Western Australian Current Acts Western Australian Current Acts (1) In this section
—
acquiring person , in relation to an acquisition,
means the person making the acquisition;
notional transfer , in relation to an acquisition,
means a notional transaction consisting of the transfer, at the time of the
acquisition, by the relinquishing person to the acquiring person of the
relevant land assets, as if the relevant land assets were those of the
relinquishing person;
relevant land assets , in relation to an
acquisition of an interest in a landholder, means the land assets to which the
landholder, and each linked entity in respect of the landholder, are entitled;
relinquishing person , in relation to an
acquisition, means the person from whom the interest in the landholder was
acquired.
(2) This section
applies to an acquisition of an interest in a landholder if no transfer duty
would be chargeable, or transfer duty would be chargeable only to a particular
extent, on the notional transfer in relation to the acquisition.
(3) If no transfer
duty would be chargeable on the notional transfer, the acquisition is exempt.
(4) If transfer duty
would be chargeable on the notional transfer only to a particular extent, then
despite Part 6 Division 5, the amount of duty chargeable in respect of the
acquisition is the amount of duty calculated under that Division in respect of
the acquisition reduced by the same proportion as the proportion of the
notional transfer on which no transfer duty would be chargeable.
(5) If the acquiring
person did not acquire the interest in the landholder from another person, the
reference to the relinquishing person in the definition of notional transfer
in subsection (1) is to be read (according to what is relevant) as a reference
to the or a person —
(a)
whose interest in the landholder is decreased because of the acquisition; or
(b)
whose interest in the landholder decreased resulting in the acquisition.
Note for this subsection:
An acquiring person
may acquire an interest in a company by the company issuing shares to the
person, or buying back shares of another person.
(6) This section does
not apply if —
(a) no
transfer duty would be chargeable, or transfer duty would be chargeable only
to a particular extent, on the notional transfer because of an exemption or
reduction under Chapter 6; or
(b)
section 171 or 194 applies to the acquisition.
[Section 168 inserted: No. 12 of 2019 s. 75.]