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DUTIES ACT 2008 - SECT 266A

266A .         Reduction of duty following automatic revocation or refusal of exemption

        (1)         The duty to be assessed on a relevant reconstruction transaction is to be reduced in accordance with subsection (2) if —

            (a)         either of the following occurs —

                  (i)         an exemption is granted for a relevant reconstruction transaction but the exemption is revoked under section 264A on the occurrence of a notifiable event;

                  (ii)         an exemption application is made in accordance with section 262 for a relevant reconstruction transaction and the exemption would have been granted but for the application of section 263(4)(b) because of the occurrence of a notifiable event;

                and

            (b)         at the time of the notifiable event, only part of the property referred to in section 264A(2) to which the relevant reconstruction transaction relates is held by, or on trust for, the member of the transaction group referred to in whichever of section 264(2)(b)(i) or (ii) applies (the relevant entity ).

        (2)         Duty is chargeable on the relevant reconstruction transaction only to the extent that the transaction relates to the part of the property referred to in section 264A(2) that is held by, or on trust for, the relevant entity at the time of the notifiable event.

        (3)         This section applies whether or not there has been a change in the legal description of the property referred to in section 264A(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 266A inserted: No. 12 of 2019 s. 128.]



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