New South Wales Consolidated Acts

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DUTIES ACT 1997 - SECT 273B

Reduction in duty for corporate reconstruction and corporate consolidation transactions

273B Reduction in duty for corporate reconstruction and corporate consolidation transactions

(1) This section applies to a transaction if the Chief Commissioner is satisfied, on application by a party to the transaction, that--
(a) the transaction is a corporate reconstruction transaction, and
(b) the transaction, or the series of transactions of which the transaction is a part, is undertaken for the purpose of either or both of the following--
(i) changing the structure of a corporate group,
(ii) changing the holding of assets within a corporate group, and
(c) the transaction, or the series of transactions of which the transaction is a part--
(i) is not undertaken for a purpose of avoiding or reducing duty under this Act on another transaction, and
(ii) is not undertaken for the sole or dominant purpose of avoiding or reducing a liability for tax, other than duty under this Act, under a law of an Australian jurisdiction.
(2) This section applies to a transaction if the Chief Commissioner is satisfied, on application by a party to the transaction, that the transaction is a corporate consolidation transaction.
(3) If this section applies to a transaction, the duty chargeable on the transaction is 10% of the duty that would be chargeable on the transaction if this section did not apply.



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