Document ID: chunk:federal_register_of_legislation:F2024L01608:clause:1_3
Version: federal_register_of_legislation:F2024L01608
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 2807–4723

3  At the end of section 56
Add:

Modification for residential land with established dwelling
 (3) However, if the entity's dominant land holding is residential land, and the entity holds an interest in residential land on which there is at least one established dwelling, then, despite subsection (1), for the purposes of this instrument:
 (a) treat the action as if it were instead 2 actions by the person comprising:
 (i) the acquisition described in subsection (4); and
 (ii) the acquisition described in subsection (5); and
 (b) work out the amount of the fee for the actions accordingly under this instrument.
 (4) The acquisition mentioned in subparagraph (3)(a)(i) is an acquisition:
 (a) of an interest in residential land on which there is at least one established dwelling; and
 (b) for which the value of the consideration is so much of the value of the consideration for the actual acquisition as is attributable to the entity's interests in residential land on which there is at least one established dwelling; and
 (c) that is a reviewable national security action if the actual acquisition is a reviewable national security action.
 (5) The acquisition mentioned in subparagraph (3)(a)(ii) is an acquisition:
 (a) of an interest in residential land on which there are no established dwellings; and
 (b) for which the value of the consideration is so much of the value of the consideration for the actual acquisition as is not attributable to the entity's interests in residential land on which there is at least one established dwelling; and
 (c) that is a reviewable national security action if the actual acquisition is a reviewable national security action.
 (6) For the purposes of paragraphs (4)(b) and (5)(b), consideration is taken to be attributable to particular interests in residential land to the same extent as the total asset value of the land entity is attributable to those interests.