sec.188Deduction—mortgage duty

### sec.188 Deduction—mortgage duty This section applies if— shares or units in an entity are transferred, or agreed to be transferred, by way of security; and afterwards, the transferee acquires ownership of the shares or units free from any interest or equity of the previous holder of the shares or units; and the transferee and related persons of the transferee were to newly acquire all of the shares or units they hold in the entity at the time of the acquisition mentioned in paragraph (b) , the acquisition would be a relevant acquisition. Also, this section applies if— shares or units in an entity are transferred, or agreed to be transferred, by way of security; and the commissioner is not satisfied of the matter mentioned in section 190 ; and the acquisition mentioned in paragraph (a) is a relevant acquisition. For subsection (1) , the transferee is taken to have made a relevant acquisition of the shares or units owned by the transferee and related persons of the transferee. Landholder duty imposed on the relevant acquisition must be reduced by any mortgage duty paid on the transfer or agreement to transfer. s 188 amd 2008 No. 39 s 7 ; 2011 No. 20 s 103 (sec.188-ssec.1) This section applies if— shares or units in an entity are transferred, or agreed to be transferred, by way of security; and afterwards, the transferee acquires ownership of the shares or units free from any interest or equity of the previous holder of the shares or units; and the transferee and related persons of the transferee were to newly acquire all of the shares or units they hold in the entity at the time of the acquisition mentioned in paragraph (b) , the acquisition would be a relevant acquisition. (sec.188-ssec.2) Also, this section applies if— shares or units in an entity are transferred, or agreed to be transferred, by way of security; and the commissioner is not satisfied of the matter mentioned in section 190 ; and the acquisition mentioned in paragraph (a) is a relevant acquisition. (sec.188-ssec.3) For subsection (1) , the transferee is taken to have made a relevant acquisition of the shares or units owned by the transferee and related persons of the transferee. (sec.188-ssec.4) Landholder duty imposed on the relevant acquisition must be reduced by any mortgage duty paid on the transfer or agreement to transfer. - (a) shares or units in an entity are transferred, or agreed to be transferred, by way of security; and - (b) afterwards, the transferee acquires ownership of the shares or units free from any interest or equity of the previous holder of the shares or units; and - (c) the transferee and related persons of the transferee were to newly acquire all of the shares or units they hold in the entity at the time of the acquisition mentioned in paragraph (b) , the acquisition would be a relevant acquisition. - (a) shares or units in an entity are transferred, or agreed to be transferred, by way of security; and - (b) the commissioner is not satisfied of the matter mentioned in section 190 ; and - (c) the acquisition mentioned in paragraph (a) is a relevant acquisition.