273BReduction in duty for corporate reconstruction and corporate consolidation transactions

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.

s 273B: Ins 2012 No 20, Sch 1 [18]. Am 2023 No 26, Sch 1[12]–[14].