Victorian Numbered Acts Victorian Numbered Acts(1) In section 201SP(1) and (2) of the Principal Act omit "and any interest charged under this Subdivision relating to that deferred contribution" (wherever occurring).
(2) In section 201SP(1)(a) of the Principal Act, after "land" insert "(other than a subdivision of land solely to enable land to be transferred in accordance with a work-in-kind agreement)".
(3) In section 201SP(2) of the Principal Act, for "A person" substitute "Subject to section 201SS, a person".
(4) For the example at the foot of section 201SP(2) of the Principal Act substitute —
" Example
RST Pty Ltd is a land rich landholder that owns land subject to GAIC. X holds 60% of the interest in RST and disposes of that interest to Y. Y has made a significant acquisition and is liable to pay 60% of the GAIC payable in respect of the land. Y defers the payment of the GAIC under this Subdivision. RST applies for a building permit to carry out work on the land. Y and RST are jointly and severally liable to pay the deferred GAIC together with the interest relating to the GAIC on or before the application for the building permit is made by RST. RST is also liable to pay 40% of the GAIC payable in respect of the land (indexed if applicable) arising from the building works. However, the time for paying both GAIC payments does not apply if RST applies for approval of the staged payment of the GAIC under Subdivision 4.".