New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 163D

163D Concession for primary producers--continuation of land rich requirement

(1) Duty is chargeable under this Chapter in respect of an acquisition of an interest in a primary producer only if, when the acquisition is made, the primary producer is land rich.

(2) For the purposes of this section, a
"primary producer" is a landholder whose land holdings in all places, whether within or outside Australia, wholly or predominantly comprise land used for primary production or land that would be considered to be land used for primary production if it were land in New South Wales.

(3) A primary producer is
"land rich" if--

(a) it has land holdings in New South Wales with an unencumbered value of $2,000,000 or more, and

(b) its land holdings in all places, whether within or outside Australia, comprise 80% or more of the unencumbered value of all its property.

(4) If at any time within the period of 5 years after an acquisition of an interest in a primary producer is made, the landholder in whom the acquisition is made ceases for any length of time to be a primary producer--

(a) the person who made the acquisition must immediately notify the Chief Commissioner--

(i) that the landholder has ceased to be a primary producer, and

(ii) of the date on which the landholder ceased to be a primary producer, and

(b) duty is chargeable under this Chapter in respect of the acquisition on the date on which the landholder ceased to be a primary producer, and

(c) the Chief Commissioner must make an assessment of the duty so chargeable.

(5) Property is not to be counted in calculating the unencumbered value of the property of a primary producer for the purposes of this section if the primary producer is unable to satisfy the Chief Commissioner that the property was obtained otherwise than to reduce, for the purposes of this Chapter, the ratio of its land holdings in all places, whether within or outside Australia, to the unencumbered value of all its property.