86How duty is charged on relevant acquisitions in private landholders

86 How duty is charged on relevant acquisitions in private landholders (1) Duty on a relevant acquisition in a private landholder is chargeable, at the rate specified under this Act for a transfer of dutiable property, on the amount calculated by multiplying the unencumbered value of all land holdings of the landholder in Victoria (calculated at the date of acquisition of the interest acquired) by the proportion of that value represented by the interest acquired in the relevant acquisition. (2) If a relevant acquisition results from the aggregation of the interests acquired by all or any of the following— (a) a person; or (b) an associated person; or (c) any other person in an associated transaction— a reference in subsection (1) to the interest acquired includes a reference to any interest acquired by those persons on the same day. (3) If the relevant acquisition is the acquisition of an interest by a person that amounts to a significant interest in the landholder when aggregated with other interests acquired by all or any of the following— (a) the person; or (b) an associated person; or (c) any other person in an associated transaction— duty is chargeable at the rate specified under this Act for a transfer of dutiable property on the aggregate of the amounts separately calculated in accordance with subsection (1) in respect of— (d) the interest acquired by the person; and (e) each of the other interests that comprise the relevant acquisition that were acquired in the 3 years preceding the acquisition of the interest by the person. (4) If the relevant acquisition is the acquisition of a further interest as described in section 78(1)(b), duty is chargeable as follows— (a) first, a calculation is to be made of the duty that would be chargeable under subsection (1) if the further interest were to be added to all interests referred to in section 78(1)(a) and (b) (***the prior interests***); (b) secondly, a calculation is to be made of the duty chargeable under subsection (1) in respect of the prior interests; (c) the duty chargeable on the acquisition of the further interest is the amount calculated under paragraph (a) less the amount calculated under paragraph (b). S. 86(5) amended by No. 16/2024 s. 39. (5) This section is subject to Divisions 3, 3A and 4 and sections 89B, 89C and 89X*.* S. 87 substituted by No. 38/2012 s. 5.