Western Australian Current Acts Western Australian Current Acts (1) The dutiable value
of a residential trust acquisition is —
(a) the
consideration for the acquisition so far as the consideration relates to
residential property —
(i)
held by the discretionary trust; or
(ii)
to which an entity linked to the trustee of the
discretionary trust is entitled;
or
(b) the
value of the taker in default’s interest in the discretionary trust at
the time when liability for foreign transfer duty on the acquisition arises if
—
(i)
there is no consideration for the acquisition; or
(ii)
the consideration cannot be ascertained when liability
for foreign transfer duty on the acquisition arises; or
(iii)
the value of the taker in default’s interest is
greater than the consideration for the acquisition.
(2) The dutiable value
of a residential trust surrender is —
(a) the
consideration for the surrender so far as the consideration relates to —
(i)
residential property held by the discretionary trust or
to which an entity linked to the trustee of the discretionary trust is
entitled; and
(ii)
the interests in the discretionary trust acquired by a
foreign person as a result of the surrender;
or
(b) the
value of a foreign person’s interest in the discretionary trust at the
time immediately after liability for foreign transfer duty on the surrender
arises less the value of the foreign person’s interest in the
discretionary trust immediately before liability for foreign transfer duty on
the surrender arises if —
(i)
there is no consideration for the surrender; or
(ii)
the consideration cannot be ascertained when liability
for foreign transfer duty on the surrender arises; or
(iii)
the value of the taker in default’s interest is
greater than the consideration for the surrender.
[Section 205V inserted: No. 24 of 2018 s. 8.]