sec.407Group property for intra-group transfer of property

### sec.407 Group property for intra-group transfer of property For section 406 (2) (d) , property is group property if— the transferor and transferee— were group companies before the property, or an interest of at least 90% in the property, was first owned by the transferor or another group company; and have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or another group company; or the transferor and transferee— were group companies before the property, or an interest of at least 90% in the property, came into the ownership of the transferor or another group company by way of a transaction for which transfer duty, or an equivalent duty under a corresponding Act, has been paid; and have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or the other group company; or the transferor or transferee is the new parent company of the other party to the transfer and the transferor and the transferee became group companies in the circumstances mentioned in section 409 (1) (a) to (c) ; or the transferee is the parent company of the transferor and landholder duty was imposed and paid for the transferee acquiring its shares in the transferor; or the transferee is the parent company of the transferor, and the transferee acquired at least 70% of the shares of the transferor because of a takeover bid, under the Corporations Act , chapter 6 , for the shares if they were quoted securities under that Act; or Section 498A includes provision about when the quotation of securities is suspended. the transferor and transferee have been group companies for 3 years. For section 406 (2) (d) , property is also group property if— the transfer is between a parent company and a subsidiary of it; and either of the following applies— the parent company became the parent company of the subsidiary on its registration; the parent company became the parent company of the subsidiary after its registration and the subsidiary has been dormant since its registration; and the parent company remained the parent company of the subsidiary from its registration or from when it became the subsidiary’s parent company until the property is transferred. However, for subsection (1) (a) or (b) , property that is a lot on a plan of subdivision registered after the transferor and the transferee became group companies is only group property to the extent that the property comprising the lot was group property under subsection (1) (a) or (b) immediately before registration of the plan of subdivision. For property mentioned in subsection (3) , transfer duty is not imposed on the dutiable value of the part of the lot that is group property, worked out using the following formula— where— DVG means the dutiable value of the part of the lot that is group property for section 406 (2) (d) . DVL means the dutiable value of the lot. TV means the total value, immediately before the plan of subdivision was registered, of the property that forms the lot. VP means the value, immediately before the plan of subdivision was registered, of property that— forms part of the lot; and was group property under subsection (1) (a) or (b) immediately before the plan of subdivision was registered. In this section— lot see the Land Title Act 1994 , schedule 2 . plan of subdivision means— a plan under the Building Units and Group Titles Act 1980 ; or a plan of subdivision under the Land Title Act 1994 ; or a plan of subdivision under the Land Act 1994 ; or a plan or scheme, however described, showing the division of, amalgamation into, dedication of or redefinition of, at least 1 lot, that is able to be registered in a land registry under the Land Act 1994 or the Land Title Act 1994 . s 407 amd 2006 No. 44 s 51 ; 2008 No. 75 s 30 ; 2010 No. 11 s 51 ; 2011 No. 8 s 44 ; 2011 No. 20 s 122 (sec.407-ssec.1) For section 406 (2) (d) , property is group property if— the transferor and transferee— were group companies before the property, or an interest of at least 90% in the property, was first owned by the transferor or another group company; and have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or another group company; or the transferor and transferee— were group companies before the property, or an interest of at least 90% in the property, came into the ownership of the transferor or another group company by way of a transaction for which transfer duty, or an equivalent duty under a corresponding Act, has been paid; and have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or the other group company; or the transferor or transferee is the new parent company of the other party to the transfer and the transferor and the transferee became group companies in the circumstances mentioned in section 409 (1) (a) to (c) ; or the transferee is the parent company of the transferor and landholder duty was imposed and paid for the transferee acquiring its shares in the transferor; or the transferee is the parent company of the transferor, and the transferee acquired at least 70% of the shares of the transferor because of a takeover bid, under the Corporations Act , chapter 6 , for the shares if they were quoted securities under that Act; or Section 498A includes provision about when the quotation of securities is suspended. the transferor and transferee have been group companies for 3 years. (sec.407-ssec.2) For section 406 (2) (d) , property is also group property if— the transfer is between a parent company and a subsidiary of it; and either of the following applies— the parent company became the parent company of the subsidiary on its registration; the parent company became the parent company of the subsidiary after its registration and the subsidiary has been dormant since its registration; and the parent company remained the parent company of the subsidiary from its registration or from when it became the subsidiary’s parent company until the property is transferred. (sec.407-ssec.3) However, for subsection (1) (a) or (b) , property that is a lot on a plan of subdivision registered after the transferor and the transferee became group companies is only group property to the extent that the property comprising the lot was group property under subsection (1) (a) or (b) immediately before registration of the plan of subdivision. (sec.407-ssec.4) For property mentioned in subsection (3) , transfer duty is not imposed on the dutiable value of the part of the lot that is group property, worked out using the following formula— where— DVG means the dutiable value of the part of the lot that is group property for section 406 (2) (d) . DVL means the dutiable value of the lot. TV means the total value, immediately before the plan of subdivision was registered, of the property that forms the lot. VP means the value, immediately before the plan of subdivision was registered, of property that— forms part of the lot; and was group property under subsection (1) (a) or (b) immediately before the plan of subdivision was registered. (sec.407-ssec.5) In this section— lot see the Land Title Act 1994 , schedule 2 . plan of subdivision means— a plan under the Building Units and Group Titles Act 1980 ; or a plan of subdivision under the Land Title Act 1994 ; or a plan of subdivision under the Land Act 1994 ; or a plan or scheme, however described, showing the division of, amalgamation into, dedication of or redefinition of, at least 1 lot, that is able to be registered in a land registry under the Land Act 1994 or the Land Title Act 1994 . - (a) the transferor and transferee— (i) were group companies before the property, or an interest of at least 90% in the property, was first owned by the transferor or another group company; and (ii) have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or another group company; or - (i) were group companies before the property, or an interest of at least 90% in the property, was first owned by the transferor or another group company; and - (ii) have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or another group company; or - (b) the transferor and transferee— (i) were group companies before the property, or an interest of at least 90% in the property, came into the ownership of the transferor or another group company by way of a transaction for which transfer duty, or an equivalent duty under a corresponding Act, has been paid; and (ii) have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or the other group company; or - (i) were group companies before the property, or an interest of at least 90% in the property, came into the ownership of the transferor or another group company by way of a transaction for which transfer duty, or an equivalent duty under a corresponding Act, has been paid; and - (ii) have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or the other group company; or - (c) the transferor or transferee is the new parent company of the other party to the transfer and the transferor and the transferee became group companies in the circumstances mentioned in section 409 (1) (a) to (c) ; or - (d) the transferee is the parent company of the transferor and landholder duty was imposed and paid for the transferee acquiring its shares in the transferor; or - (e) the transferee is the parent company of the transferor, and the transferee acquired at least 70% of the shares of the transferor because of a takeover bid, under the Corporations Act , chapter 6 , for the shares if they were quoted securities under that Act; or Note— Section 498A includes provision about when the quotation of securities is suspended. - (f) the transferor and transferee have been group companies for 3 years. - (i) were group companies before the property, or an interest of at least 90% in the property, was first owned by the transferor or another group company; and - (ii) have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or another group company; or - (i) were group companies before the property, or an interest of at least 90% in the property, came into the ownership of the transferor or another group company by way of a transaction for which transfer duty, or an equivalent duty under a corresponding Act, has been paid; and - (ii) have been group companies at all times subsequent during which the property, or an interest of at least 90% in the property, has been continuously owned by the transferor or the other group company; or - (a) the transfer is between a parent company and a subsidiary of it; and - (b) either of the following applies— (i) the parent company became the parent company of the subsidiary on its registration; (ii) the parent company became the parent company of the subsidiary after its registration and the subsidiary has been dormant since its registration; and - (i) the parent company became the parent company of the subsidiary on its registration; - (ii) the parent company became the parent company of the subsidiary after its registration and the subsidiary has been dormant since its registration; and - (c) the parent company remained the parent company of the subsidiary from its registration or from when it became the subsidiary’s parent company until the property is transferred. - (i) the parent company became the parent company of the subsidiary on its registration; - (ii) the parent company became the parent company of the subsidiary after its registration and the subsidiary has been dormant since its registration; and - (a) forms part of the lot; and - (b) was group property under subsection (1) (a) or (b) immediately before the plan of subdivision was registered. - (a) a plan under the Building Units and Group Titles Act 1980 ; or - (b) a plan of subdivision under the Land Title Act 1994 ; or - (c) a plan of subdivision under the Land Act 1994 ; or - (d) a plan or scheme, however described, showing the division of, amalgamation into, dedication of or redefinition of, at least 1 lot, that is able to be registered in a land registry under the Land Act 1994 or the Land Title Act 1994 .