81Acquisition of economic entitlement in relation to private landholder

81 Acquisition of economic entitlement in relation to private landholder (1) Despite anything to the contrary in this Part, this section applies if a person acquires, either alone or together with an associated person, directly or indirectly, an economic entitlement, other than by a relevant acquisition dutiable under this Part. (2) For the purposes of this section, a person acquires an ***economic entitlement*** if the person acquires shares or units in a private landholder or enters an arrangement in relation to a private landholder under which the person is entitled to all or any of the following— (a) to participate in the dividends or income of the private landholder; S. 81(2)(b)–(d) repealed by No. 17/2019 s. 13(2)(a). S. 81(2)(e) amended by No. 17/2019 s. 13(2)(b). (e) to receive any amount determined by reference to paragraph (a); S. 81(2)(f) amended by No. 17/2019 s. 13(2)(c). (f) to acquire any entitlement described in paragraph (a) or (e). S. 81(3) substituted by No. 17/2019 s. 13(3). (3) The interest acquired under an economic entitlement is the proportion of the total dividends or income of the private landholder that the person is entitled to receive or acquire under the economic entitlement. S. 81(4) repealed by No. 17/2019 s. 13(3). S. 81(5) amended by No. 41/2013 s. 22. (5) If— (a) an economic entitlement acquired by the person, either alone or together with an associated person; or (b) the total economic entitlements acquired by the person, either alone or together with an associated person, within a 3 year period— amounts or amount to an interest of 50% or more, the person is taken, for the purposes of this Part, to have made a relevant acquisition of— (c) that percentage interest in the landholder; or (d) a lesser percentage interest in the landholder determined by the Commissioner to be appropriate in the circumstances. (6) The duty chargeable on the relevant acquisition is calculated in accordance with section 86(1), as if— (a) in the case of subsection (5)(b), all acquisitions of economic entitlements by the person or an associated person (or both) within the 3 year period were a single acquisition; and (b) a reference to all land holdings of the landholder in Victoria were a reference to the land holdings of the private landholder to which the economic entitlement relates. (7) For the avoidance of doubt, a person may acquire an economic entitlement by any means, including, but not limited to, the creation of the economic entitlement or the transfer of the economic entitlement to the person. (8) This section applies regardless of interests held by any other person in the private landholder. S. 82 substituted by No. 38/2012 s. 5.