Western Australian Current Acts

DUTIES ACT 2008 - SECT 91P

91P .         General rules relating to charging of duty

        (1)         Nominal duty is chargeable on a concessional farm-in transaction if there is not, and will not be, any consideration for the concessional farm-in transaction.

        (2)         Subsection (3) applies if —

            (a)         a farm-in agreement contains 2 or more concessional farm-in transactions; and

            (b)         apart from subsection (3), nominal duty would be chargeable on all of the concessional farm-in transactions contained in the farm-in agreement.

        (3)         Nominal duty is chargeable on all of the concessional farm-in transactions taken together as if they were a single dutiable transaction.

        (4)         The dutiable value of a dutiable transaction that is a concessional farm-in transaction is the consideration for the concessional farm-in transaction.

        (5)         Duty is not chargeable on a concessional farm-in transaction if —

            (a)         apart from this subsection, the concessional farm-in transaction would be chargeable with nominal duty; and

            (b)         the farm-in agreement that contains the concessional farm-in transaction also contains 1 or more other concessional farm-in transactions on which duty is chargeable at the general rate of duty.

        (6)         If a farm-in agreement contains 2 or more concessional farm-in transactions on which duty is chargeable at the general rate of duty, the amount of duty chargeable on each of those concessional farm-in transactions must be determined as follows —

            (a)         first, aggregate the dutiable values of the concessional farm-in transactions;

            (b)         second, apply the general rate of duty to the aggregate dutiable value;

            (c)         third, apportion the resulting amount of duty between the concessional farm-in transactions in the way determined by the Commissioner.

        (7)         If a farm-in agreement contains 2 or more concessional farm-in transactions and the Commissioner is, at any time, reassessing the duty chargeable on any of the concessional farm-in transactions, the Commissioner must also reassess the duty chargeable on any of the other concessional farm-in transactions as necessary for the purpose of applying subsection (3), (5) or (6).

        (8)         The limitations as to time in the Taxation Administration Act section 17 do not apply in respect of a reassessment under subsection (7).

        [Section 91P inserted: No. 37 of 2022 s. 8.]