Western Australian Current Acts Western Australian Current Acts (1) This section
applies if —
(a) a
person (a retiring partner ) ceases to be a partner in a partnership because
of the retiring partner’s retirement from the partnership or its
dissolution; and
(b)
immediately before the retirement or dissolution, the retiring partner was the
legal owner of dutiable property (the retained property ) and held the
property for the partnership; and
(c)
immediately after the retirement or dissolution, the retiring partner remains
the legal owner of the retained property but no longer holds it for the
partnership; and
(d) the
retained property is, or is an interest in, a particular item of dutiable
property (the relevant partnership property ) held by the partnership
immediately before the retirement or dissolution; and
(e) the
retained property is or includes property referred to in section 72(a) to (d).
(2) When the
retirement or dissolution occurs, there is taken to be a dutiable transaction
consisting of the transfer of the retained property to the retiring partner.
(3) In determining the
dutiable value of a dutiable transaction under subsection (2) (a deemed
transaction ), the unencumbered value of the retained property is to be
determined as follows —
(a)
first, the unencumbered value of the retained property when liability for duty
on the deemed transaction arises is to be determined;
(b)
second, the value determined in accordance with paragraph (a) is to be reduced
by an amount calculated by applying the retiring partner’s partnership
interest in the partnership to the unencumbered value, immediately before the
retirement or dissolution, of the relevant partnership property.
(4) This section does
not apply to retained property if the unencumbered value of the retained
property is to be taken into account in determining the dutiable value of a
transaction to which section 78 applies.
[Section 78A inserted: No. 12 of 2019 s. 29.]