Stamp Duties Consolidation Act 1999 section 108A

National Development Finance Agency, etc.

Section 108A provided a stamp duty exemption for instruments under which the National Development Finance Agency, or a company formed by it, acquired property, with a clawback where the property was later disposed of or the company ceased to be State-owned.

• Exempted instruments under which the National Development Finance Agency acquired property.
• Extended the exemption to companies formed by the Agency acquiring land from the Agency, from another company formed by the Agency, or from a State authority.
• Required the acquiring company to be 100 per cent beneficially owned by the State, with written confirmation given to the Minister that it would remain so indefinitely.
• Imposed a clawback equal to the duty foregone, plus daily interest at 0.0322 per cent, if the land was disposed of or State ownership ceased.