Land rich lodgement obligations
A person who has made a relevant acquisition before 1 April 2012 must pay duty and lodge a Section 80 Land Rich Acquisition Statement with the State Revenue Office within three months of the relevant acquisition being made.
For relevant acquisitions made on or after 1 April 2012, the time period for paying duty and lodging the Section 80 Land Rich Acquisition Statement is reduced to 30 days. Both the person who made the relevant acquisition, and the land rich landholder in whom the relevant acquisition was made, are responsible for paying duty and lodging the acquisition statement.
In cases involving a relevant acquisition of an interest by a trustee, both the trustee and the person(s) on whose behalf the interest was acquired may be considered the person who made the relevant acquisition.
To reduce compliance costs, the obligation on the acquirer(s) and the landholder to pay the required duty and lodge the acquisition statement will be satisfied if either one of them pays the duty and lodges the acquisition statement within the relevant timeframe.
Part 6 of the acquisition statement lists the supporting documents and information required for lodging, including:
- A full copy of the share/unit sale agreement or other agreement relating to the acquisition of shares/units in the landholder,
- Details of how the value of the landholder’s land holdings and other property was estimated. A copy of any documentation on which the estimate was based should be provided, as well as a copy of the relevant municipal rates notice, and any valuation prepared by a licensed valuer for each land holding,
- The landholder’s statement of financial position (balance sheet) for the year immediately before the year in which the relevant acquisition occurred,
- If applicable, copies of all uncompleted agreements of sale of real estate at the date of the relevant acquisition,
- If a claim for a reduction of duty is made, copies of the stamped instrument(s) evidencing the payment of duty.
Please refer to ss. 80 to 82 of the Act.