32BApplication of Division

32B Application of Division

(a) a person (the vendor) enters into a contract (the sale contract) to sell or transfer the property to another person (the first purchaser); and

S. 32B(1)(b) substituted by No. 84/2008 s. 4(1).

(b) any of the following persons (a subsequent purchaser) obtains the right (a transfer right) to have the property or any part of it transferred, on completion of the sale contract, to the subsequent purchaser—

(iii) if there is more than one first purchaser, one or more of the first purchasers in different proportions from those in the sale contract; and

S. 32B(1)(c) amended by No. 84/2008 s. 4(2).

(c) a subsequent purchaser or an associate of a subsequent purchaser gives or agrees to give additional consideration in order for the subsequent purchaser to obtain the transfer right; and

(2) It is immaterial whether a subsequent purchaser obtains a transfer right—

(a) by way of an assignment, nomination, novation or otherwise; and

(3) Each assignment, nomination, novation or other arrangement by which a subsequent purchaser obtains a transfer right is called a subsequent transaction.

S. 32B(4) def. of additional consideration amended by No. 84/2008 s. 4(3)(a).

additional consideration for a transfer right means any consideration given or agreed to be given by the subsequent purchaser or an associate of the subsequent purchaser in order for the subsequent purchaser to obtain the transfer right (other than reimbursement of excluded costs or any increase in consideration that arises because of the operation of section 32V)—

(a) if the subsequent purchaser obtained the transfer right from the first purchaser—that exceeds the consideration given or agreed to be given to the vendor by the first purchaser under the sale contract in respect of the property the subject of the transfer right;

(b) if the subsequent purchaser obtained the transfer right from another subsequent purchaser—that exceeds the consideration given or agreed to be given by that other subsequent purchaser or an associate of that other subsequent purchaser in order for that other subsequent purchaser to obtain a transfer right, to the extent that the consideration relates to the first-mentioned transfer right;

S. 32B(4) def. of excluded costs repealed by No. 84/2008 s. 4(3)(b).