115JExemption for relevant acquisitions

115J Exemption for relevant acquisitions (1) An exchanging member who makes a relevant acquisition may apply to the commissioner for an exemption from duty under this Act on the relevant acquisition. (2) The commissioner must grant the exemption if satisfied that— (a) the relevant acquisition was made to give effect to a scheme that would qualify as a roll-over under the Income Tax Assessment Act 1997 (Cwlth), subdivision 124-Q; and Note A roll-over involves a scheme for interposing a unit trust scheme (whether a new or existing unit trust scheme) between people who have an ownership interest in 2 or more unit trust schemes, or in 1 or more companies and 1 or more unit trust schemes, and the unit trust schemes or companies in which they have an ownership interest. The interests of the unit holders or shareholders are stapled together to form stapled securities and the interposed unit trust becomes the owner of all the stapled interests. (b) when the scheme is completed, the interposed trust will be a listed trust, widely held trust or landholder; and (c) the acquisition is not part of a scheme a purpose of which is to minimise duty otherwise payable under this Act; and (d) the conditions of the exemption, if any, will be met by the applicant. (3) If duty under this chapter has been paid on the relevant acquisition, the commissioner must refund any duty paid that is not payable because of the exemption.