Land rich duty
Chapter 3 of the Duties Act 2001 imposes duty on a relevant acquisition of shares in a land rich corporation at the rates of duty set out in Schedule 3 of the Act.
In general, a person or related person makes a relevant acquisition if they acquire, or through a series of transactions made within a three year period acquire, a majority interest in a land rich corporation.
A land rich corporation is an unlisted corporation with land-holdings in Queensland, having an unencumbered value of $1,000,000 or more, and the total land-holdings of the corporation within or outside Australia represent 60 per cent or more of all of its property.
The abolition of transfer duty on Queensland marketable securities (share duty) from 1 January 2007 does not extend to land rich duty. Chapter 3 of the Duties Act continues to apply after 1 January 2007.
