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DUTIES ACT 2008 - SECT 118A

118A .         Transfers to and from bare trustee: failure to lodge subsequent transfer

        (1)         This section applies if —

            (a)         under section 118, nominal duty is chargeable on a subsequent transfer and an endorsed transaction referred to in that section; and

            (b)         the subsequent transfer is required to be lodged for registration under —

                  (i)         the Transfer of Land Act 1893 ; or

                  (ii)         the Registration of Deeds Act 1856 ; or

                  (iii)         the Mining Act 1978 ;

                and

            (c)         the liability to duty of the subsequent transfer is assessed in accordance with section 118(1) on the basis that nominal duty is chargeable; and

            (d)         the liability to duty of the endorsed transaction is reassessed in accordance with section 118(3) on the basis that nominal duty is chargeable; and

            (e)         the subsequent transfer is not lodged for registration under the Transfer of Land Act 1893 , the Registration of Deeds Act 1856 or the Mining Act 1978 (whichever is relevant) within 60 days after it is duty endorsed.

        (2)         Despite section 118(1) and (3), nominal duty is not chargeable on the subsequent transfer or the endorsed transaction.

        (3)         The Commissioner must make any reassessment necessary as a result of the operation of subsection (2).

        (4)         The limitations as to time in the Taxation Administration Act section 17 do not apply in respect of a reassessment under subsection (3).

        [Section 118A inserted: No. 12 of 2019 s. 45.]



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