Uncompleted agreements
Uncompleted agreements for sale or transfer of land
For the purposes of the landholder provisions, the transferor and the transferee under an uncompleted agreement for the sale or transfer of land are taken to be separately entitled to the whole of the land.
If:
a) at the time of acquisition of an interest by any person in a landholder that necessitates the lodgment of an acquisition statement under the landholder Chapter, the landholder was the vendor under an uncompleted agreement for the sale or transfer of land, and
b) the agreement is subsequently completed, the Chief Commissioner is to assess or reassess the statement as though the land the subject of the agreement was not, at the time of the acquisition concerned, a land holding of the landholder.
If:
a) at the time of acquisition of an interest by any person in a landholder that necessitates the lodgment of an acquisition statement under the landholder Chapter, the landholder was the purchaser under an uncompleted agreement for the sale or transfer of land, and
b) the agreement is subsequently rescinded, annulled or otherwise terminated without completion, the Chief Commissioner is to assess or reassess the statement as though the land the subject of the agreement was not, at the time of the acquisition concerned, a land holding of the landholder.
In this section, a reference to a landholder includes a reference to a linked entity of the landholder.
