Western Australian Current Acts Western Australian Current Acts [(1) deleted]
(2) An acquisition by
a person (the acquirer ) is exempt if it is an acquisition from another person
of an interest in a landholder which, or a linked entity in respect of which,
uses land assets solely or dominantly in the business of primary production
and —
(a) it
would have been an exempt transaction under section 102(1) if —
(i)
it had been a transfer, from that other person to the
acquirer, of land assets to which the landholder or a linked entity in respect
of the landholder is entitled; and
(ii)
section 102(2) had not been enacted;
and
(b)
immediately after the acquisition the landholder, or a linked entity in
respect of the landholder, intends to continue to use the land assets solely
or dominantly in the business of primary production.
(2A) If the acquirer
did not acquire the interest in the landholder from another person, the
reference in subsection (2) to the person from whom the interest in the
landholder was acquired 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 acquirer may
acquire an interest in a company by the company issuing shares to the person,
or buying back shares of another person.
(3) For the purposes
of subsection (2), a land asset that is land is being used in the business of
primary production even if —
(a)
some, but not all, of the land is leased to another person; and
(b)
under the lease, the lessee is using the leased land solely or dominantly for
the purposes of silviculture or reafforestation.
(4) This section has
effect subject to Subdivision 4.
[Section 171 amended: No. 12 of 2019 s. 76.]