Western Australian Numbered Acts Western Australian Numbered Acts (1) Section 75(4)
is amended as follows:
(a) by
deleting “beneficial” where it first occurs;
(b) by
deleting subparagraph (b)(ii) and inserting the following subparagraph
instead —
“
(ii) if the fee simple in the conditional tenure land was
transferred under subsection (1) for a discounted price, an amount
calculated using the following formula —
A = ((P – DP) / P) x R
where —
A
is the amount the Minister may recover from the holder of the freehold
in the conditional tenure land;
P
is the unimproved value of the conditional tenure land at the time the
discounted price was paid;
DP
is the discounted price;
R
is the unimproved value of the conditional tenure land at the time of
the recovery,
”.
(2) Section 75(7)
is amended by inserting after “land accompanied” —
“ , subject to subsection (7a), ”.
(3) After
section 75(7) the following subsection is inserted —
“
(7a) The Minister may in prescribed circumstances, with the
prior approval of the Treasurer, waive in whole or part the payment of the
relevant amount referred to in subsection (4)(b)(i) or (ii), subject to
such conditions as the Minister determines.
”.