48Stamp duty—transfers of assets or liabilities to privately‑owned companies

#### 48 Stamp duty—transfers of assets or liabilities to privately‑owned companies (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22. (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if: (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.