90BDuty payable on relevant acquisitions—further interest

90B Duty payable on relevant acquisitions—further interest (a) a person makes a relevant acquisition under section 86 (1) (a) by acquiring an interest in a landholder (the initial acquisition); and (b) the person or an associated person makes a relevant acquisition under section 86 (1) (b) because the person or an associated person acquires a further interest in the landholder (the further acquisition). (2) The amount of duty payable in relation to the further acquisition is— (a) if the initial acquisition is made within the relevant period for the further acquisition—the amount worked out in accordance with the following steps: (i) work out the dutiable amount for the initial acquisition (A) if the initial acquisition is an acquisition mentioned in section 86 (1) (a) (i)—section 90 (2) (a); or (B) if the initial acquisition is an acquisition mentioned in section 86 (1) (a) (ii) or (iii)—section 90A (2) (a) to (c); Note In working out the dutiable amount under s 90A, the commissioner may decide not to include an interest of an associated person if satisfied that the associated person acquired their interest independently and for no common purpose (see s 90A (4)).

(ii) work out the amount as follows: UVL × further interest (iii) add together the amounts worked out under subparagraphs (i) and (ii); (iv) multiply the amount worked out under subparagraph (iii) by the relevant rate; (v) subtract any duty paid or payable under this division in relation to the initial acquisition from the amount worked out under subparagraph (iv); or (b) if the initial acquisition is not made within the relevant period for the further acquisition—the amount worked out in accordance with the following steps: (i) work out the amount as follows: UVL × further interest (ii) multiply the amount worked out under subparagraph (i) by the relevant rate. further interest, for a further acquisition, means the interest in a landholder acquired by a person in the further acquisition expressed as a percentage of the total interest in the landholder. relevant rate, for a further acquisition, means the determined rate as in force on the day the further acquisition is made. UVL, for a landholder in relation to a further acquisition, means the unencumbered value of all landholdings in the ACT of the landholder on the day the further acquisition is made.