Western Australian Current Acts

DUTIES ACT 2008 - SECT 48

48 .         Simultaneous put and call option not exercised or assigned, consequences of

        (1)         If, in relation to a call option of a simultaneous put and call option taken to be an agreement for the transfer of option property under section 45 —

            (a)         the call option and the put option of the simultaneous put and call option —

                  (i)         both expire without being exercised; or

                  (ii)         are rescinded or cancelled by agreement, or either is rescinded or cancelled and the other expires without being exercised;

                and

            (b)         the call option has not been assigned as referred to in section 49,

                this Division does not apply and the Commissioner, on the application of the taxpayer, is to assess or reassess the liability to duty of the call option.

        (2)         For the purposes of this section, the Taxation Administration Act section 17 applies as if the original assessment had been made when the call option and the put option had both expired or were rescinded or cancelled.