must make a reassessment as if the contracted property or indirect interest were never held by the trust.

(4)For the reassessment, the parties liable to pay transfer duty on the trust creation, trust termination, trust acquisition or trust surrender must lodge the instruments required for the original assessment.

(5)In this section—

purchase agreement includes an uncompleted agreement, whether or not conditional, for the acquisition of a trust interest through which the trust would have, if the agreement were completed, an indirect interest in dutiable property (the trust-related dutiable property).

sale agreement includes an uncompleted agreement, whether or not conditional, for the disposal of a trust interest through which the trust has an indirect interest in dutiable property (also the trust-related dutiable property).

Division 3 Creation and termination of trusts

53   Creating trust of dutiable property

(1)A trust of dutiable property is created if a person, who has acquired property other than as trustee, starts to hold the property as trustee.

(2)Also, a trust of dutiable property is created if all the following apply—

(a)a person holds dutiable property on trust (trust 1);

(b)the person is also trustee of another trust (trust 2);

(c)the person ceases to hold the dutiable property as trustee of trust 1 and starts to hold the dutiable property as trustee for trust 2;

(d)when the person starts to hold the dutiable property as trustee for trust 2—

(i)a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or

(ii)a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases.

Note—

Section 498 includes provision about references to dutiable property.

54   Terminating trust of dutiable property

A trust of dutiable property is terminated if a person, having held the property as trustee, starts to hold the property other than as trustee.

Division 4 Some basic concepts about trust acquisitions and trust surrenders

55   What is a trust acquisition

A person makes a trust acquisition if the person acquires a trust interest in a trust that—

(a)holds dutiable property; or

(b)has an indirect interest in dutiable property.

Note—

Under section 81, an indirect trust acquisition in a land holding trust is taken to be a trust acquisition. An indirect trust acquisition is the acquisition of an interest in a land holding trust through 1 or more corporations, partnerships or trusts, or a combination of any of them. See definitions indirect trust acquisition and indirect trust interest in the dictionary.

56   What is a trust surrender

A person makes a trust surrender if the person surrenders a trust interest in a trust that holds dutiable property or has an indirect interest in dutiable property.

57   What is a trust interest

(1)A trust interest is a person’s interest as a beneficiary of a trust, other than a life interest.

(2)For a trust that is a discretionary trust, only a taker in default of an appointment by the trustee can have a trust interest.

(3)Also, for a trust that is a superannuation fund, a member of the fund has a trust interest in the fund.

Note—

For exemption from transfer duty for a trust acquisition or surrender of a member’s interest in a superannuation fund, see section 119.

58   What is a trust’s indirect interest in dutiable property

A trust has an indirect interest in dutiable property if—

(a)through a trust interest or partnership interest, there is a connection between the trust and dutiable property of the other trust or partnership; or

(b)through a series of trust interests or partnership interests, or a combination of any of them, there is a connection between the trust and dutiable property of a trust or partnership in the series.

59   Acquiring a trust interest

(1)A person acquires a trust interest if—

(a)the person becomes a beneficiary of a trust, whether on creation of the trust or otherwise; or

(b)being a beneficiary of a trust, the person’s trust interest increases, other than because of the surrender of another person’s trust interest in the trust for which transfer duty has been paid.

(2)If a beneficiary’s trust interest is subject to a prior life interest, the interest does not increase merely because the life tenant dies or, over time, the extent of the life interest reduces.

60   Beneficiary’s trust interest is percentage of or proportionate to property held on trust

(1)A beneficiary’s trust interest is—

(a)for a beneficiary who is a taker in default under a discretionary trust—

(i)the percentage of the trust income or trust property the beneficiary would receive in default of appointment by the trustee; or

(ii)if the beneficiary would receive both trust income and trust property in default of appointment by the trustee, the greater percentage of the trust income or trust property the beneficiary would receive; or

(b)for a beneficiary of a trust, other than a discretionary trust, whose entitlement is solely to income of the property held on trust—the proportion that the value of the beneficiary’s entitlement bears to the value of the entitlements of all beneficiaries expressed as a percentage; or

(c)for another beneficiary—the proportion that the beneficiary’s entitlement under the trust bears to the unencumbered value of the property held on trust expressed as a percentage.

(2)For subsection (1)(c), the beneficiary’s entitlement under the trust is—

(a)the amount of the unencumbered value of the property held on trust that the beneficiary could receive as a result of the acquisition of the beneficiary’s trust interest determined at the time of acquisition of the interest; or

(b)the entitlement stated in subsection (3) if—

(i)the beneficiary’s entitlement under the trust is not subject to a prior life interest; and

(ii)the beneficiary’s entitlement under the trust may increase, including from nothing, on the fulfilment of any condition, contingency or the exercise or non-exercise of any power or discretion; and

(iii)the condition, contingency, power or discretion is part of an arrangement a significant purpose of which is to lessen the amount of the beneficiary’s entitlement at a particular time.

(3)For subsection (2)(b), the beneficiary’s entitlement under the trust is the maximum interest in the property held on trust that the beneficiary would have on the fulfilment of the condition or contingency or the exercise or non-exercise of the power or discretion.

(4)For a majority trust acquisition, a reference in this section to a beneficiary’s entitlement under the trust includes the entitlement under the trust of related persons of the beneficiary.

61   Who is a related person

(1)A person is a related person of another person if—

(a)for individuals—they are members of the same family; or

(b)for an individual and a corporation—the person or a member of the person’s family is a majority shareholder, director or secretary of the corporation or a related body corporate of the corporation, or has an interest of 50% or more in it; or

(c)for an individual and a trustee—the person or a related person under another provision of this section is a beneficiary of the trust; or

(d)for corporations—they are related bodies corporate; or

(e)for a corporation and a trustee—the corporation or a related person under another provision of this section is a beneficiary of the trust; or

(f)for trustees—

(i)there is a person who is a beneficiary of both trusts; or

(ii)a person is beneficiary of 1 trust and a related person under another provision of this section is a beneficiary of the other trust.

(2)Also, a person is a related person of another person if the persons acquire trust interests in a land holding trust and the acquisitions form, evidence, give effect to or arise from what is substantially 1 arrangement.

(3)However, a person is not a related person of another person under subsection (1), other than subsection (1)(d), if the commissioner is satisfied the trust interests of the persons in a land holding trust—

(a)were acquired, and will be used, independently; and

(b)were not acquired, and will not be used, for a common purpose.

Division 5 Dutiable value of trust acquisitions and trust surrenders

62   What is the dutiable value of a trust acquisition or trust surrender

The dutiable value of a trust acquisition or trust surrender is the greater of the following—

(a)the consideration for the acquisition or surrender so far as the consideration relates to dutiable property, or an indirect interest in dutiable property, held by the trust;

(b)the value of the acquisition or surrender worked out under section 63.

63   What is the value of a trust acquisition or trust surrender

(1)Subject to subsections (6) to (8), the value of a trust acquisition or trust surrender is the total of the amounts worked out by applying the beneficiary’s trust interest to the unencumbered value, when the liability for transfer duty arises, of—

(a)the dutiable property held by the trust (the relevant trust); and

(b)any indirect interest in dutiable property held by the relevant trust.

Note—

Under section 52(1), dutiable property includes contracted property. Also, under section 52(1A), the relevant trust may be taken to hold an indirect interest in dutiable property through a trust interest that is the subject of a purchase or sale agreement.

(2)For subsection (1), the beneficiary’s trust interest for a trust surrender is the beneficiary’s trust interest immediately before the surrender.

(3)For subsection (1)(b), the unencumbered value of an indirect interest under section 58(a) of the relevant trust is the amount worked out by applying to the unencumbered value of the dutiable property held by the entity in which the relevant trust has a trust or partnership interest, the trust or partnership interest of the relevant trust in that entity.

(4)For subsection (1)(b), the unencumbered value of an indirect interest under section 58(b) of the relevant trust is the amount worked out by—

(a)first applying to the unencumbered value of the dutiable property held by the ultimate entity, the trust or partnership interest of the trust or partnership (the last beneficiary or partner) that is a beneficiary or partner of the ultimate entity; and

(b)applying to the amount worked out under paragraph (a), and the unencumbered value of any dutiable property held by the last beneficiary or partner, the trust or partnership interest of the next trust or partnership in the series of trusts or partnerships that is a beneficiary or partner of the last beneficiary or partner; and

(c)applying the calculation in paragraph (b) for each of the other trusts or partnerships in the series until the first entity’s trust interest or partnership interest is used in the calculation; and

(d)applying to the amount last worked out under paragraph (c) and the unencumbered value of any dutiable property held by the first entity, the trust or partnership interest of the relevant trust.

(5)Schedule 4 contains an example of how the value of a trust acquisition is worked out.

(6)For determining the value of a beneficiary’s trust acquisition that is an increase in the beneficiary’s trust interest, other than a majority trust acquisition, the beneficiary’s trust interest is taken to be the increase in the beneficiary’s trust interest.

(7)Subsection (8) applies to a majority trust acquisition that is an increase in a beneficiary’s trust interest (the relevant trust acquisition) that has happened in the following circumstances—

(a)the trust interest of the beneficiary and related persons of the beneficiary was 50% or more immediately before the relevant trust acquisition;

(b)transfer duty was previously paid for a majority trust acquisition in the trust made by the beneficiary or related persons;

(c)since the majority trust acquisition mentioned in paragraph (b), no other related person of the beneficiary has made a trust acquisition in the trust.

(8)For determining the value of the beneficiary’s trust acquisition that is the relevant trust acquisition, the beneficiary’s trust interest is taken to be the increase in the beneficiary’s trust interest.

Division 6 Liability to transfer duty

64   Liability to pay transfer duty on creation or termination of trust

(1)If a trust of dutiable property is created or terminated, the trustee of the trust is the party to the dutiable transaction that is the creation or termination of the trust.

(2)If the trustee of the trust does not pay the transfer duty, the beneficiaries of the trust are jointly and severally liable for the duty.

65   Liability of joint trustees

If a trust has 2 or more trustees, the trustees are jointly and severally liable for any transfer duty imposed.

66   When no transfer duty on trust acquisition or trust surrender

(1)If, because of the creation of a trust of dutiable property, a person acquires a trust interest in the property, transfer duty is not imposed on the acquisition if—

(a)transfer duty has been paid for the dutiable transaction that is the creation of the trust of the property; or

(b)the dutiable transaction that is the creation of the trust of the property is exempt from transfer duty.

(2)If, because of the acquisition of dutiable property by a trust, a person acquires a trust interest in the property, transfer duty is not imposed on the acquisition of the trust interest if—

(a)the trustee has paid transfer duty for the acquisition of the property; or

(b)the dutiable transaction that is the acquisition of the property is exempt from transfer duty; or

(c)duty is not imposed on the acquisition of the property by the trustee.

(3)If, because of the termination of a trust of dutiable property, a person surrenders a trust interest in the property, transfer duty is not imposed on the surrender if—

(a)transfer duty has been paid for the dutiable transaction that is the termination of the trust of the property; or

(b)the dutiable transaction that is the termination of the trust of the property is exempt from transfer duty.

67   Parties to trust acquisition and trust surrender

(1)For a trust acquisition, the beneficiary acquiring the trust interest is the party to the dutiable transaction.

(2)For a trust surrender, the trustee and the beneficiary whose trust interest is surrendered are the parties to the dutiable transaction.

Note—

Under section 17, the parties to a dutiable transaction are liable to pay transfer duty imposed on the transaction.

Division 7 Public unit trusts

Subdivision 1 Preliminary

68   What is a public unit trust

A public unit trust is—

(a)a listed unit trust; or

(b)a widely held unit trust; or

(c)a wholesale unit trust; or

(d)a pooled public investment unit trust; or

(e)a declared public unit trust.

Subdivision 2 Basic concepts about listed unit trusts

69   What is a listed unit trust

A listed unit trust is a unit trust the units in which are quoted on the market operated by a recognised stock exchange.

Notes—

1Section 498A includes provision about when the quotation of securities is suspended.

2An acquisition of an interest in a listed unit trust that is a landholder may be dutiable under chapter 3, part 1 (Landholder duty).

Subdivision 3 Basic concepts about widely held unit trusts

70   What is a widely held unit trust

(1)A widely held unit trust is a unit trust, other than a listed unit trust, that is a registered managed investment scheme for which—

(a)units in the trust have been issued to the public; and

(b)50 or more persons are beneficially entitled to the units in the trust; and

(c)more than 20 persons are beneficially entitled to at least 75% of the total units in the trust.

Note—

Also, under section 71, the commissioner may treat a unit trust as a widely held unit trust.

(2)However, for a trust acquisition or trust surrender of a trust interest in a trust, a unit trust is not a widely held unit trust if subsection (1)(b) and (c) is not satisfied before and after the trust acquisition or trust surrender.

(3)For subsection (2), a trust acquisition or trust surrender of a trust interest in a unit trust includes a series of trust acquisitions or trust surrenders under an arrangement.

(4)If subsection (2) applies to a unit trust, the trust is not a widely held unit trust from immediately before the trust acquisition or trust surrender or the first acquisition or surrender under the arrangement.

(5)For subsection (1), a person is taken to be beneficially entitled to all units held by the person and related persons of the person.

71   When unit trust may be treated as widely held unit trust

(1)This section applies if the commissioner is satisfied—

(a)units in a unit trust (the start up units) will be issued to the public to an extent and with the entitlements mentioned in section 70(1) within 1 year after the first issue of units to the public; and

(b)the start up units are the only units in the unit trust to be issued from and including the first issue to the public until the unit trust becomes a widely held unit trust (the start-up period).

(2)The commissioner may treat the unit trust as a widely held unit trust for the start-up period.

(3)However, if the start-up units are not issued in the way mentioned in subsection (1)(a) or are not the only units issued in the unit trust in the start-up period (the disqualifying circumstances)—

(a)the trustee must, within 28 days after the disqualifying circumstances happen, give the commissioner notice about the disqualifying circumstances; and

(b)the unit trust is taken not to have been a widely held unit trust in the start-up period; and

(c)the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the trust were not a widely held unit trust in the period; and

(d)the start date for the Administration Act, section 54(4), is 61 days after the relevant trust acquisition or trust surrender.

Subdivision 4 Basic concepts about wholesale unit trusts

72   What is a wholesale unit trust

(1)A wholesale unit trust is a unit trust, other than a listed unit trust—

(a)that is established and managed by a funds manager; and

(b)the units in which are predominantly acquired by, for or on account of, wholesale investors.

(2)A wholesale unit trust includes a unit trust that holds land in Queensland, or has an indirect interest in land in Queensland, only if the trust was established, and continues, solely for the investment of funds placed with it by wholesale investors using the funds manager’s funds management and investment services.

(3)However, for a trust acquisition or trust surrender of a trust interest in a trust, a unit trust is not a wholesale unit trust if—

(a)the trust is established or managed for a particular person; or

(b)subsection (1)(b) or if applicable subsection (2) is not satisfied before and after the trust acquisition or trust surrender.

(4)For subsection (3), a trust acquisition or trust surrender of a trust interest in a unit trust includes a series of trust acquisitions or trust surrenders under an arrangement.

(5)If subsection (3) applies to a unit trust, the trust is not a wholesale unit trust from immediately before the trust acquisition or trust surrender or the first acquisition or surrender under the arrangement.

73   What is a funds manager

(1)A funds manager is—

(a)a body corporate that provides funds management and investment services to wholesale investors as its principal business if—

(i)the body corporate manages funds of more than $500,000,000 invested with it; and

(ii)the business is not conducted to provide the services only to particular wholesale investors; and

(iii)the body corporate is recognised by other funds managers as a competitor with them for the services; or

(b)a body corporate that is a member of a corporate group of a financial institution or an insurer whose principal business is providing funds management and investment services to wholesale investors if—

(i)the body corporate or the corporate group manages funds of more than $500,000,000 invested with it by wholesale investors; and

(ii)the business is not conducted to provide the services only to particular wholesale investors; and

(iii)the body corporate is recognised by other funds managers as a competitor with them for the services.

(2)Subsection (3) applies if the commissioner is satisfied a body corporate or corporate group will provide funds management and investment services to wholesale investors to the extent mentioned in subsection (1)(a) or (b) within the start-up period.

(3)The commissioner may treat the body corporate as a funds manager for the start-up period.

(4)However, if the body corporate or corporate group does not provide funds management and investment services as mentioned in subsection (1) in the start-up period—

(a)the body corporate must, within 28 days after the end of the start-up period, give the commissioner notice of that fact; and

(b)the body corporate is taken not to have been a funds manager in the start-up period; and

(c)the commissioner must make an assessment for transfer duty for each trust acquisition or trust surrender in the start-up period as if the body corporate were not a funds manager in the period; and

(d)the start date for the Administration Act, section 54(4), is 61 days after the relevant trust acquisition or trust surrender.

(5)In this section—

insurer means—

(a)a person who is authorised under the Insurance Act 1973 (Cwlth) to carry on an insurance business; or

(b)a life company.

start-up period, for a body corporate, means 1 year after the first acquisition by a wholesale investor of a trust interest in a unit trust established and managed by the body corporate.

74   Who is a wholesale investor

A wholesale investor in a wholesale unit trust is—

(a)a funds manager, other than the funds manager that established and manages the trust, investing funds of another wholesale unit trust managed by the funds manager; or

(b)the trustee of another wholesale unit trust investing funds of another wholesale unit trust managed by the trustee; or

(c)the trustee of a superannuation fund under the Superannuation Industry Act having more than $10,000,000 in assets; or

(d)a person who has more than $10,000,000 invested in wholesale unit trusts.

Subdivision 5 Basic concepts about pooled public investment unit trusts

75   What is a pooled public investment unit trust

(1)A pooled public investment unit trust is a unit trust, other than a listed unit trust, widely held unit trust, wholesale unit trust or declared public unit trust, that is a registered managed investment scheme, exempt managed investment scheme or pooled superannuation trust for which—

(a)either of the following applies—

(i)units in the trust have been issued to the public;

(ii)at least 75% of the total units in the trust are held by 2 or more large qualified holders; and

(b)at least 50 persons are entitled to units in the trust; and

(c)more than 20 persons are entitled to at least 75% of the total units in the trust.

Note—

See sections 77 (Who is holder of units in pooled public investment unit trust) and 78 (Who is entitled to units in pooled public investment unit trust).

(2)However, for a trust acquisition or trust surrender of a trust interest in a trust, a unit trust is not a pooled public investment unit trust unless—

(a)if subsection (1)(a)(i) applies—subsection (1)(b) and (c) is satisfied before and after the trust acquisition or trust surrender; or

(b)if subsection (1)(a)(ii) applies—subsection (1)(a)(ii), (b) and (c) is satisfied before and after the trust acquisition or trust surrender.

(3)For subsection (2), a trust acquisition or trust surrender of a trust interest in a unit trust includes a series of trust acquisitions or trust surrenders under an arrangement.

(4)If subsection (2) applies to a unit trust, the trust is not a pooled public investment unit trust from immediately before the trust acquisition or trust surrender or the first acquisition or surrender under the arrangement.

76   Who is a qualified holder and a large qualified holder

(1)A qualified holder of units in a unit trust is—

(a)the trustee of a listed unit trust, widely held unit trust, wholesale unit trust or declared public unit trust; or

(b)the trustee of a complying superannuation fund; or

(c)the trustee of a complying approved deposit fund; or

(d)a life company if the units held represent an investment of its statutory funds maintained by it under the Life Insurance Act 1995 (Cwlth); or

(e)a person of a class approved under section 76A; or

(f)a person approved under section 76B.

(2)A large qualified holder of units in a unit trust is a qualified holder with more than 50 members.

76A   Approval of class of foreign unit holders as qualified holders

The commissioner may, by gazette notice, approve a class of persons as qualified holders of units in a unit trust if the commissioner is satisfied persons of that class hold the units in a capacity that, under the law of a foreign country or external Territory, corresponds to—

(a)an entity mentioned in section 76(1)(a) other than the trustee of a declared public unit trust; or

(b)an entity mentioned in section 76(1)(b) to (d).

76B   Approval of particular foreign unit holder as qualified holder

(1)The trustee of a unit trust may apply to the commissioner for the approval, for section 76(1)(f), of a stated person who holds units in the trust (the unit holder).

(2)The application must—

(a)be in the approved form; and

(b)be supported by enough information to enable the commissioner to decide the application.

(3)The commissioner may approve the application if satisfied the unit holder holds the units in a capacity that, under the law of a foreign country or external Territory, corresponds to—

(a)an entity mentioned in section 76(1)(a) other than the trustee of a declared public unit trust; or

(b)an entity mentioned in section 76(1)(b) to (d).

(4)If the commissioner reasonably requires advice about a particular matter before deciding the application, the commissioner may refuse to deal further with the application until the applicant pays, or agrees to pay, the reasonable costs of obtaining the advice.

(5)The commissioner may give approval subject to conditions the commissioner considers appropriate.

Example—

A condition may state that the approval ends if there is a particular change in the circumstances of the person to whom the approval relates.

(6)The commissioner must give notice of the decision on the application to the applicant.

(7)If, because of the decision, the commissioner makes an assessment on the basis that a particular person is not approved, or is approved on stated conditions, an objection to the decision may be made as part of an objection to the assessment.

Note—

For objections and appeals against assessments, see the Administration Act, part 6.

(8)An approval takes effect on the day it is given or on the later day stated in the notice of the decision to give the approval.

76C   Approval holders must notify commissioner of material changes

(1)This section applies to an approval in force under section 76B if there is a material change in the circumstances existing when the approval was given.

(2)Within 28 days after the approval holder becomes aware, or ought reasonably to have become aware, of the change, the approval holder must give the commissioner notice of the change.

Note—

Failure to give the notice is an offence under the Administration Act, section 120.

76D   Cancellation or variation of approvals

(1)The commissioner may, by notice to the holder of an approval in force under section 76B, cancel the approval or vary it in a stated way if the commissioner considers—

(a)a condition of the approval is no longer being satisfied or complied with; or

(b)there has been a material change in the circumstances existing when the approval was given.

(2)The cancellation or variation has effect on the day stated in the notice (the effective day).

(3)The effective day may be earlier than the day the notice is given but not earlier than the day the condition mentioned in subsection (1)(a) stopped being satisfied or complied with or the day of the material change in the circumstances mentioned in subsection (1)(b).

(c)an option to acquire dutiable property if the acquisition of the property would be a dutiable transaction;

(d)a right to use an existing statutory licence granted by the State;

(e)a right to use an existing statutory licence granted by the Commonwealth if the rights under the licence are exercisable in Queensland;

(g)a cane railway easement granted under the Sugar Industry Act 1999;

(h)a water entitlement;

(i)a licence or right to do a thing that is—

(i)prescribed under a regulation; and

(ii)sold or granted by the State, a government entity, a government owned corporation or a rail government entity under the Transport Infrastructure Act 1994.

new start date—

(a)for chapter 2, parts 13 and 14—see section 151A(3)(b)(i); and

(b)for chapter 10, part 2—see section 417(1)(b).

new vehicle means a vehicle as defined for chapter 9 that has not been previously registered in Queensland or another State.

notice means written notice.

notice of registration, for a self assessor, means a notice of the self assessor’s registration under chapter 12, part 1 to 3, and includes the notice of amendment of the self assessor’s registration given under section 464(1).

notification event, for chapter 4, part 5, division 4, see section 246AG.

objection, for an assessment, see the Administration Act, schedule 2.

obtains a BTR land tax concession, in relation to land for a financial year, for chapter 4, part 4AA, see section 245D(1).

occupancy requirement, for a person’s residence, means the person’s occupation date for the residence is within 1 year or 2 years after the transfer date for the land, whichever is relevant under section 86(1) or 86B(1)(a).

occupancy right means an agreement granting, or an offer for the grant of, a right to occupy premises in Queensland if—

(a)the occupier intends to use the premises for conducting a business; and

(b)the occupier does not obtain a right to exclusive possession but the occupier’s use and enjoyment of the premises as a place of business is not adversely affected by the absence of the right to exclusive possession; and

(c)one of the following applies—

(i)the right is for a term of less than 1 month and there is an arrangement for extension or renewal of the right beyond 1 month and the cost of the right is more than $10,000 on an annual basis;

(ii)the right is for a term of at least 1 month but less than 1 year and the cost of the right is more than $10,000 on an annual basis;

(iii)the right is for a term of at least 1 year and the consideration for the term of the right is more than $10,000 annually.

occupation date, for a residence, see section 88.

occupy, in relation to a relevant acquirer’s residence, for chapter 4, part 5, division 4, see section 246AG.

omitted definition, for chapter 17, part 6, see section 568.

optional equipment, for a vehicle as defined for chapter 9, means equipment and features that—

(a)are not included in the vehicle’s list price; and

(b)are fitted to the vehicle or otherwise provided with the vehicle when the purchaser takes possession of it.

original assessment see the Administration Act, schedule 2.

original decision means a decision of the commissioner to—

(a)refuse an application to register a person as a self assessor; or

(b)amend, suspend or cancel a self assessor’s registration other than a decision to cancel the registration under section 470A; or

(d)require a person to pay a penalty amount.

original transferor, for chapter 4, part 5, division 2, see section 246AA.

outstanding amount, for landholder duty, includes unpaid tax interest and penalty tax for the duty.

Note—

See the Administration Act, sections 54 (Unpaid tax interest) and 58 (Liability for penalty tax).

outstanding liability—

(a)for chapter 2, part 15, division 4, see section 156P(1)(b); or

(b)for chapter 4, part 6, see section 246B(1)(b).

owner, of a residence or vacant land, includes the lessee of a lease mentioned in section 85(b) of the land on which the residence is constructed or is to be constructed.

ownership interest see the Income Tax Assessment Act 1997 (Cwlth), section 125.60(1).

parent company see section 401.

partition see section 31(1).

partnership acquisition see section 41.

partnership interest see section 42.

party, to a marriage, includes a person who was a party to a marriage that has been dissolved or annulled, whether in Australia or elsewhere.

payment commitment, for an agreement for the transfer of dutiable property that is a relevant transfer agreement, see section 156N.

payment day, for chapter 4A, see section 246N(2)(c)(ii).

penalty amount see section 488(2).

penalty tax see the Administration Act, section 58(1).

permanent resident means—

(a)the holder of a permanent visa as defined by the Migration Act 1958 (Cwlth), section 30(1); or

(b)a New Zealand citizen who is the holder of a special category visa as defined by the Migration Act 1958 (Cwlth), section 32.

personal property means a personal chattel.

Examples of personal property—

1an aircraft, boat or motor vehicle

2livestock

3material held for use in manufactured or partially manufactured goods

4plant or equipment

5trading stock

place includes land and premises.

plant breeder right means—

(a)a plant breeder’s right under the Plant Breeder’s Rights Act 1994 (Cwlth); or

(b)a plant breeder’s right corresponding to a right mentioned in paragraph (a).

pooled public investment unit trust see section 75.

pooled superannuation trust see the Superannuation Industry Act, section 10.

pool of financial assets see section 130F.

pool of mortgages see section 288.

premises means—

(a)a building or structure of any kind or part of a building or structure of any kind; or

(b)a building or structure of any kind or part of a building or structure of any kind together with the land, or part of the land, on which the building or structure is situated.

premium, for general insurance or life insurance, see section 353.

premium funding agreement means an agreement under which—

(a)a person agrees to make a loan, to the insured person under a policy of insurance of any kind, of an amount payable for premiums under the policy; and

(b)the person obtains from the insured person an assignment of either or both of the following as security for payment of the loan—

(i)the insured person’s interest in the policy;

(ii)all amounts payable under the policy.

pre-repeal credit transaction, for chapter 17, part 5, division 1, see section 554(1).

pre-repeal hire, for chapter 17, part 6, division 4, see section 578.

pre-repeal hiring charge, for chapter 17, part 6, division 4, see section 578.

pre-repeal lease duty liability, for chapter 17, part 5, division 2, see section 558(1).

pre-repeal marketable security transaction, for chapter 17, part 6, division 3, see section 572.

prescribed business means a business involving solely an activity prescribed under a regulation.

prescribed credit card provider means a corporation that—

(a)

is principally engaged in supplying goods or services or is a related body corporate of a corporation (the related corporation) that is principally engaged in supplying goods or services; and

(b)issues a credit card principally for use in connection with transactions between the credit card holder and the corporation or the related corporation for the supply of goods or services by the corporation or the related corporation; and

(c)is prescribed under a regulation to be a corporation to which this paragraph applies.

prescribed interest scheme means an investment scheme that offers prescribed interests as that term was defined in the former Corporations Law as in force on 30 June 1998.

previous—

(a)for chapter 17, part 6, division 4, see section 578; and

(b)for chapter 17, part 9, division 1, see section 590; and

(c)for chapter 17, part 15, see section 622.

primary beneficiary, of a trust, means a person who under the instrument creating the trust is the first taker in default of an appointment for capital by the trustee of the trust.

primary custodian—

1

The primary custodian for the responsible entity of a registered managed investment scheme means the corporation that has been appointed under the Corporations Act, section 601FB(2), to hold property of the scheme as agent for the responsible entity.

2However, the term does not include a person who, under the Corporations Act, section 601FB(3), is taken to be an agent appointed by the responsible entity to do something for subsection (2) of the section.

primary producer means—

(a)for chapter 9—a person who, under the Vehicle Registration Act, is entitled to concessional registration for a primary production vehicle under that Act; or

(b)otherwise—a person engaged in the business of primary production.

principal, for a loan, means the amount actually lent.

principal, for chapter 4, part 5, division 2, see section 246AA.

private landholder see section 165A(1).

properly stamped see section 491.

property—

(a)generally—includes dutiable property and a new right; or

(b)of a corporation for chapter 3, part 1—see section 168.

proposed action see section 466(2)(a).

proprietary company see the Corporations Act, section 45A(1).

public company means a company other than a proprietary company.

public landholder see section 165A(2).

public offer superannuation fund see the Superannuation Industry Act, section 18.

public superannuation entity means—

(a)a complying approved deposit fund, other than an excluded approved deposit fund under the Superannuation Industry Act, section 10; or

(b)an eligible rollover fund; or

(c)a pooled superannuation trust; or

(d)a public offer superannuation fund; or

(e)a fund or trust the trustee of which declares will be a fund or trust mentioned in paragraphs (a) to (d) within 1 year after the creation of the fund or trust.

public unit trust see section 68.

purchase agreement means an uncompleted agreement, whether or not conditional, for the acquisition of dutiable property.

qualified holder see section 76(1).

qualifying exempt purpose see section 415(1).

Queensland business see section 36.

Queensland business asset see section 34.

Queensland company means a company within the meaning of the Corporations Act that is taken to be registered in Queensland under that Act.

Queensland marketable security—

1

A Queensland marketable security means—

(a)any share or right relating to a share in a Queensland company or society; or

(b)any share or right relating to a share in a foreign company that is kept on the Australian register kept in Queensland; or

(c)any right or interest, whether described as a unit or otherwise, of a beneficiary under a public unit trust registered on a register kept in Queensland.

2However, the term does not include any share, right or interest that—

(a)is quoted on the market operated by a recognised stock exchange; or

(b)relates to a share mentioned in paragraph (a).

Note—

Section 498A includes provision about when the quotation of securities is suspended.

reassessment see the Administration Act, schedule 2.

reassessment event see section 84M(1).

recognised stock exchange means—

(a)the Australian Securities Exchange; or

(b)another stock exchange prescribed under a regulation.

referable point, for the dutiable proportion of a mortgage, means the document used to work out the dutiable proportion under section 260.

registered, for a vehicle, means registered under the Vehicle Registration Act or the Act of another State that corresponds to the Vehicle Registration Act.

registered commercial hirer ...

registered credit card provider ...

registered credit provider, for chapter 17, part 5, division 1, see section 554(1).

registered general insurer ...

registered insurer means an insurer registered under chapter 12, part 1.

registered life insurer ...

registered managed investment scheme means a managed investment scheme within the meaning of the Corporations Act, section 9, if the scheme is registered under section 601EB of that Act.

registered operator, of a vehicle, means the person in whose name the vehicle is registered.

registered valuer means a valuer registered under the Valuers Registration Act 1992.

registrar means the registrar of titles or another person responsible for keeping a register for dealings in land.

related, for chapter 2, part 15, see section 156G.

related body corporate see the Corporations Act, section 50.

related person—

(a)for chapter 2, part 8—see section 61; or

(b)for chapter 3 or section 498—see section 164; or

(c)for chapter 4—see section 238; or

(d)otherwise—see section 61(1).

relative, for chapter 9, see section 379A.

release of mortgage includes—

(a)a retransfer of the property secured by a mortgage or the benefit of that property; and

(b)a release or discharge of a mortgage or the obligations under a mortgage.

relevant acquirer, of dutiable property, for chapter 4, part 5, division 4, see section 246(2).

relevant acquisition—

(a)for chapter 3, part 1, chapter 10, part 1 or section 431B or 498—see section 158; or

(b)for chapter 3, part 2—see section 207.

relevant corporation, for a corporate trustee, see section 211.

relevant exploration or development see section 84F.

relevant lodgement requirement, for chapter 12A, see section 471B.

relevant period, in relation to a residence, for chapter 4, part 5, division 4, see section 246AG.

relevant residential land ...

relevant transactions, for chapter 4 and 4A, see section 230.

relevant transfer agreement see section 156D.

repealed—

(a)for chapter 17, part 5, division 1, see section 554(1); and

(b)for chapter 17, part 5, division 2, see section 558(1).

repealed Act means the repealed Stamp Act 1894 as in force immediately before its repeal.

representative, of a self assessor, means—

(a)for a body corporate—an executive officer of the body; or

(b)for a partnership—a partner of the partnership; or

(c)for an unincorporated body—a management member of the body.

residence see section 87.

resident, of a retirement village, see the Retirement Villages Act 1999, section 9.

residential land—

(a)see section 86A; and

(b)for chapter 5, part 6 and section 291—includes land, or the part of land, on which a residence is to be constructed.

residential vacant land see section 86C(2).

resource authority means any of the following—

(a)a geothermal tenure under the Geothermal Energy Act 2010;

(b)a GHG authority under the Greenhouse Gas Storage Act 2009;

(c)a mining tenement under the Mineral Resources Act 1989;

(d)the following petroleum authorities under the Petroleum and Gas (Production and Safety) Act 2004—

(i)an authority to prospect;

(ii)a petroleum lease;

(iii)a data acquisition authority;

(iv)a water monitoring authority;

(v)a pipeline licence;

(vi)a petroleum facility licence;

(e)an authority to prospect or lease under the Petroleum Act 1923;

(f)a sublease under the following—

(i)a geothermal coordination arrangement under the Geothermal Energy Act 2010;

(ii)a GHG coordination arrangement under the Greenhouse Gas Storage Act 2009;

(iii)a coordination arrangement under the Petroleum and Gas (Production and Safety) Act 2004.

responsible entity, for a unit trust that is a registered management investment scheme, means the responsible entity under the Corporations Act for the unit trust.

retirement village see the Retirement Villages Act 1999, section 5.

retirement village leasing arrangement means an arrangement—

(a)entered into between an owner of an accommodation unit in a retirement village and the scheme operator; and

(b)under which the owner leases the unit to the scheme operator but occupies the unit, as the owner’s principal place of residence, under a sublease from the scheme operator; and

(c)that is the only arrangement available to the owner for occupying the unit.

retrospectivity period, for chapter 17, part 17, see section 630.

return means a form of return approved under this Act for lodgement by a self assessor.

return date, for lodgement of returns by a self assessor, means the date stated in the notice of registration given to the self assessor for lodging returns and paying duty.

return period, for lodgement of returns by a self assessor, means the period stated in the notice of registration given to the self assessor to be covered by the returns.

return self assessment see the Administration Act, schedule 2.

review decision see section 473(1).

sale agreement means an uncompleted agreement, whether or not conditional, for the disposal of dutiable property.

scheme means—

(a)any agreement, arrangement, understanding, promise or undertaking—

(i)whether it is express or implied; and

(ii)whether or not it is, or is intended to be enforceable, by legal proceedings; or

(b)any scheme, plan, proposal, action, course of action or course of conduct whether unilateral or otherwise.

scheme operator means a retirement village scheme operator within the meaning of the Retirement Villages Act 1999, section 8.

scheme property means dutiable property of a registered managed investment scheme held by a person as—

(a)the responsible entity of the scheme; or

(b)a primary custodian for the responsible entity of the scheme.

section 152 exempt transaction see section 152(3).

security interest means the estate or interest of a mortgagee, chargee or other secured creditor.

self assessor means a person registered under chapter 12, part 1, 2 or 3, as a self assessor.

share—

(a)for chapter 10, part 1—means a share or stock of a corporation or society; or

(b)otherwise—means a share or stock of a corporation or society, or an interest in a share or stock of a corporation or society.

share buy-back ...

share interest—

(a)of a person in a transferee corporation, for chapter 10, part 1A—see section 413D; or

(b)otherwise—see section 208.

short-term ...

show cause notice see section 466(1).

show cause period see section 466(2)(e).

signed—

(a)in relation to an ELN transaction document for an ELN transfer—see section 156E(1); or

(b)in relation to an ELN transaction document for an ELN lodgement—see section 156E(2).

significant interest, of a person in a landholder, see section 159.

site agreement see the Manufactured Homes (Residential Parks) Act 2003, section 14.

small business entity, for chapter 10, part 1A, see section 413A.

small business property, for chapter 10, part 1A, see section 413B.

society means—

(a)a society registered under the Financial Intermediaries Act 1996 as a cooperative housing society; or

(b)a co-operative under the Co-operatives National Law (Queensland).

special vehicle means any of the following—

(a)a vehicle that is, or will be on its registration, registered under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2010, section 12(2);

(b)mobile machinery within the meaning of the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2010, schedule 8, other than mobile machinery built on a truck chassis.

spouse includes de facto partner and civil partner.

staged development, for chapter 4, part 4AA, see section 245C.

standard self assessment see the Administration Act, schedule 2.

stapled entity see the Income Tax Assessment Act 1997 (Cwlth), section 124.1045(2).

start date—

(a)for chapter 2, parts 13 and 14—see section 151A(2)(d); and

(b)for chapter 10, part 2—see section 416(1)(a) and (2)(a).

start time, for chapter 17, part 17, see section 630.

statutory business licence means a statutory licence that is required to be held by a person to carry out an activity for gain or reward.

statutory dutiable transaction means a dutiable transaction mentioned in section 9(1)(a) to (d) under which a statutory entity makes a compulsory acquisition of dutiable property.

statutory entity means—

(a)a constructing authority under the Acquisition of Land Act 1967; or

(b)an entity that is established under an Act and authorised under the Act to acquire property.

statutory licence means a licence, permit or other authority issued or given under a Queensland or Commonwealth Act, other than the following—

(a)a chattel authority;

(b)an exploration permit under the Petroleum (Submerged Lands) Act 1982.

subordinate interest, for chapter 2, part 8, division 7, means—

(a)for a corporation—a shareholder’s interest in the corporation being the proportion that the number of the shareholder’s shares bears to the total issued shares of the corporation expressed as a percentage; or

(b)for a partnership—a partnership interest; or

(c)for a trust—a trust interest.

subscriber, for chapter 2, part 15, see section 156D.

subsidiary for—

(a)chapter 3—see section 166; or

(b)chapter 10—see section 402.

Superannuation Industry Act means the Superannuation Industry (Supervision) Act 1993 (Cwlth).

supply right, of a business, means a right under an uncompleted contract for the supply of goods or services of the business.

surrender includes the following—

(a)abandonment;

(b)abrogation;

(c)cancellation;

(d)extinguishment;

(e)forfeiture;

(f)redemption;

(g)relinquishment.

the State includes a body or instrumentality that represents the State.

traditional purposes means the traditional purposes of Aboriginal people or Torres Strait Islanders under Aboriginal tradition or Island custom, including, for example—

(a)camping, fishing, gathering or hunting; and

(b)performing rites or other ceremonies; and

(c)visiting sites of significance.

trading stock, for chapter 9, means a used vehicle offered or exposed for sale by a vehicle dealer in the course of the dealer’s business, other than a vehicle used—

(a)solely or principally by the dealer or a member of the dealer’s staff or family; or

(b)for the general purposes of the dealer’s business.

transaction number, for an instrument or ELN transaction document endorsed by a self assessor, means the transaction number—

(a)assigned to the instrument or ELN transaction document by the self assessor under a system stated in the self assessor’s notice of registration; or

(b)assigned to the instrument or ELN transaction document, and notified to the self assessor, under a system administered by the commissioner.

transaction statement means a form of transaction statement approved under this Act for lodgement by a self assessor.

transfer includes assignment and exchange.

transferable site area means a floor space area that—

(a)is recorded in a register kept by a local government; and

(b)derives from the unused development potential of land in Queensland that contains improvements of heritage value; and

(c)may, subject to obtaining all necessary consent and approvals, be used in the development of other land in Queensland.

transfer date, for residential land or vacant land, see section 89.

transfer day, in relation to a relevant transaction, for chapter 4, part 5, division 4, see section 246AG.

transfer duty see section 8(1).

transfer duty statement see section 18.

transfer information, for chapter 2, part 15, see section 156D.

transferee corporation, for chapter 10, part 1A, see section 413C.

truck see the Vehicle Registration Act, schedule 4.

trust acquisition see section 55.

trustee—

(a)generally—includes a former trustee; and

(b)of an eligible superannuation entity for sections 130A and 130B, means—

(i)if the entity’s trustee is an RSE licensee under the Superannuation Industry Act, section 10—the RSE licensee; or

(ii)otherwise—the trustee of the entity under the Superannuation Industry Act, section 10.

trust interest see section 57(1).

trust surrender see section 56.

ultimate entity means a partnership or trust in a series of partnerships or trusts if it holds dutiable property and does not hold an indirect interest in dutiable property.

unencumbered value, of property, see section 14.

unit, in a unit trust, means a right or interest (however described) of a beneficiary under the trust, and includes an interest in a unit in the trust.

unlisted corporation means a corporation other than a listed corporation.

Note—

Section 498A includes provision about when the quotation of securities is suspended.

unlocked, in relation to an ELN workspace for an ELN transfer or ELN lodgement, see section 156F(2).

unpaid tax interest see the Administration Act, section 54(1).

upfront farm-in agreement see section 84B.

vacant land see section 86C(1).

vacant land concession beneficiary see section 86D.

vehicle means a vehicle that is required to be registered under the Vehicle Registration Act, but does not include the following—

(a)a caravan;

(b)a trailer.

vehicle dealer means—

(a)the holder of a motor dealer licence under the Motor Dealers and Chattel Auctioneers Act 2014 or the holder of an equivalent licence or other authority under an Act of another State that corresponds to that Act; or

(b)a person who carries on the business of selling new vehicles.

Vehicle Registration Act means the Transport Operations (Road Use Management) Act 1995.

vehicle registration duty see section 377(1).

vested person, for property, means a person in whom the property is vested.

voting control, for a company, means being in a position to cast, or control the casting of, 90% or more of the maximum votes that can be cast at a general meeting of the company other than under a debenture or trust deed securing the issue of a debenture.

water allocation see the Water Act 2000, schedule 4.

water entitlement see the Water Act 2000, schedule 4.

wholesale client see the Corporations Act, section 761G(4).

wholesale investor see section 74.

wholesale unit trust see section 72(1) and (2).

widely held unit trust see section 70(1).

windfall duty, for chapter 4A, see section 246L.

WorkCover Queensland means WorkCover Queensland established under the Workers’ Compensation and Rehabilitation Act 2003.