82Acquisition of control

82 Acquisition of control

(1) Despite anything to the contrary in this Part, if a person within a 3 year period acquires, directly or indirectly, control over a private landholder, other than by a relevant acquisition dutiable under this Part, then, on the acquiring of that control, the person is taken, for the purposes of this Part, to have made a relevant acquisition in the landholder of—

(a) 100%; or

(b) a lesser percentage determined by the Commissioner to be appropriate in the circumstances.

(2) For the purposes of subsection (1), a person acquires control over a private landholder if the person acquires the capacity to determine or influence the outcome of decisions about the private landholder's financial and operating policies, taking into account—

(b) any practice or behaviour affecting the private landholder's financial or operating policies (even if that practice or pattern of behaviour involves the breach of an agreement or a breach of trust).

(3) Subsection (1) applies regardless of interests or economic entitlements held by any other person in the private landholder.

S. 83 substituted by No. 38/2012 s. 5.