Western Australian Current Acts

DUTIES ACT 2008 - SECT 33

33 .         Agreement by instalments determined before final payment, consequences of

        (1)         In this section —

        agreement by instalments means an agreement for the transfer of dutiable property —

            (a)         wholly or partly in consideration of the making of 2 or more payments at intervals specified in an instrument effecting or evidencing the agreement; and

            (b)         which is subject to the right of the purchaser or transferee to determine the agreement at any time before the property is transferred on making such of the payments as are due and payable at the time of the determination.

        (2)         If, after an agreement by instalments has been duty endorsed, the agreement is determined before the final payment had become due and payable under the agreement, the Commissioner, on the application of the taxpayer, is to reassess the liability to duty of the agreement in accordance with the consideration paid, or due and payable, when the agreement is determined.

        (3)         For the purposes of this section, the Taxation Administration Act section 17 applies as if the original assessment had been made when the determination was made.