Western Australian Current Acts

DUTIES ACT 2008 - SECT 197A

197A .         Expired put and call options taken to be terminated

        (1)         In this section —

        call option means the call option of a simultaneous put and call option referred to in section 177(2) or (3);

        put option means the put option of a simultaneous put and call option referred to in section 177(2) or (3).

        (2)         For the purposes of this Division and section 200, an agreement that is taken to exist under section 177(2) or (3) is taken to be terminated without being completed if —

            (a)         the call option and the put option both expire without being exercised; or

            (b)         the call option and the put option are both rescinded or cancelled by agreement; or

            (c)         either the call option or the put option is rescinded or cancelled by agreement and the other expires without being exercised.

        (3)         Subsection (2) does not apply if the call option has been assigned or further assigned as referred to in section 177(3).

        (4)         If a reassessment is required under section 195 or 196 as a result of an agreement that was taken to exist under section 177(2) or (3) being taken to be terminated under subsection (2) of this section, the Taxation Administration Act section 17 applies as if the original assessment had been made as soon as subsection (2) of this section became applicable.

        [Section 197A inserted: No. 12 of 2019 s. 95.]