sec.679Application of AFAD exemption under s 246

### sec.679 Application of AFAD exemption under s 246 Section 246 applies in relation to a relevant transaction that is the transfer, or agreement for transfer, of dutiable property only if the property is transferred, or the agreement is entered into, from the commencement. However, section 246 does not apply in relation to a transfer or agreement mentioned in subsection (1) if— it replaces a transfer, or agreement for transfer, that included the dutiable property and was made before the commencement; or the transferee had an option to purchase the dutiable property, or the transferor had an option to require the transferee to purchase the dutiable property, granted before the commencement and exercised from the commencement; or another arrangement was made before the commencement the sole or main purpose of which was to defer the making of the transfer or agreement until 1 January 2023 or later so section 246 would apply in relation to the relevant transaction. s 679 ins 2022 No. 14 s 15 (sec.679-ssec.1) Section 246 applies in relation to a relevant transaction that is the transfer, or agreement for transfer, of dutiable property only if the property is transferred, or the agreement is entered into, from the commencement. (sec.679-ssec.2) However, section 246 does not apply in relation to a transfer or agreement mentioned in subsection (1) if— it replaces a transfer, or agreement for transfer, that included the dutiable property and was made before the commencement; or the transferee had an option to purchase the dutiable property, or the transferor had an option to require the transferee to purchase the dutiable property, granted before the commencement and exercised from the commencement; or another arrangement was made before the commencement the sole or main purpose of which was to defer the making of the transfer or agreement until 1 January 2023 or later so section 246 would apply in relation to the relevant transaction. - (a) it replaces a transfer, or agreement for transfer, that included the dutiable property and was made before the commencement; or - (b) the transferee had an option to purchase the dutiable property, or the transferor had an option to require the transferee to purchase the dutiable property, granted before the commencement and exercised from the commencement; or - (c) another arrangement was made before the commencement the sole or main purpose of which was to defer the making of the transfer or agreement until 1 January 2023 or later so section 246 would apply in relation to the relevant transaction.