89GValuation of land holdings

89G Valuation of land holdings (1) The provisions of this Act for ascertaining the value of transfers chargeable with ad valorem duty apply in the same way to a relevant acquisition under this Part and the value of land holdings to which the relevant acquisition relates. (2) In determining the value of land holdings under this Part, any arrangement made in respect of the land holdings that has the effect of reducing the value is to be disregarded, subject to subsection (3). (3) An arrangement is not to be disregarded if the Commissioner is satisfied that the arrangement was not made as part of an arrangement or scheme with a collateral purpose of reducing the duty otherwise payable in relation to the relevant acquisition. (4) In considering whether or not he or she is satisfied for the purposes of subsection (3), the Commissioner may have regard to— (a) the duration of the arrangement before the relevant acquisition; and (b) whether the arrangement has been made with an associated person; and (c) whether there is any commercial efficacy to the making of the arrangement other than to reduce duty; and (d) any other matters the Commissioner considers relevant. S. 89H substituted by No. 38/2012 s. 5.