Western Australian Current Acts Western Australian Current Acts (1) If the exemption
for a relevant transaction is revoked under section 264A or 265, the
Commissioner must make an official assessment for the transaction.
(1A) If the exemption
is revoked under section 264A, the official assessment —
(a) must
determine the amount of duty payable on the relevant transaction as at the
date of the transaction (subject to any reduction that applies under
section 266A or 266B); and
(b) may
include penalty tax equal to the amount of that duty.
(2) If the exemption
is revoked under section 265, the official assessment must —
(a)
determine the amount of duty payable on the relevant transaction as at the
date of the transaction; and
(b)
include penalty tax equal to the amount of that duty.
(3) The following
persons are jointly and severally liable to pay the duty chargeable on a
relevant transaction and the penalty tax —
(a) each
member of the transaction group;
(b) each
person liable under subsection (4) or (5).
(4) If a corporation
liable under subsection (3) is voluntarily wound up before the duty and
penalty tax are paid, each person who was a director of the corporation
immediately before it was wound up is liable to pay the amount unless —
(a) the
winding up was a creditors’ voluntary winding up as defined in the
Corporations Act section 9; and
(b) no
creditor was an associate, as defined in the Corporations Act section 9, of
the corporation.
(5) If a unit trust
scheme liable under subsection (3) is wound up before the duty and penalty tax
are paid, the following persons are liable to pay the amount —
(a) the
trustee of the scheme;
(b) if
the trustee of the scheme, being a corporation, is wound up — each
person who was a director of the trustee immediately before it was wound up.
(6) Despite the
Taxation Administration Act section 17, if an exemption for a relevant
transaction is revoked under section 264A on the occurrence of a notifiable
event, the Commissioner may make a reassessment in relation to the transaction
at any time before the later of —
(a) the
day that is 5 years after the day on which the Commissioner made a
reassessment under section 263(2), or issued a certificate or made an
assessment under section 263(3), in relation to the transaction (whichever is
relevant); or
(b) the
day that is 12 months after the day on which notice of the notifiable event
was lodged under section 264(4).
[Section 266 amended: No. 12 of 2019 s. 127.]