Document ID: chunk:federal_register_of_legislation:C2018C00042:section:48
Version: federal_register_of_legislation:C2018C00042
Segment Type: section
Provision Reference: s 48
Character Range: 45500–46489

48  Stamp duty—transfers of assets or liabilities to privately‑owned companies
 (1) This section applies if, as a result of a declaration under section 23, 24, 25, 30, 31 or 33, an asset or liability is transferred to a company immediately after the grant to the company of an airport lease under section 22.
 (2) This Act does not prevent a law of a State or Territory from imposing a liability to pay an amount of stamp duty or other tax because of that declaration if:
 (a) it is reasonable to expect that a corresponding amount of stamp duty or other tax would have been payable under a law of that State or Territory if the asset or liability that was transferred to the company because of the declaration had instead been transferred to the company by a written instrument executed by the parties to the transfer; and
 (b) the first‑mentioned amount does not exceed what it is reasonable to expect that the corresponding amount would have been.

Division 3—Special income tax rules