sec.133Exemption—community titles schemes

### sec.133 Exemption—community titles schemes Subject to subsection (2) , transfer duty is not imposed on a transfer, or agreement for the transfer, of a lot that, under the Body Corporate and Community Management Act 1997 , is a lot included in a community titles scheme if— the transferor is a corporation (the transferor corporation ); and under that Act, the transferor corporation is the original owner for the scheme; and the transferee held shares in the transferor corporation that were surrendered to obtain the transfer of the lot from the transferor corporation; and the separate area that the lot comprises corresponds with the separate area the transferee had a right to occupy immediately before surrendering the transferee’s shares; and the separate area that the lot comprises has been used for residential purposes immediately before the transferee surrendered the transferee’s shares and will, after registration of the plan and the transfer of the lot to the transferee, be used for residential purposes. Subsection (1) applies to the transfer or agreement for the transfer of a lot by a transferor corporation on or after the commencement day only if— before the commencement day— shares were issued by the transferor corporation; and the corporation’s constitution provided, and on and from the commencement day continues to provide, that a person who holds the shares has the right to occupy the separate area mentioned in subsection (1) (d) ; or before the commencement day, the transferee entered into an agreement with the transferor corporation under which— the transferee is entitled to purchase the shares mentioned in subsection (1) (c) from the transferor corporation; and because of the purchase of the shares, the transferee has the right to occupy the separate area mentioned in subsection (1) (d) . In this section— commencement day means the day this section commences. s 133 sub 2014 No. 35 s 10 (sec.133-ssec.1) Subject to subsection (2) , transfer duty is not imposed on a transfer, or agreement for the transfer, of a lot that, under the Body Corporate and Community Management Act 1997 , is a lot included in a community titles scheme if— the transferor is a corporation (the transferor corporation ); and under that Act, the transferor corporation is the original owner for the scheme; and the transferee held shares in the transferor corporation that were surrendered to obtain the transfer of the lot from the transferor corporation; and the separate area that the lot comprises corresponds with the separate area the transferee had a right to occupy immediately before surrendering the transferee’s shares; and the separate area that the lot comprises has been used for residential purposes immediately before the transferee surrendered the transferee’s shares and will, after registration of the plan and the transfer of the lot to the transferee, be used for residential purposes. (sec.133-ssec.2) Subsection (1) applies to the transfer or agreement for the transfer of a lot by a transferor corporation on or after the commencement day only if— before the commencement day— shares were issued by the transferor corporation; and the corporation’s constitution provided, and on and from the commencement day continues to provide, that a person who holds the shares has the right to occupy the separate area mentioned in subsection (1) (d) ; or before the commencement day, the transferee entered into an agreement with the transferor corporation under which— the transferee is entitled to purchase the shares mentioned in subsection (1) (c) from the transferor corporation; and because of the purchase of the shares, the transferee has the right to occupy the separate area mentioned in subsection (1) (d) . (sec.133-ssec.3) In this section— commencement day means the day this section commences. - (a) the transferor is a corporation (the transferor corporation ); and - (b) under that Act, the transferor corporation is the original owner for the scheme; and - (c) the transferee held shares in the transferor corporation that were surrendered to obtain the transfer of the lot from the transferor corporation; and - (d) the separate area that the lot comprises corresponds with the separate area the transferee had a right to occupy immediately before surrendering the transferee’s shares; and - (e) the separate area that the lot comprises has been used for residential purposes immediately before the transferee surrendered the transferee’s shares and will, after registration of the plan and the transfer of the lot to the transferee, be used for residential purposes. - (a) before the commencement day— (i) shares were issued by the transferor corporation; and (ii) the corporation’s constitution provided, and on and from the commencement day continues to provide, that a person who holds the shares has the right to occupy the separate area mentioned in subsection (1) (d) ; or - (i) shares were issued by the transferor corporation; and - (ii) the corporation’s constitution provided, and on and from the commencement day continues to provide, that a person who holds the shares has the right to occupy the separate area mentioned in subsection (1) (d) ; or - (b) before the commencement day, the transferee entered into an agreement with the transferor corporation under which— (i) the transferee is entitled to purchase the shares mentioned in subsection (1) (c) from the transferor corporation; and (ii) because of the purchase of the shares, the transferee has the right to occupy the separate area mentioned in subsection (1) (d) . - (i) the transferee is entitled to purchase the shares mentioned in subsection (1) (c) from the transferor corporation; and - (ii) because of the purchase of the shares, the transferee has the right to occupy the separate area mentioned in subsection (1) (d) . - (i) shares were issued by the transferor corporation; and - (ii) the corporation’s constitution provided, and on and from the commencement day continues to provide, that a person who holds the shares has the right to occupy the separate area mentioned in subsection (1) (d) ; or - (i) the transferee is entitled to purchase the shares mentioned in subsection (1) (c) from the transferor corporation; and - (ii) because of the purchase of the shares, the transferee has the right to occupy the separate area mentioned in subsection (1) (d) .