Victorian Numbered Acts

STATE TAXATION ACTS AMENDMENT ACT 2015 (NO. 26 OF 2015) - SECT 14

In section 3(1) of the Duties Act 2000 insert the following definitions—

" controlling interest has the meaning given by section 3A;

"foreign corporation" means—

        (a)     a corporation that is incorporated outside Australia; or

        (b)     a corporation in which one of the following persons has a controlling interest—

              (i)     a foreign natural person;

              (ii)     another foreign corporation;

              (iii)     the trustee of a foreign trust;

"foreign natural person" means a natural person who is not any of the following—

        (a)     an Australian citizen within the meaning of the Australian Citizenship Act 2007 of the Commonwealth;

        (b)     the holder of a permanent visa within the meaning of section 30(1) of the Migration Act 1958 of the Commonwealth;

        (c)     a New Zealand citizen who is the holder of a special category visa within the meaning of section 32(1) of the Migration Act 1958 of the Commonwealth;

"foreign purchaser" means a transferee (for the purposes of Chapter 2) or a person who makes a relevant acquisition (for the purposes of Chapter 3), and that transferee or person is—

        (a)     a foreign natural person; or

        (b)     a foreign corporation; or

        (c)     the trustee of a foreign trust;

"foreign trust" means a trust in which one of the following persons has a substantial interest in the trust estate—

        (a)     a foreign corporation;

        (b)     a foreign natural person;

        (c)     another person that holds the substantial interest as trustee of another foreign trust;

"land-related interest" means an interest or estate in land referred to in section 10(1)(a) to (ac) or (e);

"potential voting power" has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth;

"residential property" means land in Victoria—

        (a)     on which there is a building affixed that—

              (i)     is designed and constructed solely or primarily for residential purposes; and

              (ii)     may lawfully be used as a place of residence; or

        (b)     on which a foreign purchaser intends to affix a building that—

              (i)     is designed and constructed solely or primarily for residential purposes; and

              (ii)     may lawfully be used as a place of residence;

substantial interest has the meaning given by section 3B;

"voting power" has the same meaning as in the Foreign Acquisitions and Takeovers Act 1975 of the Commonwealth;".