STATUTES AMENDMENT (LAND HOLDING ENTITIES AND TAX AVOIDANCE SCHEMES) BILL

Final Stages

The Legislative Council agreed to the bill with the amendments indicated by the following schedule, to which amendments the Legislative Council desires the concurrence of the House of Assembly:

No. 1. Clause 7, page 9, line 19 [clause 7, inserted Part 4, Division 1, section 92(3)(a)]—After 'the land' insert:

other than where the separation of ownership occurs by virtue of or as a result of the operation of another Act or law

No. 2. Clause 7, page 9, line 21—After 'to the land by' insert:

virtue of or as a result of the

No. 3. Clause 7, page 9, lines 31 to 36 [clause 7, inserted Part 4, Division 1, section 92(5)]—Delete subsection (5) and substitute:

(5) In addition—

(a) in connection with the operation of subsection (3)(a), if the Commissioner is satisfied that, at a relevant time, it was not part of an arrangement to avoid duty under this Part that an item was separately owned from the land, the Commissioner may determine that an entity's interest in land will not be taken to include an interest in the item; and

(b) in connection with the operation of subsection (3)(b), an entity's interest in land will not be taken to include an interest in an item which is owned by another entity unless—

(i) the relevant entity and the other entity are related entities and—

(A) the relevant entity holds a significant interest in the other entity or vice versa; or

(B) a chain of significant interest can be traced between the relevant entity and the other entity; or

(ii) a person or group holds a significant interest in both the relevant entity and the other entity.

No. 4. Clause 7, page 10, line 37 [clause 7, inserted Part 4, Division 1, section 95(1)]—Delete 'relevant entity' and substitute:

private company or a private unit trust scheme

No. 5. Clause 7, page 10, line 38 [clause 7, inserted Part 4, Division 1, section 95(1)]—Delete 'relevant entity' and substitute:

private company or a private unit trust scheme

No. 6. Clause 7, page 10, line 40 [clause 7, inserted Part 4, Division 1, section 95(2)]—Delete 'a relevant' and substitute:

an

No. 7. Clause 7, page 11, lines 8 and 9 [clause 7, inserted Part 4, Division 1, section 95(3), Example]—Delete '(a listed company)'

No. 8. Clause 7, page 11, line 10 [clause 7, inserted Part 4, Division 1, section 95(3), Example]—Delete '(a private unit trust scheme)'

No. 9. Clause 7, page 11, line 11 [clause 7, inserted Part 4, Division 1, section 95(3), Example]—Delete '(a private company)'

No. 10. Clause 7, page 11, line 16 [clause 7, inserted Part 4, Division 1, section 96(1)]—Delete 'related entity' and substitute:

private company or a private unit trust scheme

No. 11. Clause 7, page 11, lines 17 and 18 [clause 7, inserted Part 4, Division 1, section 96(1)(a)]—Delete 'related entity' and substitute:

private company or private unit trust scheme

No. 12. Clause 7, page 11, line 20 [clause 7, inserted Part 4, Division 1, section 96(1)(b)]—Delete 'related entity' and substitute:

private company or private unit trust scheme

No. 13. Clause 7, page 11, lines 27 to 29 [clause 7, inserted Part 4, Division 1, section 96(2)]—Delete subsection (2)

No. 14. Clause 7, page 11, line 35 [clause 7, inserted Part 4, Division 1, section 96(3)]—Delete 'related entity' and substitute:

private company or private unit trust scheme