sec.213Contracted property and trust interests

### sec.213 Contracted property and trust interests For a corporate trustee, contracted property is taken to be dutiable property held by the corporate trustee. If a corporate trustee has made a purchase or sale agreement for a trust interest, the corporate trustee is taken to have an indirect interest in the trust-related dutiable property. For determining the dutiable value of a relevant acquisition— a sale agreement made by the corporate trustee is taken not to have been made; and a purchase agreement made by the corporate trustee is taken to have been completed. Subsection (3A) applies if— contracted property, or an indirect interest in dutiable property mentioned in subsection (1A) , is included in determining the dutiable value of a relevant acquisition; and the sale agreement for the property or trust interest is later completed or the purchase agreement for the property or trust interest is later rescinded. The commissioner must make a reassessment as if the contracted property or indirect interest were never held by the corporate trustee. For the reassessment, the acquirer under the relevant acquisition must lodge the corporate trustee duty statement for the acquisition. In this section— purchase agreement includes an uncompleted agreement, whether or not conditional, for the acquisition of a trust interest through which the corporate trustee would have, if the agreement were completed, an indirect interest in dutiable property (the trust-related dutiable property ). sale agreement includes an uncompleted agreement, whether or not conditional, for the sale of a trust interest through which the corporate trustee has an indirect interest in dutiable property (also the trust-related dutiable property ). s 213 amd 2010 No. 11 s 39 (sec.213-ssec.1) For a corporate trustee, contracted property is taken to be dutiable property held by the corporate trustee. (sec.213-ssec.1A) If a corporate trustee has made a purchase or sale agreement for a trust interest, the corporate trustee is taken to have an indirect interest in the trust-related dutiable property. (sec.213-ssec.2) For determining the dutiable value of a relevant acquisition— a sale agreement made by the corporate trustee is taken not to have been made; and a purchase agreement made by the corporate trustee is taken to have been completed. (sec.213-ssec.3) Subsection (3A) applies if— contracted property, or an indirect interest in dutiable property mentioned in subsection (1A) , is included in determining the dutiable value of a relevant acquisition; and the sale agreement for the property or trust interest is later completed or the purchase agreement for the property or trust interest is later rescinded. (sec.213-ssec.3A) The commissioner must make a reassessment as if the contracted property or indirect interest were never held by the corporate trustee. (sec.213-ssec.4) For the reassessment, the acquirer under the relevant acquisition must lodge the corporate trustee duty statement for the acquisition. (sec.213-ssec.5) In this section— purchase agreement includes an uncompleted agreement, whether or not conditional, for the acquisition of a trust interest through which the corporate trustee would have, if the agreement were completed, an indirect interest in dutiable property (the trust-related dutiable property ). sale agreement includes an uncompleted agreement, whether or not conditional, for the sale of a trust interest through which the corporate trustee has an indirect interest in dutiable property (also the trust-related dutiable property ). - (a) a sale agreement made by the corporate trustee is taken not to have been made; and - (b) a purchase agreement made by the corporate trustee is taken to have been completed. - (a) contracted property, or an indirect interest in dutiable property mentioned in subsection (1A) , is included in determining the dutiable value of a relevant acquisition; and - (b) the sale agreement for the property or trust interest is later completed or the purchase agreement for the property or trust interest is later rescinded.