Western Australian Current Acts Western Australian Current Acts (1) This section
applies where it is necessary to determine, in relation to an acquisition of
an interest in an entity, the unencumbered value of a land asset that is a
mining tenement in relation to which a derivative mining right is in force.
(2) If the acquisition
of the derivative mining right, on its grant, is duty endorsed or is not a
dutiable transaction, the unencumbered value of the mining tenement is to be
determined, despite section 36(1) as applied by section 150, having regard to
the effect of the derivative mining right on the value of the mining tenement.
(3) Subsection (2)
ceases to apply in relation to an acquisition of an interest in an entity if,
within 12 months after the acquisition, the derivative mining right is
surrendered for no consideration.
(4) If a surrender
referred to in subsection (3) occurs, each of the following persons must lodge
a notice of the surrender in the approved form within 2 months after the day
on which the surrender occurs —
(a) the
entity referred to in subsection (1);
(b) the
person that acquired the interest referred to in subsection (1).
Penalty for this subsection: a fine of $20 000.
(5) Subject to the
Taxation Administration Act section 17, the Commissioner must make any
reassessment necessary as a result of the operation of subsection (3).
[Section 204E inserted: No. 12 of 2019 s. 100;
amended: No. 16 of 2022 s. 23.]
[Heading inserted: No. 12 of 2019 s. 100.]