Western Australian Current Acts Western Australian Current Acts (1) An agreement for
the transfer of dutiable property is a concessional under construction
agreement if the agreement is —
(a) an
agreement for the purchase, from the owner of land to be subdivided by the
registration of a multi-tiered scheme or an amendment of a multi-tiered
scheme, of a lot in the scheme on which there will be a new residential unit
or apartment; and
(b)
entered into after development for the subdivision commences, but before
development for the subdivision is completed; and
(c)
entered into in the period beginning on 31 August 2023 and ending on 30 June
2025.
(2) An agreement (the
new agreement ) for the transfer of dutiable property is also a concessional
under construction agreement if —
(a)
subsection (1)(a) and (b) apply to the new agreement; and
(b) the
new agreement is substantially similar in effect to an earlier cancelled
transaction that —
(i)
was a concessional under construction agreement under
subsection (1); and
(ii)
was between all of the same parties as the parties to the
new agreement, except that the seller was different.
(3) Despite
subsections (1) and (2), an agreement (the relevant agreement ) to which
either of those subsections applies is not a concessional under construction
agreement if the relevant agreement is —
(a) a
concessional pre-construction agreement to which section 266F(2) applies; or
(b) a
replacement transaction in relation to a cancelled transaction; or
(c) a
subsale transaction in relation to a cancelled transaction that was a
concessional off-the-plan agreement; or
(d)
substantially similar in effect to an earlier cancelled transaction that
—
(i)
was between all of the same parties as the parties to the
relevant agreement, except that the seller was different; and
(ii)
was entered into before 31 August 2023.
[Section 266FA inserted: No. 29 of 2023 s. 8.]