sec.241AImposition of AFAD—pre-incorporation contracts

### sec.241A Imposition of AFAD—pre-incorporation contracts This section applies if— a transferee enters into an agreement for the transfer of dutiable property for, or for the benefit of, a company proposed to be registered under the Corporations Act ; and the company is named in the agreement; and the company, or a company that is reasonably identifiable with it, is registered under the Corporations Act ; and under the Corporations Act , section 131 , the company ratifies the agreement after it is registered; and the dutiable property is AFAD residential land; and the company is a foreign corporation when the dutiable property is transferred to it. AFAD is imposed on the dutiable transaction that is the agreement. Under section 116 (4) , transfer duty is not imposed on the transfer of the dutiable property to the company if transfer duty imposed on the agreement (including AFAD imposed under subsection (2) ) is paid. See also section 231 (6) . s 241A ins 2017 No. 20 s 9 (sec.241A-ssec.1) This section applies if— a transferee enters into an agreement for the transfer of dutiable property for, or for the benefit of, a company proposed to be registered under the Corporations Act ; and the company is named in the agreement; and the company, or a company that is reasonably identifiable with it, is registered under the Corporations Act ; and under the Corporations Act , section 131 , the company ratifies the agreement after it is registered; and the dutiable property is AFAD residential land; and the company is a foreign corporation when the dutiable property is transferred to it. (sec.241A-ssec.2) AFAD is imposed on the dutiable transaction that is the agreement. Under section 116 (4) , transfer duty is not imposed on the transfer of the dutiable property to the company if transfer duty imposed on the agreement (including AFAD imposed under subsection (2) ) is paid. See also section 231 (6) . - (a) a transferee enters into an agreement for the transfer of dutiable property for, or for the benefit of, a company proposed to be registered under the Corporations Act ; and - (b) the company is named in the agreement; and - (c) the company, or a company that is reasonably identifiable with it, is registered under the Corporations Act ; and - (d) under the Corporations Act , section 131 , the company ratifies the agreement after it is registered; and - (e) the dutiable property is AFAD residential land; and - (f) the company is a foreign corporation when the dutiable property is transferred to it.