Div 9Tax reform scheme transactions 278

Division 9—Tax reform scheme transactions 278 69AN Tax reform scheme transactions 278 69AO Exemption—3 years after entry transaction 279 69AP Exemption—tax reform scheme land fully assessed for duty 281 69AQ Exemption—tax reform scheme land partially assessed for duty 282 69AQA Exemption or duty reduction—non-standard transaction 283 69AQB Exemption—dutiable goods 285 69AQC Application of Division to subdivided tax reform scheme land 286 69AR Liability for duty if change of land use after tax reform scheme land exemption 287 69AS Apportionment of duty imposed on change of land use if land has been subdivided 289 69AT Duty imposed on change of land use if land has been consolidated 290 Part 6—Tax avoidance schemes 291 69A Imposition of duty 291 69B What is a tax avoidance scheme? 291 69C Anti-avoidance provision 292 69D Misleading information 293 Chapter 3—Certain transactions treated as transfers 294 Part 1—Introduction and overview 294 70 Imposition of duty 294 Part 2—Acquisition of interests in certain landholders 295 Division 1—Landholders 295 71 Meaning of *landholder* 295 72 What are land holdings? 297 72A Land holdings of unit trust schemes where section 32XD applies 297 73 What does land include? 298 74 Effect of uncompleted agreements 299 75 Constructive ownership of land holdings—linked entities 299 76 Constructive ownership of land holdings—discretionary trusts 301 Division 2—Charging of duty 302 77 When does a liability for duty arise? 302 78 What is a *relevant acquisition*? 302 79 What are *interests* and *significant interests* in landholders? 303 80 How may an interest be *acquired*? 305 81 Acquisition of economic entitlement in relation to private landholder 306 82 Acquisition of control 308 83 Acquisition statements 309 84 When must duty be paid? 310 85 Who is liable to pay the duty? 310 86 How duty is charged on relevant acquisitions in private landholders 311 87 How duty is charged on relevant acquisitions in public landholders—concessional rate 312 88 How duty is charged on relevant acquisitions in public landholders—non‑concessional rate 313 89 Phasing-in of duty 314 89A Reduction in marketable securities duty 314 89B Conversion of a private unit trust scheme or wholesale unit trust scheme to a public unit trust scheme 315 89C Conversion of a private company to a listed company 317 Division 3—Exemptions and concessions 318 89D Exemptions 318 89E Duty concession—anomalous duty outcome 319 89F Duty concession—acquisitions securing the provision of finance 319 Division 3A—Tax reform scheme land 321 89FA Value of certain tax reform scheme land holdings to be excluded from duty assessment 321 89FAB Exclusion or partial exclusion of value of certain land holdings 323 89FAC Application of Division to subdivided tax reform scheme land 326 89FB Liability for duty if change of land use after tax reform scheme land exemption 327 89FC Apportionment of duty imposed on change of land use if land has been subdivided 329 89FD Duty imposed on change of land use if land has been consolidated 329 Division 4—Valuation and supplementary calculation provisions 329 89G Valuation of land holdings 329 89H Maximisation of entitlements on distribution of land holdings 330 89I Agreements for sale, transfer or purchase of land 332 89J Re-purchase facilities—widely held trusts 333 89K Re-purchase facilities—wholesale unit trust schemes 334 Division 5—Tax avoidance schemes 336 89L Imposition of duty 336 89M What is a tax avoidance scheme? 336 89N Anti-avoidance provision 337 89O Misleading information 338 Division 6—Registration of unit trust schemes 339 89P Definitions 339 89PA Fund manager of Victorian Future Fund is qualified investor 342 89Q Application for registration 343 89R Registration of declared public unit trust schemes 343 89S Registration of wholesale unit trust schemes 344 89T Registration of imminent wholesale unit trust schemes 345 89U Registration of declared wholesale unit trust schemes 346 89V Duration of registration 346 89W Reporting requirements 347 89X Disqualifying circumstances for certain unit trust schemes 347 89Y Cancellation of registration 349 Part 3—Entitlements arising from capital reductions or rights alterations 351 90 Definitions 351 91 When does a liability for duty arise? 352 92 When must duty be paid? 352 93 Who is liable to pay the duty? 352 94 Entitlement to voting shares arising from capital reduction or rights alteration 353 95 Content of statement 353 96 Assessment of duty 354 Part 4—Allotment of shares by direction 355 97 Application of Part 355 98 When does a liability for duty arise? 355 99 When must duty be paid? 355 100 Who is liable to pay the duty? 355 101 Acquisition of shares by allotment 356 102 Allotment statement 356 103 Assessment of duty 356 Part 5—Acquisition of land use entitlements by allotment of shares or issue of units 357 103A When does a liability for duty arise? 357 103B When must duty be paid? 357 103C Who is liable to pay the duty? 357 103D Acquisition of land use entitlement 357 103E Form of statement 357 103F Assessment of duty 358 Chapter 4—Financial sector (transfer and restructure) 359 104 Imposition of duty 359 105 When does a liability for duty arise? 359 106 Who is liable to pay the duty? 359 107 Statement on transfer of property 359 108 Assessment of duty 360 109 Exemption 360 Chapter 6—Hire of goods 361 Part 1—Introduction and overview 361 125 Imposition of duty 361 125A Hire of goods duty abolished from January 2007 361 126 What is a commercial hire business? 361 127 Hire of goods to which this Chapter applies—jurisdictional nexus 361 128 What are *goods*? 362 129 What is a *hire of goods*? 362 130 What is an *equipment financing arrangement*? 363 131 What form may a hire of goods take? 363 132 Exclusions from the definition of *hire of goods* 363 133 Special hiring agreements 365 134 What is the rate of duty? 366 135 What are *hiring charges*? 366 136 Payments exempted from *hiring charges* 366 137 Credit for duty paid in another Australian jurisdiction 367 138 Splitting or redirection of hiring charges (anti‑avoidance provision) 367 139 Ascertainment and disclosure of place of use of goods 367 Part 2—Registration of commercial hire businesses and payment of duty 369 140 Commercial hire businesses must be registered 369 141 Registration of commercial hire businesses 369 142 Cancellation of registration of commercial hire business 369 143 Register of commercial hire businesses 371 144 Duty base 371 145 Lodgement of returns and payment of duty 372 146 Statement of special hiring agreement 373 147 Lodgement of statement and payment of duty 374 Chapter 7—Mortgages 375 Part 1—Introduction and overview 375 148 Imposition of duty 375 148A Mortgage duty abolished from July 2004 375 149 What is a *mortgage*? 375 150 What is an advance? 376 151 Who is liable to pay the duty? 377 152 When does a liability arise? 377 153 When must duty be paid? 378 154 How is mortgage duty charged? 378 155 Extent mortgage is enforceable 378 156 Where is property located? 379 Part 2—Calculating the amount secured by a mortgage 381 157 Secured amount 381 158 Contingent liabilities 382 159 Mortgages over property not wholly within Victoria 382 160 Advances secured by mortgage package 385 161 Stamping before advance 386 162 Security 387 163 Exchange of information 387 164 Collection of duty and endorsement of instruments 388 165 Collateral securities 388 Part 3—Duty concessions 389 166 Refinancing of loans 389 167 Eligible mortgages under concession schemes 391 Part 4—Exemptions 393 168 Exempt mortgages and supporting instruments 393 169 Mortgages associated with certain credit contracts 394 170 Farm machinery and commercial vehicles 396 171 Certain debentures and related instruments 396 Part 5—Miscellaneous 398 172 Payment of duty on mortgages associated with debenture issues 398 173 Unregistered mortgages protected by caveats (anti‑avoidance provision) 400 174 Stamping counterpart or collateral instrument if mortgage is lost, destroyed or cannot be produced 401 Chapter 8—Insurance 402 Part 1—Introduction and overview 402 175 Imposition of duty 402 Part 2—General insurance 403 Division 1—Duty in respect of general insurance 403 176 What is general insurance? 403 177 What is a premium in relation to general insurance? 403 178 When is a premium paid? 404 179 What duty is payable 404 180 Who is liable to pay the duty? 406 181 Circumstances in which duty is payable by the insured person 406 182 Records to be kept 407 183 Refunds where premiums are returned 407 Division 2—How duty is paid by an insurer 408 184 Who is an *insurer*? 408 185 Certain insurers must be registered 408 186 Registration 409 187 Cancellation of registration by the Commissioner 409 188 Cessation of business and cancellation of registration by the insurer 410 189 Register of insurers 410 190 Monthly returns and payment of duty 411 191 Recovery of duty by registered insurer 411 Division 3—Apportionment of premiums and other amounts between States and Territories 411 192 Application of Division 411 193 Schedule of Apportionment 412 194 Apportionment in practice 412 Division 4—Apportionment of premiums and other amounts as between different types of insurance 413 195 Apportionment between different types of insurance 413 Division 5—Exempt insurance 413 196 What insurance is exempt from duty? 413 196A Life insurance 417 196B Life insurance policy riders 417 Division 6—Miscellaneous 418 197 Effect on contract of insurance of failure to comply with this Chapter 418 Part 4—Transport accident charges 420 209 Imposition of duty 420 210 Who is liable to pay the duty? 420 211 Rate of duty 420 212 How is duty paid? 420 213 Refund of duty if transport accident charge is refunded 420 Chapter 9—Motor vehicle duty 421 Part 1—Introduction and overview 421 214 Imposition of duty 421 215 Lodgement of statement of dutiable value 421 216 Who is liable to pay the duty? 422 217 When does duty become payable? 423 217A Assessment of duty 424 218 What is the rate of duty? 425 219 What is the dutiable value of a motor vehicle? 427 220 Prohibition on registration of motor vehicles 428 Part 3—Exemptions 429 229 Ownership by devolution of title and deceased estates 429 230 Special dealers—trading stock, demonstrator vehicles and driver education 429 231 Licensed motor car traders—trading stock, demonstrator vehicles, service demonstrator vehicles and driver education 430 232 Applications by interstate licensed motor car traders 431 233 Primary producer vehicles 432 233AA Mobile plant 436 233AB Special purpose vehicles (type P) 436 233A Transport for disabled, handicapped or injured 436 233B Incapacitated person's vehicle 436 233C Private vehicle used to convey incapacitated person 437 233CA Private vehicle to be converted and used to convey incapacitated person 438 233CB Certain wheelchair accessible motor vehicles providing unbooked commercial passenger vehicle services 439 233D Government or charitable vehicle used to convey incapacitated person 442 233E Incapacitated war veteran's vehicle 443 233F Fire fighting and emergency response vehicle 444 233G Consular vehicle 445 233H Repossessions and restorations 445 234A Amalgamation of industrial organisations 446 234B Financial sector (transfer and restructure) 446 235 Marriage and domestic relationships and their breakdown 447 236 Minors and trustees 448 237 Vehicles previously registered in the same name interstate 448 Part 4—Duty on change of use 450 238 Duty on statement of change of use 450 Part 5—Refund of duty 453 240 Entitlement to refund 453 Chapter 10—Miscellaneous duties 454 Part 1—Sale of cattle 454 241 Imposition of duty 454 242 What is the rate of duty? 454 243 What is the purchase money? 455 Part 2—Sale of sheep and goats 456 244 Imposition of duty 456 245 What is the rate of duty? 456 Part 3—Sale of pigs 457 246 Imposition of duty 457 247 What is the rate of duty? 457 248 What is the purchase money? 457 Part 4—Registration of approved agents 458 248A Registration of approved agents 458 248B Commissioner to keep register of approved agents 458 Chapter 11—General exemptions and concessions from duty 459 Part 1—Security for payment of tax 459 249 Security for payment of tax 459 Part 2—Corporate reconstructions 460 Division 1—Exemptions and concessions for corporate consolidations and reconstructions 460 250 Definitions 460 250A What is an eligible transaction? 462 250AB What is an arrangement? 466 250B Concession and exemptions for certain transactions arising out of corporate reconstructions, corporate consolidations and arrangements 467 250DG Special provision in relation to landholder duty if there has been a corporate consolidation involving a private unit trust scheme 471