24Aggregation of dutiable transactions

24 Aggregation of dutiable transactions (1) Dutiable transactions relating to separate items of dutiable property, or separate parts of, or interests in, dutiable property are to be aggregated and treated as a single dutiable transaction if— (a) they occur within 12 months; and

(b) the transferee is the same or the transferees are associated people; and (c) the dutiable transactions together form, evidence, give effect to or arise from what is, substantially, 1 arrangement relating to all of the items or parts of, or interests in, the dutiable property. (2) Dutiable transactions are not to be aggregated under this section if the commissioner is satisfied— (a) that the transactions are for the purpose of acquiring 2 or more blocks of land in the same subdivision for the purpose of developing the blocks for resale; or (b) that the transactions are for the purpose of purchasing 2 or more units in the same units plan under the Unit Titles Act 2001 for the purpose of investment; or (c) that the transactions are for the purpose of acquiring 2 or more parcels of shares in a company or 2 or more parcels of units in a units trust scheme which parcels either alone or together with a lease or licence give an entitlement to occupy 2 or more areas that are on a single parcel of land; or (d) that it would not be just and reasonable for the transactions to be so aggregated. (3) The dutiable value of aggregated dutiable property is the sum of the dutiable values of the items or parts of, or the interests in, the dutiable property as at the time when each dutiable transaction occurs. (4) The amount of duty payable in accordance with this section is to be reduced by the amount of any ad valorem duty paid on a prior dutiable transaction that is, or prior dutiable transactions that are, aggregated in accordance with this section. (5) Duty may be apportioned to the instruments effecting or evidencing the dutiable transactions, or may be payable in accordance with section 17 (1), as determined by the commissioner.