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DUTIES ACT 2008 - SECT 264A

264A .         Automatic revocation of exemption

        (1)         The exemption for an exempt relevant reconstruction transaction is revoked by this subsection if —

            (a)         a notifiable event to which section 264(2)(b) applies occurs in relation to the relevant reconstruction transaction within 3 years after the date of the transaction; and

            (b)         the member of the transaction group referred to in whichever of section 264(2)(b)(i) or (ii) applies (the relevant entity ) is —

                  (i)         for a relevant reconstruction transaction referred to in section 260(1)(a)(iii) or (aa)(iii) — the entity for which the dutiable property or residential property is held on trust; or

                  (ii)         for a relevant reconstruction transaction referred to in section 260(1)(d) — the acquirer of the interest referred to in that section; or

                  (iii)         otherwise — the entity who would, but for the exemption, be liable to pay the transfer duty, foreign transfer duty or vehicle licence duty chargeable on the transaction;

                and

            (c)         when the notifiable event occurs, the property referred to in subsection (2), or a part of that property, is held by, or on trust for, the relevant entity.

        (2)         For the purposes of subsection (1)(c), the property is —

            (a)         for a relevant reconstruction transaction referred to in section 260(1)(a) — the dutiable property to which the transaction relates; or

            (b)         for a relevant reconstruction transaction referred to in section 260(1)(aa) — the residential property to which the transaction relates; or

            (c)         for a relevant reconstruction transaction referred to in section 260(1)(b) — the licence for a vehicle to which the transaction relates; or

            (d)         for a relevant reconstruction transaction referred to in section 260(1)(d) — the interest in an entity to which the transaction relates.

        (3)         This section does not apply —

            (a)         to a notifiable event that results from a public float; or

            (b)         in prescribed circumstances.

        (4)         This section applies whether or not there has been a change in the legal description of the property referred to in subsection (2) between the relevant reconstruction transaction and the notifiable event.

        Note for this subsection:

                For example, a change in the legal description of property when a new certificate of title is registered following a subdivision of land.

        [Section 264A inserted: No. 12 of 2019 s. 125.]



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