Western Australian Current Acts

DUTIES ACT 2008 - SECT 266B

266B .         Reduction of duty following automatic revocation or refusal of exemption resulting from relevant acquisition

        (1)         In this section —

        property means land assets (as defined in section 148(1)), or chattels, or both;

        relevant acquisition has the meaning given in section 148(1).

        (2)         The duty assessed on a relevant reconstruction transaction is to be reduced in accordance with subsection (3) if —

            (a)         either of the following occurs —

                  (i)         an exemption is granted for the 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 the 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)         the notifiable event results from a relevant acquisition (the triggering acquisition ) on which landholder duty is chargeable; and

            (c)         transfer duty or landholder duty is chargeable on the relevant reconstruction transaction in relation to particular property (the relevant reconstruction transaction property ); and

            (d)         landholder duty is chargeable on the triggering acquisition in relation to particular property (the triggering acquisition property ); and

            (e)         the triggering acquisition property is or includes the relevant reconstruction transaction property or part of the relevant reconstruction transaction property.

        Note for this subsection:

                Section 266C provides for the property in relation to which landholder duty is taken to be chargeable for the purposes of this section.

        (3)         The duty assessed in respect of the relevant reconstruction transaction is to be reduced by the lesser of —

            (a)         the amount of transfer duty or landholder duty that is chargeable on the relevant reconstruction transaction, to the extent that the duty is chargeable in relation to relevant property; or

            (b)         the amount of landholder duty that is chargeable on the triggering acquisition, to the extent that the duty is chargeable in relation to relevant property.

        (4)         For the purposes of subsection (3), relevant property is property that is both triggering acquisition property and relevant reconstruction transaction property, whether or not there has been a change in the legal description of the property between the relevant reconstruction transaction and the triggering acquisition.

        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.

        (5)         If the relevant reconstruction transaction property is or includes an interest in particular property, and the triggering acquisition property is or includes a different interest in the same property, property is relevant property for the purposes of subsection (3) only to the extent of the lesser of the 2 interests.

        [Section 266B inserted: No. 12 of 2019 s. 128.]