Western Australian Current Acts Western Australian Current Acts (1) This section
applies to a concessional off-the-plan agreement that is an agreement for the
purchase of 2 or more lots (the relevant properties ) in a multi-tiered
scheme, on each of which there will be a new residential unit or apartment.
(2) The concession
amount for the concessional off-the-plan agreement is the total of the
concession amounts for each of the relevant properties determined under
subsection (3).
(3) The concession
amounts for the relevant properties are determined as follows —
(a)
first, apportion the dutiable value of the concessional off-the-plan agreement
between each of the relevant properties as decided by the Commissioner;
(b)
second, apportion the unadjusted duty amount for the agreement between each of
the relevant properties according to the proportion that the dutiable value
apportioned to that relevant property under paragraph (a) bears to the
dutiable value of the agreement;
(c)
third, determine a concession amount for each of the relevant properties under
section 266L as if —
(i)
that relevant property were the subject of a separate
concessional pre-construction agreement or concessional under construction
agreement (whichever is relevant); and
(ii)
the dutiable value of that agreement were the amount
apportioned to that relevant property under paragraph (a); and
(iii)
the unadjusted duty amount for that agreement were the
amount apportioned to that relevant property under paragraph (b).
[Section 266M inserted: No. 29 of 2023 s. 8.]