57FIf the natural person dies

57F If the natural person dies

If, before an arrangement described in section 57A, 57B, 57C or 57D has been completed, the natural person dies, no duty is chargeable under this Chapter in respect of—

(a) the transfer of any interest held by the natural person under the arrangement to another natural person by virtue of—

(i) a testamentary gift; or

(ii) the right of survivorship; or

(iii) the Administration and Probate Act 1958; or

(b) the transfer of any interest held by the financial institution under the arrangement to another natural person by virtue of—

(i) a testamentary gift; or

(ii) the right of survivorship; or

(iii) the Administration and Probate Act 1958.

S. 57FA inserted by No. 17/2019 s. 8.

57FA Dealing with fixtures separately from land

(1) No duty is chargeable under this Chapter on a dutiable transaction in relation to dutiable property referred to in section 10(1)(ad) if the unencumbered value of the fixtures to which the dutiable property relates does not exceed $2 000 000.

(2) If the unencumbered value of the fixtures to which dutiable property referred to in section 10(1)(ad) relates exceeds $2 000 000 but does not exceed $3 000 000, duty is chargeable on a dutiable transaction in relation to the dutiable property, subject to subsection (3), in accordance with the following formula—

A is the unencumbered value of the fixtures to which dutiable property referred to in section 10(1)(ad) relates;

B is the duty that, apart from this subsection, would be chargeable on the dutiable transaction under this Chapter.

(3) This section does not apply if the dutiable transaction in relation to dutiable property referred to in section 10(1)(ad) is part of an arrangement that includes a dutiable transaction in relation to any estate or interest in the land on which the fixtures are located.

S. 57FB inserted by No. 17/2019 s. 8.

57FB Calculation of duty for aggregated transactions involving fixtures and land

(1) This section applies to the aggregation under section 24(1) of—

(a) one or more dutiable transactions in relation to dutiable property referred to in section 10(1)(ad) if the total unencumbered value of the fixtures to which the dutiable property relates does not exceed $3 000 000; and

(b) one or more dutiable transactions in relation to land other than land on which the fixtures to which the dutiable property referred to in section 10(1)(ad) are located.