Victorian Current Acts

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DUTIES ACT 2000 - SECT 32XE

Calculation of percentage of beneficial ownership taken to have been acquired

    (1)     Subject to subsection (2), the beneficial ownership acquired under an economic entitlement is the percentage of the total of all entitlements referred to in section 32XC(1)(b)(i), (ii), (iii), (iv) or (v) (as the case requires) that the person is or will be entitled to receive or acquire under the economic entitlement.

    (2)     The beneficial ownership acquired under an economic entitlement is 100% if—

        (a)     the arrangement under which the economic entitlement is acquired does not specify the percentage of the economic entitlement referred to in subsection (1); or

        (b)     the arrangement under which the economic entitlement is acquired, in addition to specifying the percentage of the economic entitlement referred to in subsection (1), includes any other entitlement of, or amount payable to, the person or an associated person; or

        (c)     the arrangement under which the economic entitlement is acquired entitles the person or an associated person to 2 or more of the entitlements referred to in section 32XC(1)(b)(i), (ii), (iii), (iv) and (v).

    (3)     Despite subsection (2), the Commissioner may determine a lesser percentage than the percentage referred to in that subsection in any particular case if the Commissioner considers it appropriate in the circumstances.

S. 32XF inserted by No. 17/2019 s. 10.



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