Western Australian Current Acts

DUTIES ACT 2008 - SECT 61

61 .         Taker in default’s interest, value of for s. 59(b)

                For the purposes of section 59(b), the value of the taker in default’s interest in a discretionary trust is the total of the following amounts —

            (a)         in respect of the dutiable property held by the discretionary trust — an amount determined by applying the interest in the discretionary trust of the taker in default to the unencumbered value, when liability for duty on the transaction arises, of the dutiable property;

            (b)         in respect of the dutiable property to which an entity linked to the trustee of the discretionary trust is entitled — an amount determined by applying the interest in the discretionary trust of the taker in default to an amount determined by applying section 157 as if a reference in that section —

                  (i)         to land assets were a reference to dutiable property; and

                  (ii)         to the main entity’s total direct or indirect interest in the linked entity calculated under section 154A were a reference to the total direct or indirect interest that the trustee of the discretionary trust has in the linked entity, calculated under section 154A(2) to (5) as if the trustee of the discretionary trust were a higher entity referred to in that section.

        Note for this section:

                For example, if the taker in default had a 50% interest in the trust and the trust held dutiable property of $1 000 000, the value of the taker in default’s interest would be $500 000.

        [Section 61 amended: No. 12 of 2019 s. 21.]