Western Australian Current Acts

DUTIES ACT 2008 - SECT 205W

205W .         Share disposition taken to be agreement for transfer of trust property

        (1)         A disposition of a share in a corporate trustee is taken to be an agreement for the transfer of residential property and is liable to foreign transfer duty accordingly if —

            (a)         it is a transaction, or part of a transaction, that is a scheme or arrangement, or part of a scheme or arrangement; and

            (b)         the transaction results, or will or may result, in —

                  (i)         a foreign person increasing its beneficial interest, whether vested or contingent, in residential property held directly or indirectly by the corporate trustee of a discretionary trust; or

                  (ii)         a foreign person acquiring a beneficial interest, whether vested or contingent, in residential property held directly or indirectly by the corporate trustee of a discretionary trust.

        (2)         Subsection (1) does not apply to the disposition of a share by which the personal representative of a deceased person disposes of a share to a beneficiary in the administration of the estate of the deceased person.

        [Section 205W inserted: No. 24 of 2018 s. 8; amended: No. 12 of 2019 s. 106.]