After section 36B of the Principal Act , the following section is inserted in Division 2:

36BA.     Application to put and call options

(1)  This Division applies to a put and call option as if –

(a) the put and call option were a sale agreement under section 36B(1)(a) ; and

(b) the person who enters the put and call option as the person who has the right to purchase the dutiable property were the first purchaser under section 36B(1)(a) ; and

(c) the person who enters the put and call option as the person who has the right to sell the dutiable property were the vendor under section 36B(1)(a) ; and

(d) where a right to acquire dutiable property, or part of dutiable property, under a put and call option is obtained by another person, that other person were a subsequent purchaser under paragraph (b) of section 36B(1) and that right were a transfer right under that paragraph.

(2)  For the purposes of section 36B(1)(b) , the completion of the put and call option is upon the transfer of the dutiable property following the exercise of either the put or call rights under the option.

(3)  For the purposes of section 36D(1)(a) , the consideration given or agreed to be given under the put and call option includes the consideration given or agreed to be given to obtain the put and call option and any consideration payable on the exercise of the put and call option.

(4)  For the purposes of section 36D(2)(a) , the consideration given or agreed to be given to obtain the transfer right includes any consideration payable on the exercise of the put and call option.