sec.241Property condition for imposing AFAD

### sec.241 Property condition for imposing AFAD This section states the property condition for section 240 . If the relevant transaction is a dutiable transaction, the property condition is that— for a dutiable transaction mentioned in section 9 (1) (a) to (e) or (h) for dutiable property other than an existing right—the dutiable property is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (a) to (e) or (h) for dutiable property that is an existing right—the existing right is— AFAD residential land; or an existing right mentioned in schedule 6 , definition existing right , paragraph (g) or (i) to (m) for which the dutiable property is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (f) —the new right is— AFAD residential land; or a new right mentioned in schedule 6 , definition new right , paragraph (c) for which the dutiable property is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (g) —the partnership acquisition is an acquisition of a partnership interest in a partnership that— holds dutiable property that is AFAD residential land; or has an indirect interest in dutiable property that is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (i) —the trust acquisition or trust surrender is an acquisition or surrender of a trust interest in a trust that— holds dutiable property that is AFAD residential land; or has an indirect interest in dutiable property that is AFAD residential land. If the relevant transaction is a relevant acquisition, the property condition is that— for landholder duty—the landholder has land-holdings that include AFAD residential land; or for corporate trustee duty—the dutiable property held on trust by the corporate trustee, or in which the corporate trustee has an indirect interest that is held on trust, includes AFAD residential land. s 241 prev s 241 amd 2005 No. 60 s 9 om 2005 No. 60 s 11 pres s 241 ins 2016 No. 37 s 9 amd 2017 No. 20 s 8 (sec.241-ssec.1) This section states the property condition for section 240 . (sec.241-ssec.2) If the relevant transaction is a dutiable transaction, the property condition is that— for a dutiable transaction mentioned in section 9 (1) (a) to (e) or (h) for dutiable property other than an existing right—the dutiable property is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (a) to (e) or (h) for dutiable property that is an existing right—the existing right is— AFAD residential land; or an existing right mentioned in schedule 6 , definition existing right , paragraph (g) or (i) to (m) for which the dutiable property is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (f) —the new right is— AFAD residential land; or a new right mentioned in schedule 6 , definition new right , paragraph (c) for which the dutiable property is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (g) —the partnership acquisition is an acquisition of a partnership interest in a partnership that— holds dutiable property that is AFAD residential land; or has an indirect interest in dutiable property that is AFAD residential land; or for a dutiable transaction mentioned in section 9 (1) (i) —the trust acquisition or trust surrender is an acquisition or surrender of a trust interest in a trust that— holds dutiable property that is AFAD residential land; or has an indirect interest in dutiable property that is AFAD residential land. (sec.241-ssec.3) If the relevant transaction is a relevant acquisition, the property condition is that— for landholder duty—the landholder has land-holdings that include AFAD residential land; or for corporate trustee duty—the dutiable property held on trust by the corporate trustee, or in which the corporate trustee has an indirect interest that is held on trust, includes AFAD residential land. - (a) for a dutiable transaction mentioned in section 9 (1) (a) to (e) or (h) for dutiable property other than an existing right—the dutiable property is AFAD residential land; or - (b) for a dutiable transaction mentioned in section 9 (1) (a) to (e) or (h) for dutiable property that is an existing right—the existing right is— (i) AFAD residential land; or (ii) an existing right mentioned in schedule 6 , definition existing right , paragraph (g) or (i) to (m) for which the dutiable property is AFAD residential land; or - (i) AFAD residential land; or - (ii) an existing right mentioned in schedule 6 , definition existing right , paragraph (g) or (i) to (m) for which the dutiable property is AFAD residential land; or - (c) for a dutiable transaction mentioned in section 9 (1) (f) —the new right is— (i) AFAD residential land; or (ii) a new right mentioned in schedule 6 , definition new right , paragraph (c) for which the dutiable property is AFAD residential land; or - (i) AFAD residential land; or - (ii) a new right mentioned in schedule 6 , definition new right , paragraph (c) for which the dutiable property is AFAD residential land; or - (d) for a dutiable transaction mentioned in section 9 (1) (g) —the partnership acquisition is an acquisition of a partnership interest in a partnership that— (i) holds dutiable property that is AFAD residential land; or (ii) has an indirect interest in dutiable property that is AFAD residential land; or - (i) holds dutiable property that is AFAD residential land; or - (ii) has an indirect interest in dutiable property that is AFAD residential land; or - (e) for a dutiable transaction mentioned in section 9 (1) (i) —the trust acquisition or trust surrender is an acquisition or surrender of a trust interest in a trust that— (i) holds dutiable property that is AFAD residential land; or (ii) has an indirect interest in dutiable property that is AFAD residential land. - (i) holds dutiable property that is AFAD residential land; or - (ii) has an indirect interest in dutiable property that is AFAD residential land. - (i) AFAD residential land; or - (ii) an existing right mentioned in schedule 6 , definition existing right , paragraph (g) or (i) to (m) for which the dutiable property is AFAD residential land; or - (i) AFAD residential land; or - (ii) a new right mentioned in schedule 6 , definition new right , paragraph (c) for which the dutiable property is AFAD residential land; or - (i) holds dutiable property that is AFAD residential land; or - (ii) has an indirect interest in dutiable property that is AFAD residential land; or - (i) holds dutiable property that is AFAD residential land; or - (ii) has an indirect interest in dutiable property that is AFAD residential land. - (a) for landholder duty—the landholder has land-holdings that include AFAD residential land; or - (b) for corporate trustee duty—the dutiable property held on trust by the corporate trustee, or in which the corporate trustee has an indirect interest that is held on trust, includes AFAD residential land.