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This is a Bill, not an Act. For current law, see the Acts databases.


DUTIES BILL 2007

                    Western Australia


                 Duties Bill 2007

                       CONTENTS


      Chapter 1 -- Preliminary
1.    Short title                                             2
2.    Commencement                                            2
3.    Terms used in this Act                                  2
4.    Relationship with Taxation Administration
      Act 2003                                                7
5.    GST and value or consideration                          8
6.    Family relationships                                    8
7.    The term "wound up"                                     8
8.    Notes in the text                                       9

      Chapter 2 -- Transfer duty
      Part 1 -- Preliminary
9.    Terms used in this Chapter                             10
      Part 2 -- Imposition of transfer duty
10.   Transfer duty imposed                                  12
      Part 3 -- Dutiable transactions and
           dutiable property
      Division 1 -- Dutiable transactions
11.   The term "dutiable transaction"                        13
12.   Vesting of property in Western Australia by statute
      law -- section 11(1)(d)(i)                              14
13.   The term "farm-in agreement" -- section 11(1)(j)        15
14.   Transactions for chattels alone not usually dutiable
      transactions                                           15




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Contents



               Division 2 -- Dutiable property
      15.      The term "dutiable property"                          16
      16.      The term "right"                                      16
      17.      The term "new dutiable property"                      17
      18.      The term "special dutiable property"                  18
               Part 4 -- Collection of transfer duty
               Division 1 -- Liability for transfer duty
      19.      When liability for duty arises                        18
      20.      Person liable to pay duty                             19
      21.      Joint tenants to be treated as tenants in common in
               equal shares                                          19
               Division 2 -- Lodging transaction
                    records
      22.      Transfer duty statement to be made if no
               instrument                                            19
      23.      Lodging instrument or statement                       20
      24.      Form of a dutiable transaction                        21
               Division 3 -- Payment of transfer duty
      25.      Payment of duty                                       21
               Division 4 -- Rate of transfer duty
      26.      Rate of transfer duty                                 22
               Division 5 -- Dutiable value
      27.      Dutiable value of dutiable transactions, unless
               otherwise provided                                    23
      28.      Dutiable value of certain dutiable transactions       23
      29.      Dutiable value of certain dutiable transactions
               relating to corporation or unit trust scheme
               property on winding up                                24
      30.      Consideration for a dutiable transaction              30
      31.      Assessment or reassessment if consideration is
               altered                                               30
      32.      Reassessment if contingent consideration is not
               paid                                                  32
      33.      Reassessment if agreement determined with
               consideration only partly paid                        33
      34.      Reassessment if option exercised or not renewed       34



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                                                             Contents



35.   Credit for duty already paid on option to acquire
      dutiable property                                         35
36.   Unencumbered value of property                            36
37.   Aggregation of dutiable transactions                      38
38.   Apportionment                                             39
39.   Partitions                                                40
40.   Exchanges                                                 41
      Division 6 -- No double duty
41.   No double duty -- general                                  41
42.   No double duty -- particular dutiable transactions         42
43.   Purchaser and transferee related for the purpose of
      section 42(2)(a)                                          47
      Part 5 -- Application of this Chapter
           to certain transactions
      Division 1 -- Simultaneous put and call
           options
44.   Terms used in this Division                               49
45.   Call option of simultaneous put and call option to
      be taken to be an agreement for the transfer of the
      option property                                           50
46.   Dutiable value of simultaneous put and call option        51
47.   Credit if duty paid on a dutiable transaction
      referred to in section 45                                 51
48.   Assessment or reassessment if simultaneous put
      and call option not exercised or assigned                 52
49.   Assignment of call option to be taken to be an
      agreement for the transfer of the option property         53
50.   Dutiable value of assignment of call option               53
51.   Credit if duty paid on a dutiable transaction
      referred to in section 49                                 54
52.   Assessment or reassessment if assigned call option
      not exercised or further assigned                         54
      Division 2 -- Discretionary trust
           acquisitions and surrenders
53.   Property held by a partnership or trust                   55
54.   The term "taker in default"                               55
55.   The term "trust acquisition"                              55
56.   The term "trust surrender"                                56

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Duties Bill 2007



Contents



      57.      When a discretionary trust holds an indirect
               interest in dutiable property                             56
      58.      Acquiring an interest in a discretionary trust            56
      59.      Dutiable value of a trust acquisition or trust
               surrender                                                 57
      60.      Interest in a discretionary trust of a taker in default   57
      61.      Value of a taker in default's interest in a
               discretionary trust                                       58
      62.      When a trust acquisition or trust surrender is not a
               dutiable transaction                                      58
               Division 3 -- Corporate trustees
      63.      Terms used in this Division                               59
      64.      Reference to property held by trustees                    60
      65.      The term "corporate trustee"                              60
      66.      When a corporate trustee holds an indirect interest
               in dutiable property                                      60
      67.      Share disposition taken to be an agreement for the
               transfer of trust property                                60
      68.      Dutiable value of a transaction referred to in
               section 67                                                61
      69.      Person liable to pay duty on a disposition of a
               share                                                     61
               Division 4 -- Partnerships
      70.      The term "dutiable property"                              62
      71.      References to property held by a partnership or
               trust                                                     62
      72.      The term "partnership acquisition"                        62
      73.      When a partnership holds an indirect interest in
               land in Western Australia                                 62
      74.      Partner's partnership interest                            63
      75.      Acquiring a partnership interest                          63
      76.      Dutiable value of a partnership acquisition               63
      77.      Value of a partnership interest                           64
      78.      Dutiable value of a transaction reduced for transfer
               of dutiable property to a partner on retirement or
               dissolution                                               65
               Division 5 -- Western Australian
                    business assets
      79.      Terms used in this Division                               66

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                                                              Contents



80.    Transactions involving business licences that are to
       be taken to be an agreement to transfer a Western
       Australian business asset                                 69
81.    Transactions for particular Western Australian
       business assets that are not dutiable transactions        69
82.    Dutiable value of dutiable transactions for business
       assets                                                    70
83.    Dutiable value of certain business licences required
       by a law of the Commonwealth                              71
84.    Dutiable value of business licences required by a
       law of Western Australia                                  71
85.    Head office or principal place of business in
       Western Australia                                         72
86.    Head office or principal place of business in
       another State                                             72
       Division 6 -- Conditional agreements
87.    Conditional agreements                                    73
88.    The term "farming land conditional agreement"             77
89.    The term "mining tenement conditional
       agreement"                                                77
90.    The term "off-the-plan conditional agreement"             78
91.    The term "subdivision conditional agreement"              78
       Part 6 -- Exemptions, nominal duty
            and concessions
       Division 1 -- Exemptions
92.    Declaration of public authorities as exempt bodies        78
93.    No duty if an exempt body would be solely liable          78
94.    Duty reduction and liability if an exempt body and
       another party would be liable                             79
95.    Transactions for charitable or similar public
       purposes are exempt transactions                          80
96.    Terms used in this Subdivision                            80
97.    Transactions between spouses or de facto partners
       that are exempt transactions                              81
98.    Application for exemption under this Subdivision          81
99.    Terms used in this Subdivision                            82
100.   The term "family member"                                  83
101.   The term "transferee"                                     83


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      102.     Transactions between family members for farming
               property that are exempt family farm transactions      84
      103.     No duty on exempt family farm transactions             86
      104.     No exemption for subsequent transactions for the
               same farming property within 5 years                    86
      105.     Subsequent liability to duty in certain
               circumstances                                          87
      106.     Application for an exemption under this
               Subdivision                                             88
      107.     Cancelled transactions                                  88
      108.     Bankruptcy transactions                                 90
      109.     Transactions involving representatives of another
               country                                                 90
      110.     Financial Sector (Transfers of Business) Act 1999
               Part 4 transactions                                    91
      111.     Special disability trust transactions                  91
      112.     Transactions under other Acts                          91
      113.     Transactions effected by a matrimonial instrument
               or a de facto relationship instrument                   93
               Division 2 -- Nominal duty
      114.     Certain dutiable transactions on vesting or
               termination of discretionary trust                      93
      115.     Certain dutiable transactions on exercise of power
               of appointment by trustee of discretionary trust       93
      116.     Transfer of, or agreement for the transfer of,
               dutiable property to a beneficiary                     94
      117.     Property vested in an apparent purchaser               95
      118.     Transfer to and from a trustee                         96
      119.     Dutiable transactions related to changes in trustees
               and managed investment schemes                         96
      120.     Transfer by way of security                            98
      121.     Terms used in this Subdivision                         99
      122.     Transfer of, or agreement for the transfer of,
               dutiable property to a superannuation fund for
               consideration                                          100
      123.     Subsequent liability in certain circumstances          101
      124.     Transfer of, or agreement for the transfer of,
               dutiable property to a superannuation fund without
               consideration                                          101
      125.     Transfer from one superannuation fund to another       102


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                                                               Contents



126.   Transfer of, or agreement for the transfer of,
       dutiable property between trustees and custodians
       of superannuation funds                                   103
127.   Transfer of, or agreement for the transfer of,
       dutiable property from superannuation fund to
       member                                                    104
128.   Terms used in this Subdivision                            104
129.   The term "matrimonial instrument"                         105
130.   The term "de facto relationship instrument"               106
131.   Transactions effected by or in accordance with a
       matrimonial instrument or a de facto relationship
       instrument                                                106
132.   Reassessment on application                               107
133.   Evidence as to marriage or de facto relationship          108
134.   Transfer of, or agreement for the transfer of,
       certain lots under a planning scheme                      108
135.   Farm-in agreements                                        109
136.   Business licences held under the Fish Resources
       Management Act 1994                                       109
137.   Change of tenure                                          109
138.   Correction of clerical errors in previous dutiable
       transactions                                              110
139.   Deceased estates                                          110
140.   Other dutiable transactions prescribed                    111
       Division 3 -- First home owner
            concessions
141.   Terms used in this Division                               111
142.   Transactions by first home owners that are
       concessional transactions                                 112
143.   Concessions for first home owners                         113
144.   Application for concession under this Division            114
145.   Subsequent liability in certain circumstances             115
146.   Other provisions about first home owner
       concessions                                               115
       Division 4 -- Residential or business
            concessions
147.   Concessional rates for transactions referred to in
       Stamp Act 1921 section 75AE                               116



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Duties Bill 2007



Contents



               Chapter 3 -- Landholder Duty
               Part 1 -- Preliminary
      148.     Terms used in this Chapter                            117
      149.     Entitlement to land: effect of uncompleted
               agreements; fixtures                                  118
      150.     Meaning of "unencumbered value" of land or
               chattels                                              119
               Part 2 -- Imposition of landholder
                    duty
      151.     Landholder duty imposed                               119
               Part 3 -- Certain key concepts
                    defined and related provisions
      152.     The term "entity"                                     119
      153.     Meaning of "interest" in a landholder or other
               entity                                                119
      154.     Determination of interests                            120
               Part 4 -- Landholders to which this
                    Chapter applies
      155.     Entities that are landholders                         122
      156.     Entities that are linked                              123
      157.     Value of land of linked entity                        124
      158.     Extent of interest in discretionary trust             124
      159.     Extent of interest in partnership                     125
               Part 5 -- Acquisitions .to which this
                    Chapter applies
               Division 1 -- Means by which interest
                    acquired
      160.     Acquisition of an interest in an entity               125
               Division 2 -- Relevant acquisitions of
                    interests in landholders
      161.     Terms used in this Division                           126
      162.     Persons that are related                              126
      163.     Acquisition of significant interest in a landholder   128
      164.     Acquisition of further interest by holder of
               significant interest                                  128

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                                                                 Contents



165.   Meaning of "acquisition" in this Subdivision                129
166.   Effect of acquisition being exempt                          129
167.   Exemption if nominal duty would be chargeable on
       transfer                                                    129
168.   Exemption if transfer duty would not be
       chargeable                                                  129
169.   Exemption if acquisition is dutiable under
       section 67                                                  130
170.   Exemption relating to approved arrangements with
       creditors under the Corporations Act                        130
171.   Exemption of acquisition by family member of
       interest in corporation engaged in primary
       production                                                  130
172.   Calculation of duty where some land of
       corporation not used for primary production                 131
173.   Reversal of exemption where certain changes made
       to discretionary trust                                      132
174.   No exemption where interest transferred within
       5 years                                                     133
       Part 6 -- Collection of landholder
            duty
       Division 1 -- Preliminary
175.   The term "acquirer"                                         134
176.   When an acquisition occurs                                  134
177.   Certain transactions to be treated as agreements            135
178.   Exceptions to section 177                                   136
       Division 2 -- Liability
179.   Person liable to pay duty                                   136
180.   Application to Commissioner for determination of
       liability                                                   137
181.   Determination of application                                138
182.   Powers of Commissioner where further
       information required for determination of
       application                                                 138
       Division 3 -- Payment of landholder
            duty
183.   Payment of landholder duty                                  139



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Contents



               Division 4 -- Rates of landholder duty
      184.     Rates of landholder duty                             140
               Division 5 -- Calculation of landholder
                    duty
      185.     The term "interest of the acquirer"                  140
      186.     Value of landholder                                  140
      187.     Time of determination of the value of further
               interests for calculation of duty                    141
      188.     Calculation of duty                                  141
      189.     Reduction where significant interest acquired in a
               landholder                                           142
      190.     Meaning of "excluded interest" for section 189       142
      191.     Reduction where further interest acquired in a
               landholder                                           143
      192.     Meaning of "excluded interest" for section 191       143
      193.     Calculation of duty where statement lodged under
               section 201                                          144
      194.     Calculation of duty in respect of certain
               acquisitions on winding up of corporation or unit
               trust scheme                                         144
               Division 6 -- Reassessment of liability
                    for landholder duty
      195.     Reassessment of duty where section 149 was
               applied                                              147
      196.     Reassessment of duty where section 176(2) was
               applied                                              148
      197.     Further matter to be considered by the
               Commissioner                                         149
      198.     Taxation Administration Act not affected             149
               Division 7 -- Lodgment of statements
      199.     The term "acquisition statement"                     149
      200.     Acquisition statement to be lodged                   150
      201.     Acquisition of further interests in landholder:
               lodgment of periodical statements may be
               approved                                             150
      202.     Lodgment obligations where application under
               section 201 refused                                  152
      203.     Form and content of acquisition statements           152


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                                                              Contents



204.   Failure to lodge acquisition statement                   153
       Division 8 -- Information to be provided
            to Parliament
205.   Minister to inform Parliament of amounts of duty
       assessed and duty paid during 3 years following
       commencement of this Chapter                             153

       Chapter 4 -- Insurance duty
       Part 1 -- Preliminary
206.   Terms used in this Chapter                               155
       Part 2 -- Imposition of insurance
            duty
207.   Insurance duty imposed                                   156
208.   Contracts of insurance                                   156
209.   General insurance and connection to the State            156
210.   Additional insurance -- life riders                       157
211.   The term "premium"                                       158
212.   When a premium is paid                                   158
       Part 3 -- Collection of insurance duty
       Division 1 -- Liability
213.   Person liable to pay duty                                159
214.   The term "general insurer"                               159
       Division 2 -- Amount of insurance duty
215.   Amount of duty payable                                   159
216.   Apportionment of premiums and instalments                160
       Division 3 -- Insurers
217.   Insurers to be registered                                161
218.   Registration of insurers                                 161
219.   Return period of an insurer                              161
220.   Insurers to lodge returns                                161
221.   Time for payment of duty by insurers                     162
222.   Cancelling registration of insurers                      162
       Division 4 -- Insured persons
223.   Insured persons to lodge statements                      163
224.   Time for payment of duty by insured persons              163


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Duties Bill 2007



Contents



               Part 4 -- General provisions as to
                    insurance duty
      225.     Insurer and intermediary to notify Commissioner
               of contracts of insurance                         163
      226.     Refunds                                           164
      227.     Records                                           165

               Chapter 5 -- Vehicle licence
                  duty
               Part 1 -- Preliminary
      228.     Terms used in this Chapter                        166
               Part 2 -- Imposition of vehicle licence
                    duty
      229.     Vehicle licence duty imposed                      167
      230.     Vehicles and their licences                       167
               Part 3 -- Collection of vehicle licence
                    duty
               Division 1 -- Preliminary
      231.     Terms used in this Part                           168
               Division 2 -- Liability
      232.     Person liable to pay duty                         169
               Division 3 -- Assessment and payment of
                    vehicle licence duty
      233.     Assessment of duty                                169
      234.     Applicant's statement of value in application     170
      235.     Payment of duty                                   170
               Division 4 -- Amount of vehicle licence
                    duty
      236.     Amount of duty payable                            171
               Division 5 -- Dutiable value of a vehicle
      237.     Dutiable value of certain new vehicles            172
      238.     Dutiable value of certain other vehicles          172
      239.     Dutiable value of specialised vehicles            172



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                                                               Contents



       Part 4 -- Exemptions and nominal
            duty
       Division 1 -- Exemptions -- general
240.   If no vehicle licence fee payable under Road
       Traffic Act                                               174
241.   Reconstruction exemption                                  174
242.   Previous licence or registration                          174
243.   Certain heavy vehicles                                    175
244.   Prescribed class of person or vehicle or prescribed
       purpose                                                   176
       Division 2 -- Exemptions -- motor
            vehicle dealers
245.   Minor incidental purposes                                 176
246.   Exempt use of a vehicle -- trading stock                   176
247.   Exempt use of a vehicle -- charitable and other
       purposes                                                  177
248.   Change of exempt use of a vehicle                         178
249.   Change to non-exempt use of a vehicle                     178
       Division 3 -- Nominal duty
250.   Transactions for which nominal duty is chargeable         180
       Part 5 -- General provisions as to
            vehicle licence duty
251.   Failure to apply for transfer of licence                  181
252.   Seller's obligation to notify purchase price              182
253.   Functions of Director General and Commissioner            183
254.   Form of certain declarations                              183
255.   Duty to be credited to Commissioner                       184
256.   Records                                                   184

       Chapter 6 -- Certain exemptions
          for connected entities
257.   Terms used in this Chapter                                185
258.   The term "family"                                         186
259.   The term "relevant consolidation transaction"             186
260.   The term "relevant reconstruction transaction"            187
261.   Pre-determining certain questions                         189
262.   Application for exemption                                 190

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Contents



      263.     Grant of exemption                                    191
      264.     Commissioner to be notified of certain events after
               an exempt relevant transaction                        192
      265.     Revoking an exemption                                 194
      266.     Liability for duty and tax if exemption revoked       195

               Chapter 7 -- General
                  anti-avoidance provisions
      267.     Schemes affected by this Chapter                      196
      268.     The term "tax avoidance scheme"                       196
      269.     Tax avoidance scheme -- pre-determination of
               section 270 decision                                  197
      270.     Decision of Commissioner about tax avoidance
               scheme                                                199
      271.     Statement in relation to determination                200

               Chapter 8 -- Other general
                  provisions
               Part 1 -- Duty endorsement
      272.     The term "duty endorsed"                              202
      273.     Endorsement of duty or exemption from duty            202
      274.     Endorsement of duty that depends on duty paid on
               another transaction                                   204
      275.     Duty endorsement as evidence                          204
               Part 2 -- Enforcement
      276.     Registration or recording of dutiable transactions    205
      277.     Functions as to business licences                     206
      278.     Lodgment of certain caveats                           206
      279.     Receipt of transaction records in evidence            207
      280.     Obligations relating to unlodged instruments          208
               Part 3 -- Miscellaneous
      281.     Destruction of transaction records and relevant
               material                                              209
      282.     Correction of errors                                  209
      283.     Amounts expressed in foreign currency                 210
      284.     Application of Corporations Act
               section 1070A(1)(a) limited                           210
      285.     Regulations                                           210

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                                                             Contents



286.   Transitional provisions                                 211
       Schedule 1 -- When liability for
           transfer duty on a dutiable
           transaction arises and the person
           liable to pay it
       Schedule 2 -- Rates of transfer duty
       Division 1 -- General rate
       Division 2 -- Concessional rates
       Division 3 -- Nominal duty

       Schedule 3 -- Transitional provisions
       Division 1 -- Provisions for Duties Act 2007
       Subdivision 1 -- Preliminary
1.     Terms used in this Division                             217
       Subdivision 2 -- Provisions for Chapter 2
2.     When Chapter 2 starts to apply                          217
3.     No double duty                                          217
4.     Alteration of consideration (section 31)                217
5.     Aggregation (section 37)                                218
6.     Exchanges (section 40)                                  218
7.     Exempt bodies (section 92)                              218
8.     Family farm transactions (sections 104 and 105)         218
9.     Matrimonial and de facto relationship instruments
       (sections 129, 130)                                     219
10.    First home owners (Part 6 Division 3)                   219
       Subdivision 3 -- Provisions for Chapter 3
11.    When Chapter 3 starts to apply                          220
12.    Acquisitions under an agreement made before
       1 July 2008                                             220
13.    Meaning of "excluded interest" (sections 190
       and 192)                                                220
       Subdivision 4 -- Provisions for Chapter 4
14.    Terms used in this Subdivision                          221
15.    When Chapter 4 starts to apply                          221
16.    Registration                                            221


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Contents



               Subdivision 5 -- Provisions for Chapter 5
      17.      Terms used in this Subdivision                     221
      18.      When Chapter 5 starts to apply                     221
      19.      Section 228 -- definition of "new vehicle"          222
      20.      Section 239 -- specialised vehicles                 222
      21.      Section 247 -- approval of philanthropic purposes   222
      22.      Section 250 -- transfer of vehicles: nominal duty   222
      23.      Section 252 -- statements made under the Stamp
               Act 1921 section 76H                               223
               Subdivision 6 -- Provisions for Chapter 7
      24.      When Chapter 7 starts to apply                     224
               Subdivision 7 -- General
      25.      Some references to duty include stamp duty         224
      26.      Application of some Chapter 8 provisions           225
      27.      Regulations                                        225
      28.      References to the Stamp Act 1921                   225
               Division 2 -- Provisions for Duties Legislation
                      Amendment Act 2007 Part 2 Division 2
                      Subdivision 2
      29.      Vehicle licence duty rate change                   226
               Division 3 -- Provisions for Duties Legislation
                      Amendment Act 2007 Part 2 Division 2
                      Subdivision 3
      30.      Residential property and business property and
               assets                                             226
               Defined Terms




page xvi
                           Western Australia


                     LEGISLATIVE ASSEMBLY

              (As amended during consideration in detail)


                        Duties Bill 2007


                               A Bill for


An Act dealing with the imposition of a number of kinds of duty.



The Parliament of Western Australia enacts as follows:




                                                              page 1
     Duties Bill 2007
     Chapter 1        Preliminary

     s. 1



                        Chapter 1 -- Preliminary
     1.       Short title
              This is the Duties Act 2007.

     2.       Commencement
 5            This Act comes into operation as follows:
               (a) sections 1 and 2 -- on the day on which this Act
                     receives the Royal Assent;
               (b) the rest of the Act -- on 1 July 2008.

     3.       Terms used in this Act
10            In this Act, unless the contrary intention appears --
              "chattel" does not include any of the following --
                   (a) chattels that are stock-in-trade;
                   (b) chattels held for use in manufacture;
                   (c) chattels under manufacture;
15                 (d) chattels held or used in connection with the business
                         of primary production;
                   (e) livestock;
                    (f) a vehicle the transfer or grant of a licence for which
                         is chargeable with, or exempt from, vehicle licence
20                       duty;
                   (g) a ship or vessel;
                   (h) any other chattel prescribed for the purpose of this
                         definition;
              "consideration" means the amount of a monetary consideration
25                 or the value of a non-monetary consideration;
              "corporate trustee" has the meaning given in section 65;
              "corporation" has the meaning given in the Corporations Act
                   section 57A;


     page 2
                                                          Duties Bill 2007
                                            Preliminary         Chapter 1

                                                                      s. 3



     "Corporations Act" means the Corporations Act 2001
         (Commonwealth);
     "court" includes a tribunal;
     "director" has the meaning given in the Corporations Act
 5       section 9;
     "discretionary trust" means --
          (a) a trust under which the vesting of the whole or any
               part of the capital of the trust property, or the whole
               or any part of the income from that capital, or both --
10                (i) is required to be determined by a person either
                       in respect of the identity of the beneficiaries,
                       or the quantum of interest to be taken, or both;
                       or
                 (ii) will occur in the event that a discretion
15                     conferred under the trust is not exercised;
               or
         (b) a trust that is, by regulation, declared to be a
               discretionary trust for the purposes of this Act,
         but does not include --
20        (c) a trust that is solely a charitable trust; or
         (d) a trust that is, by regulation, declared not to be a
               discretionary trust for the purposes of this Act;
     "duplicate" of a transaction record for a dutiable transaction
         means an executed instrument that wholly reproduces the
25       transaction record;
     "dutiable property" has the meaning given in section 15;
     "dutiable transaction" has the meaning given in section 11;
     "duties Act" means this Act or the Taxation Administration
         Act;
30   "duty" means duty under this Act;
     "duty endorsed" has the meaning given in section 272;



                                                                   page 3
     Duties Bill 2007
     Chapter 1        Preliminary

     s. 3



              "entitled" means --
                   (a) in relation to a person as the trustee of a unit trust
                        scheme or other trust -- entitled for the purposes of
                        the scheme or trust; and
 5                (b) otherwise -- beneficially entitled;
              "exempt body" means --
                   (a) the State of Western Australia; or
                  (b) a public authority declared to be an exempt body
                        under section 92; or
10                 (c) a local government, except when it acts in its capacity
                        as the trustee of a superannuation fund;
              "general rate" of duty means the rate set out in Schedule 2
                  Division 1;
              "GST" has the meaning given in the A New Tax System (Goods
15                and Services Tax) Act 1999 (Commonwealth) except that it
                  includes notional GST of the kind for which payments may
                  be made under the State Entities (Payments) Act 1999 by a
                  person that is a State entity as defined in that Act;
              "land" includes --
20                 (a) any estate or interest in land other than a carbon right
                        or a carbon covenant registered under the Carbon
                        Rights Act 2003; and
                  (b) a mining tenement; and
                   (c) a licence under the Petroleum Pipelines Act 1969;
25                      and
                  (d) anything that is part of land as a fixture;
              "landholder duty" means duty under Chapter 3;
              "local government" means --
                   (a) a local government established under the Local
30                      Government Act 1995; or




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         (b)   a regional local government established under the
               Local Government Act 1995 Part 3 Division 4; or
         (c) an association constituted under the Local
               Government Act 1995 section 9.58;
 5   "lodge" means lodge with the Commissioner;
     "majority shareholder", in relation to a corporation, means a
         person that would have a substantial holding in the
         corporation under the definition of "substantial holding" in
         the Corporations Act section 9 if the reference in that
10       definition to 5% were a reference to 50%;
     "mining tenement" means any of the following --
         (a) a mining tenement held under the Mining Act 1978
               being a mining tenement within the meaning of that
               Act or the Mining Act 1904;
15       (b) a mining tenement or right of occupancy continued in
               force by the Mining Act 1978 section 5;
     "nominal duty" means the amount of duty referred to in
         Schedule 2 Division 3;
     "order" includes determination, judgment or decree;
20   "partnership" has the meaning given in the Partnership
         Act 1895 section 7;
     "prescribed" means prescribed by regulation;
     "prescribed financial market" means a financial market, as
         defined in the Corporations Act section 767A(1), that is
25       prescribed for this definition;
     "primary production" means any of the following --
         (a) the growing or rearing of plants (including trees,
               fungi or any crop) for the purpose of selling them,
               parts of them or their produce;
30       (b) the breeding, rearing or maintenance of living
               creatures for any of the following purposes --
                  (i) selling them (or their progeny) for food;


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     Chapter 1        Preliminary

     s. 3



                           (ii) the production or collection of their skins,
                                shells or bodily produce;
                         (iii) selling parts of them or their skins, shells or
                                bodily produce;
 5                 (c) the breeding or rearing of horses for the purpose of
                        selling them or their progeny;
              "public authority" means --
                   (a) a trading concern, instrumentality or public utility of
                        the State; or
10                 (b) any other person or body, whether corporate or not,
                        who or which, under the authority of a written law,
                        administers or carries on for the benefit of the State, a
                        social service or public utility;
              "registered scheme" has the meaning given in the Corporations
15                Act section 9;
              "related corporation" has the meaning "related body
                  corporate" is given in the Corporations Act section 9;
              "security interest" means the estate or interest of a mortgagee,
                  chargee or other secured creditor;
20            "share" --
                   (a) in Chapter 2 Part 5 Division 3 -- has the meaning
                        given in section 63; and
                   (b) otherwise -- means a share or stock of a corporation
                        or an interest in a share or stock of a corporation;
25            "supply", in relation to an amount of GST, has the meaning
                  given in the A New Tax System (Goods and Services Tax)
                  Act 1999 (Commonwealth);
              "Taxation Administration Act" means the Taxation
                  Administration Act 2003;
30            "transaction" includes an event;




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                "transaction record", in relation to a dutiable transaction,
                    means --
                    (a) an instrument that effects, or evidences, the dutiable
                           transaction; or
 5                  (b) a transfer duty statement for the dutiable transaction;
                           or
                    (c) a copy or memorandum that, under the Taxation
                           Administration Act section 20, is treated as an
                           instrument or statement referred to in paragraph (a)
10                         or (b);
                "transfer duty" means duty under Chapter 2;
                "transfer duty statement" means a statement referred to in
                    section 22;
                "vehicle licence duty" means duty under Chapter 5;
15              "wound up" has the meaning given in section 7(1).
                Note: Other terms are defined or explained in the Chapters in which they are
                      used. At the end of this Act there is an alphabetical list of all terms that
                      are defined anywhere in this Act. See also section 4(2).

     4.         Relationship with Taxation Administration Act 2003
20        (1)   The Taxation Administration Act provides for the
                administration and enforcement of this Act.
          (2)   If a term has a meaning in the Taxation Administration Act, it
                has the same meaning in this Act unless the contrary intention
                appears in this Act.
25              Note: Under the Taxation Administration Act 2003 section 3(2), this Act is to
                      be read with that Act as if they formed one Act.

          (3)   If this Act requires duty to be paid within a period, the duty is
                due for payment, for the purposes of the Taxation
                Administration Act, on the last day of that period.




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     5.         GST and value or consideration
                In ascertaining the value of anything or the consideration for
                anything, there is to be no discount for the amount of GST (if
                any) payable on the supply of that thing.

 5   6.         Family relationships
                In determining whether a person is a family member of, or
                related to, another person --
                  (a) an illegitimate person is to be treated as the legitimate
                        child of that person's parents; and
10                (b) it is irrelevant whether a relationship is of the whole or
                        half-blood, or whether it is a natural relationship or a
                        relationship established by a written law.

     7.         The term "wound up"
          (1)   A reference to being wound up is --
15               (a) in the case of a corporation -- to it being wound up in
                       accordance with its constitution (so far as it has a
                       constitution that deals with its winding up) and in
                       accordance with any law for the time being applicable;
                       and
20               (b) in the case of a unit trust scheme -- to it being
                       terminated in accordance with the provisions of the trust
                       deed or any other document constituting the scheme and
                       in accordance with any law for the time being
                       applicable.
25        (2)   A winding up begins --
                 (a) in the case of a corporation -- when the winding up is
                      taken to begin under the Corporations Act; and
                 (b) in the case of a unit trust scheme --
                        (i) when any circumstance or event occurs, or any
30                            time arrives, that, because of the trust deed or



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                       other document constituting the scheme, requires
                       the scheme to be wound up; or
                  (ii) when the holders of units issued under the
                       scheme pass a resolution directing the trustee to
 5                     wind up the scheme; or
                 (iii) when the trustee decides to wind up the scheme;
                       or
                 (iv) when a court orders that the scheme be wound
                       up,
10               whichever happens first.

     8.   Notes in the text
          A note included in this Act is explanatory and is not part of
          this Act.




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     s. 9



                       Chapter 2 -- Transfer duty
                             Part 1 -- Preliminary
     9.        Terms used in this Chapter
               In this Chapter, unless the contrary intention appears --
 5             "concessional rate" of duty means a rate set out in Schedule 2
                    Division 2;
               "conditional agreement" has the meaning given in section 87;
               "consideration" has a meaning affected by section 30;
               "de facto partner of 2 years", in relation to a person, means a
10                  person who is living in a de facto relationship with the
                    person and has lived on that basis with the person for at
                    least 2 years;
               "de facto partners of 2 years" means 2 de facto partners of
                    2 years who are living in a de facto relationship with each
15                  other;
               "declaration of trust" means any declaration (other than by a
                    will) that any identified property vested or to be vested in
                    the person making the declaration is or is to be held in trust
                    for the person or persons, or the purpose or purposes,
20                  mentioned in the declaration although the beneficial owner
                    of the property, or the person entitled to appoint the
                    property, may not have joined in or assented to the
                    declaration;
               "disposition", in relation to a share, has the meaning given in
25                  section 63;
               "dutiable value" has the meaning given in Part 4 Division 5;
               "duty" means duty under this Chapter;
               "entity" has the meaning given in section 152;
               "exempt transaction" means a dutiable transaction on which
30                  duty is not chargeable;
               "exploration amount" has the meaning given in section 13;

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                                                                     s. 9



     "Family Court Act" means the Family Court Act 1997;
     "farm-in agreement" has the meaning given in section 13;
     "farming land conditional agreement" has the meaning given
          in section 88;
 5   "general conditional agreement" means any conditional
          agreement other than the following --
          (a) a farming land conditional agreement;
          (b) a mining tenement conditional agreement;
          (c) an off-the-plan conditional agreement;
10        (d) a subdivision conditional agreement;
     "interest in a discretionary trust" has the meaning given in
          section 60;
     "managed investment scheme" has the meaning given in the
          Corporations Act section 9;
15   "mining tenement conditional agreement" has the meaning
          given in section 89;
     "new dutiable property" has the meaning given in section 17;
     "off-the-plan conditional agreement" has the meaning given
          in section 90;
20   "partnership acquisition" has the meaning given in section 72;
     "partnership interest" has the meaning given in section 74;
     "person liable to pay duty", in respect of a dutiable
          transaction, has the meaning given in section 20;
     "right" has the meaning given in section 16;
25   "scheme property", in relation to a managed investment
          scheme, has the meaning given to that term in the
          Corporations Act in relation to a registered scheme;
     "simultaneous put and call option" has the meaning given in
          section 44;
30   "special dutiable property" has the meaning given in
          section 18;


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     s. 10



               "subdivision conditional agreement" has the meaning given in
                   section 91;
               "surrender" includes the following --
                   (a) abandonment;
 5                 (b) abrogation;
                   (c) cancellation;
                   (d) extinguishment;
                   (e) forfeiture;
                    (f) redemption;
10                 (g) relinquishment;
               "taker in default" has the meaning given in section 54;
               "terminated on relevant grounds", in relation to a conditional
                   agreement, has the meaning given in section 87(3);
               "transfer" includes assignment and exchange;
15             "trust acquisition" has the meaning given in section 55;
               "trust surrender" has the meaning given in section 56;
               "unconditional", in relation to a conditional agreement, has the
                   meaning given in section 87(4);
               "unencumbered value" has the meaning given in section 36;
20             "Western Australian business" has the meaning given in
                   section 79;
               "Western Australian business asset" has the meaning given in
                   section 79.

                    Part 2 -- Imposition of transfer duty
25   10.       Transfer duty imposed
               Duty is imposed on dutiable transactions.




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                                                                                    s. 11



           Part 3 -- Dutiable transactions and dutiable property
                        Division 1 -- Dutiable transactions
     11.         The term "dutiable transaction"
           (1)   Subject to subsection (2), any of the following is a "dutiable
 5               transaction" --
                   (a) a transfer of dutiable property;
                   (b) an agreement for the transfer of dutiable property,
                        whether conditional or not;
                   (c) a declaration of trust over dutiable property;
10                 (d) a vesting of dutiable property --
                           (i) by, or expressly authorised by, statute law of this
                                or another jurisdiction, whether inside or outside
                                Australia; or
                          (ii) by, or as a consequence of, a court order of this
15                              or another jurisdiction, whether inside or outside
                                Australia;
                   (e) a foreclosure of a mortgage over dutiable property;
                    (f) an acquisition of new dutiable property, on its creation,
                        grant or issue;
20                 (g) a surrender of special dutiable property;
                   (h) a trust acquisition or trust surrender;
                    (i) a partnership acquisition;
                    (j) a farm-in agreement.
           (2)   The following transactions are not "dutiable transactions" --
25                (a) a transaction the subject of which is a right if no
                         consideration is paid, or agreed to be paid, for the
                         transaction;
                  (b) a transfer of, or an agreement for the transfer of, a lease
                         if no consideration is paid, or agreed to be paid, for the
30                       transfer or agreement;

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                   (c)   a transfer of, or an agreement for the transfer of, a
                         security interest, if the consideration for the transfer, or
                         agreement, is equal to or greater than the market value
                         of the security interest;
 5                (d)    a transaction the subject of which is a unit in a unit trust
                         scheme;
                   (e)   a transaction prescribed as an excluded transaction for
                         the purposes of this section.

     12.         Vesting of property in Western Australia by statute law --
10               section 11(1)(d)(i)
           (1)   Without limiting section 11(1)(d)(i), property is vested under
                 statute law if the law vests the property in an entity that the law
                 states is the successor in law of, continuation of or same entity
                 as, the entity in which the property was previously vested.
15         (2)   However, property is not vested under statute law on the
                 registration of a company under the Corporations Act
                 Chapter 5B Part 5B.
           (3)   The merger of a corporation ("company A") with and into
                 another corporation ("company B") in circumstances where
20               neither subsection (4) nor subsection (5) applies is taken to be a
                 vesting of the property in Western Australia of company A in
                 company B by statute law.
           (4)   A merger of corporations (the "merging corporations") in
                 circumstances where another corporation ("company C")
25               results as a consequence of the merger is taken to be a vesting of
                 the property in Western Australia of the merging corporations in
                 company C by statute law.
           (5)   A merger of corporations (the "merging corporations") with
                 and into each other in circumstances where each of the merging
30               corporations continues in existence is taken to be a vesting in
                 the merging corporations, jointly, of 50% (in value) of the
                 property in Western Australia of the merging corporations by
                 statute law.

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     13.         The term "farm-in agreement" -- section 11(1)(j)
           (1)   A reference to a farm-in agreement is to an agreement
                 between --
                   (a) an owner of a mining tenement, or a person who holds a
 5                      right to exploit a mining tenement; and
                   (b) another person,
                 to the effect that, after the other person expends the exploration
                 amount specified in the agreement --
                   (c) that other person will have --
10                          (i) a right to acquire an interest, or an entitlement to
                                  an interest, in the mining tenement that is
                                  specified in the agreement; or
                           (ii) a right to acquire a right to exploit, or an
                                  entitlement to a right to exploit, the mining
15                                tenement that is specified in the agreement;
                         and
                   (d) the mining tenement, or the right to exploit the mining
                         tenement, will be held with the person referred to in
                         paragraph (a).
20         (2)   A reference to an exploration amount in relation to a farm-in
                 agreement means an amount to be expended, after the
                 agreement is made, on exploration or development of the
                 mining tenement carried out after the agreement is made.

     14.         Transactions for chattels alone not usually dutiable
25               transactions
           (1)   Subject to subsection (2), a transaction is not a dutiable
                 transaction if the only dutiable property the subject of the
                 transaction is a chattel in Western Australia.
           (2)   A transaction referred to in subsection (1) is a dutiable
30               transaction if, under section 37, it is aggregated with a
                 transaction that is a dutiable transaction and the transactions are
                 treated as a single dutiable transaction.

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                           Division 2 -- Dutiable property
     15.         The term "dutiable property"
                 Any of the following is "dutiable property" --
                  (a) land in Western Australia;
 5                (b) a right;
                  (c) a chattel in Western Australia;
                  (d) a Western Australian business asset.

     16.         The term "right"
           (1)   A reference to a right is to any of the following --
10                (a) an option to acquire dutiable property, unless the option
                        is part of a simultaneous put and call option over
                        dutiable property;
                  (b) a right of pre-emption for dutiable property;
                  (c) a right to acquire dutiable property;
15                (d) a right under a joint venture relating to dutiable property
                        of the joint venture;
                  (e) a right to exploit dutiable property;
                   (f) a right to income from dutiable property;
                  (g) a right to the capital growth of dutiable property.
20         (2)   A right exists in relation to dutiable property only if the transfer
                 of the property would be a dutiable transaction.
           (3)   Without limiting subsection (1), a right includes the
                 following --
                   (a) a right under an application under the Mining Act 1978
25                      for a mining tenement;
                   (b) a licence, or a water entitlement under a licence, under
                        the Rights in Water and Irrigation Act 1914 section 5C;
                   (c) any other thing prescribed for the purposes of this
                        section.

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     17.         The term "new dutiable property"
           (1)   Any of the following is "new dutiable property" --
                  (a) land in Western Australia;
                  (b) the following rights --
 5                         (i) an option to acquire dutiable property, unless the
                                option is part of a simultaneous put and call
                                option over dutiable property;
                          (ii) a right to acquire dutiable property;
                         (iii) any other right prescribed for the purposes of this
10                              subsection;
                  (c) in section 81(4) and (5), the following Western
                        Australian business assets --
                           (i) intellectual property;
                          (ii) a restraint of trade arrangement;
15                       (iii) a business identity.
           (2)   The following are not "new dutiable property" --
                  (a) a security interest in dutiable property;
                  (b) a partner's interest in a partnership;
                  (c) a lease if no consideration is paid, or agreed to be paid,
20                       for the grant of the lease;
                  (d) a mining tenement;
                  (e) a licence under the Petroleum Pipelines Act 1969;
                   (f) a licence, or a water entitlement under a licence, under
                         the Rights in Water and Irrigation Act 1914 section 5C;
25                (g) a profit à prendre created under a timber sharefarming
                         agreement under the Conservation and Land
                         Management Act 1984 or the Forest Products Act 2000,
                         unless a profit à prendre had been previously created in
                         respect of a crop of trees to which the agreement
30                       applies;



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     s. 18



                  (h)      a plantation interest, created under an agreement under
                           the Tree Plantation Agreements Act 2003, unless the
                           interest had been previously created in respect of a
                           plantation to which the agreement applies;
 5                 (i)     any other dutiable property prescribed as excluded
                           property for the purposes of this section.

     18.         The term "special dutiable property"
                 Any of the following is "special dutiable property" --
                  (a) a life interest in land;
10                (b) a remainder interest in land;
                  (c) a lease, if consideration is paid, or agreed to be paid, by
                        the lessor for the surrender of the lease;
                  (d) an easement;
                  (e) a right of way;
15                 (f) a mining tenement in whole or in part, if the surrender is
                        made in contemplation of, or as part of an agreement
                        that, the tenement, or the part of the tenement, be
                        granted to, or acquired by, another person;
                  (g) a right under an application under the Mining Act 1978
20                      for a mining tenement;
                  (h) any other dutiable property prescribed for the purposes
                        of this section.

                         Part 4 -- Collection of transfer duty
                         Division 1 -- Liability for transfer duty
25   19.         When liability for duty arises
           (1)   Subject to subsection (2), liability for duty chargeable on a
                 dutiable transaction described in Schedule 1 column 2, arises at
                 the earlier of --
                   (a) the time referred to opposite the transaction in column 3;
30                       or

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                                                                                     s. 20



                  (b)   if the transaction is, or will be, effected by an
                        instrument, when the instrument is executed.
           (2)   If a general conditional agreement is terminated on relevant
                 grounds before a transaction record for it is required to be
 5               lodged under section 23 then liability for duty does not arise in
                 respect of the general conditional agreement.

     20.         Person liable to pay duty
                 The person liable to pay duty chargeable on a dutiable
                 transaction described in Schedule 1 column 2 is the person
10               described opposite that transaction in Schedule 1 column 4,
                 unless another person is required under this Chapter to pay the
                 duty.

     21.         Joint tenants to be treated as tenants in common in equal
                 shares
15               For the purpose of charging duty, joint tenants of dutiable
                 property are taken to hold the dutiable property as tenants in
                 common in equal shares.

                    Division 2 -- Lodging transaction records
     22.         Transfer duty statement to be made if no instrument
20               The person liable to pay duty on a dutiable transaction must
                 make a transfer duty statement in the approved form within the
                 time provided under section 23 for lodging the statement unless
                 the transaction is effected, or evidenced, by an instrument in
                 hard copy form.
25               Penalty: a fine of $20 000.




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     23.         Lodging instrument or statement
           (1)   Subject to subsection (2), the person liable to pay duty on a
                 dutiable transaction must lodge --
                   (a)   if the transaction is effected by an instrument in hard
 5                       copy form -- that instrument and if there is more than
                         one such instrument, each of them; or
                  (b)    if the transaction is not effected by an instrument in hard
                         copy form -- an instrument in hard copy form that
                         evidences the transaction and if there is more than one
10                       instrument, each of them, or a transfer duty statement
                         for the transaction,
                 within --
                   (c) 2 months after the day on which liability for duty on the
                        transaction arises; or
15                (d) in accordance with subsection (3), in respect of an
                        instrument in hard copy form that effects or evidences a
                        general conditional agreement.
                 Penalty: a fine of $5 000.
           (2)   A person is not required to lodge an instrument in respect of a
20               general conditional agreement in respect of which liability for
                 duty does not arise under section 19(2).
           (3)   For the purposes of subsection (1), a person liable to pay duty
                 on a general conditional agreement must lodge the instrument,
                 or instruments, in hard copy form that effect or evidence the
25               agreement within --
                   (a) 2 months after the day on which liability for duty on the
                         agreement arose if --
                           (i) the agreement became unconditional within one
                                month after the day on which liability for duty on
30                              the agreement arose; or




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                                                                                      s. 24



                           (ii)   a vendor under the agreement is related (within
                                  the meaning given in section 87(5)) to a
                                  purchaser under the agreement;
                         or
 5                (b)    otherwise, whichever is the earlier of --
                           (i) 12 months after the day on which liability for
                                duty on the agreement arose; or
                          (ii) 2 months after the day on which the agreement
                                became unconditional.

10   24.         Form of a dutiable transaction
                 It does not matter whether a dutiable transaction --
                    (a) is effected by an instrument or another way; or
                    (b) involves one party, or more than one party.

                        Division 3 -- Payment of transfer duty
15   25.         Payment of duty
           (1)   A person liable to pay duty on a dutiable transaction is to pay
                 the duty within one month after the date of the assessment
                 notice in relation to the dutiable transaction or, if it is later in
                 time --
20                 (a) within 12 months after the day on which liability for
                         duty arose, in relation to --
                            (i) a farming land conditional agreement; or
                           (ii) a mining tenement conditional agreement; or
                          (iii) an agreement for the transfer of dutiable property
25                                if --
                                      (I) the subject of the agreement is, solely or
                                           dominantly, farming land within the
                                           meaning of section 99(1); and




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                                   (II)   the completion of the agreement is
                                          affected by or subject to an activity that
                                          constitutes primary production;
                        or
 5                (b)   subject to subsection (2), within 2 years after the day on
                        which liability for duty arose, in relation to --
                          (i) an off-the-plan conditional agreement; or
                         (ii) a subdivision conditional agreement.
           (2)   Subsection (1)(b) does not apply in respect of a conditional
10               agreement referred to in that paragraph (the "original
                 agreement") if, before that agreement is duty endorsed, the
                 person liable to pay duty under that agreement enters into a
                 further dutiable transaction (the "new transaction") in respect
                 of the dutiable property, or part of the dutiable property, the
15               subject of the original agreement.
           (3)   A person liable to pay duty under an original agreement must
                 notify the Commissioner of a new transaction in the approved
                 form within 2 months of entering into that transaction.
                 Penalty: a fine of $20 000.

20                      Division 4 -- Rate of transfer duty
     26.         Rate of transfer duty
           (1)   Unless otherwise provided in this Chapter, duty is chargeable --
                  (a) by reference to the dutiable value of a dutiable
                        transaction; and
25                (b) at the general rate of duty.
           (2)   The general rate of duty, concessional rates of duty and the
                 amount of nominal duty are set out in Schedule 2.




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                             Division 5 -- Dutiable value
                            Subdivision 1 -- Dutiable value

     27.         Dutiable value of dutiable transactions, unless otherwise
                 provided
 5               Unless otherwise provided in this Chapter, the dutiable value of
                 a dutiable transaction is --
                   (a) the consideration for the dutiable transaction; or
                   (b) the unencumbered value of the dutiable property the
                         subject of the transaction when liability for duty on the
10                       transaction arises if --
                            (i) there is no consideration for the transaction; or
                           (ii) the consideration cannot be ascertained when
                                 liability for duty on the transaction arises; or
                          (iii) the unencumbered value is greater than the
15                               consideration for the transaction.

     28.         Dutiable value of certain dutiable transactions
           (1)   If the value of a dutiable transaction referred to in
                 section 11(1)(d)(ii) or (e) is stated in a court order the value
                 stated in the order is the dutiable value of the transaction.
20         (2)   Subject to subsection (1), the dutiable value of a dutiable
                 transaction that is the foreclosure of a mortgage over dutiable
                 property is the unencumbered value of the dutiable property and
                 not the value of the debt secured by the mortgaged property.
           (3)   The dutiable value of a dutiable transaction that is the surrender
25               of a lease is the consideration for the surrender of the lease paid
                 or payable by the lessor.
           (4)   The dutiable value of a dutiable transaction that is the grant of a
                 lease is the total of the following amounts --
                   (a) the amount of any consideration for the grant of the
30                        lease;


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                  (b)    any amount paid or payable under the lease as rent
                         that --
                            (i) is in excess of a fair market rent for the leased
                                property; and
 5                         (ii) represents an amount paid or payable for the
                                grant of the lease.
           (5)   The dutiable value of a dutiable transaction under a
                 discretionary trust that would be a transaction described in
                 section 114(1) or 115 except that --
10                 (a) consideration is paid or payable for the transaction; and
                   (b) that consideration is consideration referred to in
                         section 30(1)(a),
                 is that consideration.
           (6)   The dutiable value of a dutiable transaction that is a transfer of,
15               or an agreement for the transfer of, dutiable property from the
                 trustee of a superannuation fund on which nominal duty would
                 be chargeable under section 127 but for section 127(b), is the
                 amount by which the unencumbered value of the dutiable
                 property transferred exceeds the value of the member's interest
20               in the superannuation fund.

     29.         Dutiable value of certain dutiable transactions relating to
                 corporation or unit trust scheme property on winding up
           (1)   A reference in this section to a transfer of corporation or unit
                 trust scheme property is to a transfer, or agreement for the
25               transfer, of property (some or all of which is dutiable property)
                 by --
                   (a) the liquidator of the corporation to any of its
                         shareholders in the course of a distribution of its assets
                         as a consequence of the winding up of the corporation;
30                       or




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            (b)   the trustee of a unit trust scheme to any unit holder in
                  the scheme in the course of the winding up of the unit
                  trust scheme.
     (2)   The dutiable value of a dutiable transaction that is a transfer of
 5         corporation or unit trust scheme property is --
             (a) in relation to a corporation -- determined in accordance
                  with the following formula --
                             X
                  DV = A x
                             Y
                  where --
10                DV is the dutiable value;
                  A is the greater of the following amounts --
                     (i) the amount (if any) by which the value, when the
                          winding up begins, of all the assets distributed,
                          or to be distributed, to the shareholder exceeds
15                        the value, at that time, of the shareholder's
                          entitlement to the net assets of the corporation; or
                    (ii) the amount that is the total of --
                              (I) the amount (if any) owing to the
                                     shareholder that the shareholder has
20                                   released the corporation from paying in
                                     the relevant period; and
                             (II) the amount (if any) of any liability that
                                     the shareholder has assumed or
                                     discharged on behalf of the corporation
25                                   in the relevant period;
                  X is the unencumbered value of all dutiable property the
                  subject of the transfer;
                  Y is the unencumbered value of all property the subject
                  of the transfer;
30                and




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                 (b)     in relation to a unit trust scheme -- determined in
                         accordance with the following formula --
                                     X
                         DV = A x
                                     Y
                         where --
 5                       DV is the dutiable value;
                         A is the greater of the following amounts --
                            (i) the amount (if any) by which the value, when the
                                  winding up begins, of all the assets distributed,
                                  or to be distributed, to the unit holder exceeds the
10                                value, at that time, of the unit holder's
                                  entitlement to the net assets held by the trustee of
                                  the unit trust scheme as trustee of that trust; or
                           (ii) the amount that is the total of --
                                      (I) the amount (if any) owing to the unit
15                                          holder that the unit holder has released
                                            the trustee of the unit trust scheme from
                                            paying in the relevant period; and
                                     (II) the amount (if any) of any liability that
                                            the unit holder has assumed or
20                                          discharged on behalf of the trustee of
                                            the unit trust scheme in the relevant
                                            period;
                         X is the unencumbered value of all dutiable property the
                         subject of the transfer;
25                       Y is the unencumbered value of all property the subject
                         of the transfer.
               Note: For example, Company X has 2 equal shareholders A and B. The
                     company has total assets of $800 000, total liabilities of $100 000 and
                     net assets of $700 000. The shareholder entitlement of each of A and
30                   B is $350 000.
                       There are no liquid assets to satisfy the liability and the liquidator
                       distributes the assets subject to the liability. A receives assets of
                       $450 000 ($100 000 in excess of A's entitlement) comprising $400 000
                       of dutiable property and $50 000 non-dutiable property and assumes



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                the whole mortgage. B receives assets comprising dutiable property of
                $350 000.
                A's duty assessment:
                $100 000 (excess entitlement) x $400 000 (value of dutiable property)
 5                     $450 000 (value of all property received)
                Transfer duty is charged on $88 888.
                B's duty assessment:
                Nominal duty is charged, as B has received a distribution of assets
                equal to the shareholder entitlement.

10   (3)   In subsection (2) --
           "relevant period" means the period beginning on the day that
                is 12 months before the day on which the winding up
                begins and ending on the day that the property is
                transferred.
15   (4)   Subject to subsection (2), nominal duty is chargeable on a
           dutiable transaction that is a transfer of corporation or unit trust
           scheme property if --
             (a) in relation to a transfer of corporation property -- the
                   total value of the transaction to the shareholder, when
20                 the winding up begins, is equal to or less than the value
                   of the shareholder's entitlement to the net assets of the
                   corporation at that time; or
             (b) in relation to a transfer of unit trust scheme property --
                   the total value of the transaction to the unit holder, when
25                 the winding up begins, is equal to or less than the value
                   of the unit holder's entitlement to the net assets held in
                   the unit trust scheme at that time.
     (5)   This section does not apply to a transfer of corporation or unit
           trust scheme property if the Commissioner is satisfied that the
30         corporation or unit trust scheme is being wound up as a scheme
           or arrangement, or part of a scheme or arrangement, for which a
           dominant purpose of any party was the reduction of the duty
           otherwise chargeable on the transaction.




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        (6)    In considering whether or not the Commissioner is satisfied for
               the purposes of subsection (5), the Commissioner may have
               regard to any of the following in relation to a corporation --
                 (a) the duration of the shareholder's shareholding in the
 5                     corporation;
                 (b) whether or not the shareholder held shares in a related
                       corporation of the corporation that owned the property
                       before it was owned by the corporation;
                 (c) the period for which the property has been owned by the
10                     corporation or a related corporation of the corporation;
                 (d) any dealing in shares of the corporation or a related
                       corporation of the corporation by any one or more of the
                       following --
                          (i) the shareholder;
15                       (ii) a previous owner of the property;
                 (e) whether there is any commercial efficacy to a scheme or
                       arrangement of transactions involving any one or more
                       of the following --
                          (i) the corporation;
20                       (ii) the shareholder;
                        (iii) a related corporation of the corporation;
                        (iv) a person that has a substantial holding (within the
                                meaning given in the Corporations Act) in a
                                person referred to in subparagraph (i), (ii) or (iii),
25                     in relation to the winding up, other than to reduce the
                       duty otherwise chargeable on the transfer;
                  (f) whether the transfer is pursuant to a right, attaching to
                       any of the shares in the corporation, to select or receive
                       any particular property of the corporation;
30               (g) any other matters the Commissioner considers relevant.




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     (7)   In considering whether or not the Commissioner is satisfied for
           the purposes of subsection (5), the Commissioner may have
           regard to any of the following in relation to a unit trust
           scheme --
 5           (a) the duration of the unit holder's unit holding in the unit
                   trust scheme;
             (b) whether or not the unit holder held units in a related unit
                   trust scheme that owned the property before it was
                   owned by the trustee of the unit trust scheme;
10           (c) the period for which the property has been owned by the
                   trustee of the unit trust scheme or a related unit trust
                   scheme of the unit trust scheme;
             (d) any dealing in units of the unit trust scheme or a related
                   unit trust scheme of the unit trust scheme by any one or
15                 more of the following --
                      (i) the unit holder;
                     (ii) a previous owner of the property;
             (e) whether there is any commercial efficacy to a scheme or
                   arrangement of transactions involving any one or more
20                 of the following --
                      (i) the trustee of the unit trust scheme;
                     (ii) the unit holder;
                    (iii) a related unit trust scheme,
                   in relation to the winding up, other than to reduce the
25                 duty otherwise chargeable on the transfer;
              (f) whether the transfer is pursuant to a right, attaching to
                   any of the units in the unit trust scheme, to select or
                   receive any particular property held by the trustee of the
                   unit trust scheme as trustee of that trust;
30           (g) any other matters the Commissioner considers relevant.




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           (8)   For the purposes of subsection (7), unit trust schemes are related
                 if a unit trust holder in one unit trust scheme holds units that
                 provides the holder to an entitlement to the capital of another
                 unit trust scheme if it were to be wound up.
 5                          Subdivision 2 -- Consideration

     30.         Consideration for a dutiable transaction
           (1)   The consideration for a dutiable transaction includes --
                  (a) the amount of any liabilities assumed under the
                        transaction, including an obligation, whether contingent
10                      or otherwise, to pay any unpaid purchase money payable
                        under an agreement for the transfer of dutiable property;
                        and
                  (b) the amount or value of any debt to the extent it is
                        released or extinguished under the transaction.
15         (2)   If the consideration, or any part of the consideration, for a
                 dutiable transaction on which duty is chargeable consists of an
                 amount payable periodically and the total amount to be paid can
                 be ascertained, the consideration or part of the consideration is
                 the total amount.
20         (3)   It does not matter whether the consideration for a transaction on
                 which duty is chargeable is paid or given or is required to be
                 paid or given.

     31.         Assessment or reassessment if consideration is altered
           (1)   If after an agreement for the transfer of dutiable property is
25               entered into and before the property is transferred --
                    (a) the consideration under the agreement is reduced and the
                          reduced consideration is not less than the unencumbered
                          value of the dutiable property when the consideration
                          was reduced; or
30                 (b) the consideration under the agreement is reduced
                          because the parties have agreed not to transfer some of
                          the dutiable property previously agreed to be transferred

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                  and the reduced consideration is not less than the
                  unencumbered value of the dutiable property that
                  remained to be transferred when the consideration was
                  reduced,
 5         the Commissioner is to assess or, on the application of the
           taxpayer, reassess the liability to duty of the agreement in
           accordance with the reduced consideration.
     (2)   Subsection (1) does not apply in respect of an agreement to
           which section 32 applies.
10   (3)   If after an agreement for the transfer of dutiable property is
           entered into and before the property is transferred --
              (a) the consideration under the agreement is reduced and the
                    reduced consideration is less than the unencumbered
                    value of the dutiable property when the consideration
15                  was reduced; or
             (b) the consideration under the agreement is reduced
                    because the parties have agreed not to transfer some of
                    the dutiable property previously agreed to be transferred
                    and the reduced consideration is less than the
20                  unencumbered value of the dutiable property that
                    remained to be transferred when the consideration was
                    reduced,
           the Commissioner is to assess or, on the application of the
           taxpayer, reassess the liability to duty of the agreement in
25         accordance with the dutiable value of the agreement being the
           unencumbered value when the consideration was reduced.
     (4)   If after an agreement for the transfer of dutiable property is
           entered into and before the property is transferred --
              (a) the consideration under the agreement is increased; and
30           (b) the increased consideration is not less than the
                    unencumbered value of the dutiable property when the
                    agreement was entered into,
           the Commissioner is to assess or reassess the liability to duty of
           the agreement in accordance with the increased consideration.

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           (5)   If after a dutiable transaction is duty endorsed the consideration
                 under the transaction is increased as referred to in
                 subsection (4), the person liable to pay duty must lodge --
                    (a) if the increase in consideration is effected by an
 5                        instrument in hard copy form -- that instrument and if
                          there is more than one such instrument, each of them; or
                   (b) if the increase in consideration is not effected by an
                          instrument in hard copy form -- an instrument in hard
                          copy form that evidences the increase in consideration
10                        and if there is more than one such instrument each of
                          them, or a transfer duty statement for the transaction that
                          shows the increase in consideration,
                 within 2 months after the day on which consideration under the
                 transaction is increased.
15               Penalty: a fine of $20 000.
           (6)   Duty is chargeable on a reassessment under this section in
                 relation to a transaction at the same rate and using the same
                 thresholds that applied when liability for duty on the transaction
                 initially arose.

20   32.         Reassessment if contingent consideration is not paid
           (1)   If an agreement for the transfer of dutiable property is duty
                 endorsed and any part of the consideration under the agreement
                 was dependent on the happening of a future event (the
                 "contingent consideration") and --
25                  (a) the contingent consideration has not been paid; and
                   (b) the event did not happen, or did not happen within the
                         time specified for the happening of the event, in an
                         instrument effecting or evidencing the agreement; and
                    (c) either --
30                         (i) the event cannot happen in the future; or




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                          (ii)   the time specified for the happening of the event
                                 in an instrument effecting or evidencing the
                                 agreement has passed or expired;
                        and
 5                (d)   the taxpayer makes an application for a reassessment
                        under this section in the approved form,
                 the Commissioner is to reassess the liability to duty of the
                 agreement in accordance with the consideration not including
                 the contingent consideration.
10         (2)   For the purposes of this section, the Taxation Administration
                 Act section 17 applies as if the original assessment had been
                 made when liability to duty on the agreement arose.
           (3)   In this section, a reference to the happening of an event includes
                 a reference to an event not happening.
15   33.         Reassessment if agreement determined with consideration
                 only partly paid
           (1)   In this section --
                 "agreement by instalments" means an agreement for the
                      transfer of dutiable property --
20                    (a) wholly or partly in consideration of the making
                             of 2 or more payments at intervals specified in an
                             instrument effecting or evidencing the agreement;
                             and
                      (b) which is subject to the right of the purchaser or
25                           transferee to determine the agreement at any time
                             before the property is transferred on making such of
                             the payments as are due and payable at the time of
                             the determination.
           (2)   If, after an agreement by instalments has been duty endorsed,
30               the agreement is determined before the final payment had
                 become due and payable under the agreement, the
                 Commissioner, on the application of the taxpayer, is to reassess
                 the liability to duty of the agreement in accordance with the

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                 consideration paid, or due and payable, when the agreement is
                 determined.
           (3)   For the purposes of this section, the Taxation Administration
                 Act section 17 applies as if the original assessment had been
 5               made when the determination was made.

     34.         Reassessment if option exercised or not renewed
           (1)   If --
                    (a)   after a dutiable transaction that --
                             (i) confers on a person the right of an option to
10                                acquire dutiable property; and
                            (ii) provides for the renewal of that right on one, or
                                  more than one, occasion specified in an
                                  instrument effecting or evidencing the
                                  transaction,
15                        is duty endorsed based on the consideration for the
                          transaction which includes the sum of the amounts paid
                          by way of consideration for the right of the option and
                          the amount or amounts, as the case may be, payable for
                          the renewal or renewals of the option; and
20                 (b)    the person on whom the right of the option was
                          conferred under the transaction, before the occurrence of
                          the final occasion specified in an instrument effecting or
                          evidencing the transaction --
                             (i) exercised the option; or
25                          (ii) failed to renew the right of option,
                 the Commissioner, on the application of the taxpayer, is to
                 reassess the liability to duty of the transaction as if the
                 consideration was an amount equal to the amount paid or
                 payable in respect of any occasion or occasions specified in an
30               instrument effecting or evidencing the transaction that have
                 occurred before the person exercised the option, or failed to
                 renew the right of option.


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           (2)   For the purposes of this section, the Taxation Administration
                 Act section 17 applies as if the original assessment had been
                 made when the person exercised the option, or failed to renew
                 the right of option.

 5   35.         Credit for duty already paid on option to acquire dutiable
                 property
                 If --
                    (a)     a transaction record for the grant or renewal of an option
                            to acquire dutiable property is duty endorsed; and
10                 (b)      the consideration for the grant or renewal will form part
                            of the consideration for the transaction if the option is
                            exercised; and
                   (c)      the option is exercised,
                 the amount of duty payable on the transfer of, or the agreement
15               for the transfer of, dutiable property is to be reduced by the
                 amount of duty paid on the grant or renewal of the option to
                 acquire the property.
                 Note: For example, consideration is paid for the grant of an option to acquire
                       dutiable property. The transaction provides for the renewal of the right
20                     for further consideration.

                          The transaction also provides that the consideration paid for the grant
                          and renewal of the option forms part of the consideration for the
                          property if the option is exercised.

                          Duty of $200 is charged on the total consideration for the grant and
25                        renewal of the option (the "first dutiable transaction").

                          The option is exercised after the renewal of the option and an
                          agreement for the transfer of dutiable property is entered into for
                          consideration (the "second dutiable transaction").

                          The amount of duty payable on the second dutiable transaction is
30                        reduced by the amount of duty paid on the first dutiable transaction.

                          If the duty payable on the second dutiable transaction would be
                          $2 000, it is reduced by the duty of $200 paid on the first dutiable
                          transaction. The duty payable on the agreement to transfer the
                          property is therefore $1 800.




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                         Subdivision 3 -- Unencumbered value

     36.         Unencumbered value of property
           (1)   The "unencumbered value" of property is the value of the
                 property determined without regard to --
 5                 (a) any encumbrance to which the property is subject,
                        whether contingently or otherwise; or
                   (b) any overriding power of revocation or reconveyance; or
                   (c) any scheme or arrangement --
                           (i) that results in the reduction of the value of the
10                              property; and
                          (ii) for which a dominant purpose of any party to the
                                scheme or arrangement was, in the opinion of the
                                Commissioner, the reduction of the value of the
                                property.
15               Note: Example for paragraph (c) --
                       A owns land that B wishes to purchase. The land is valued at $1m.
                       Before the purchase, A grants B a 50 year lease of the land. B is not
                       required to pay any rent under the lease. A and B then enter into an
                       agreement for the transfer of the land for $50 000, being the value of
20                     A's interest in the land taking into account that it is subject to the lease
                       to B.
                       The unencumbered value of the land is determined without regard to
                       the grant of the lease if the Commissioner is of the opinion there is a
                       scheme or arrangement under which A or B's purpose in entering into
25                     it was to reduce the value of the land.

           (2)   Subsection (1)(c) does not apply to or in respect of a scheme or
                 arrangement that was entered into before 27 December 1996.
           (3)   For the purposes of subsection (1)(c), the Commissioner may
                 have regard to --
30                 (a) the duration of the scheme or arrangement before the
                         dutiable transaction or the relevant transaction
                         concerning the property; and




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            (b)   whether the scheme or arrangement has been entered
                  into with a related person within the meaning given in
                  section 162; and
            (c)   whether there is any commercial efficacy to the making
 5                of the scheme or arrangement other than to reduce duty;
                  and
            (d)   any other matters the Commissioner considers relevant.
     (4)   When determining the unencumbered value of property --
            (a) the unencumbered value of an undivided share in the
10               property, whether held jointly or in common, is to be
                 ascertained by multiplying the total unencumbered value
                 of the property by the share expressed as a fraction; and
            (b) in applying the ordinary principles of valuation --
                   (i) it is to be assumed that a hypothetical purchaser
15                       would, when negotiating the price of property,
                         have knowledge of all existing information
                         relating to the property; and
                  (ii) no account is to be taken of any amount that a
                         hypothetical purchaser would have to expend to
20                       reproduce, or otherwise acquire a permanent
                         right of access to and use of, existing information
                         relating to property;
                 and
            (c) that is land --
25                 (i) if the land is the subject of an agreement to
                         transfer, any improvement made to the land at
                         the expense of the purchaser or transferee before
                         the date liability to duty arises on the agreement
                         is to be taken not to have been made to the land;
30                       and
                  (ii) if the land is the subject of a transfer, any
                         improvement made to the land at the expense of
                         the transferee before the land is transferred is to
                         be taken not to have been made to the land; and

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                         (iii)   having regard to the use of the land that would
                                 best enhance its commercial value; and
                         (iv)    having regard to commercial advantages (such as
                                 goodwill) that --
 5                                  (I) attach to the location or other aspects of
                                          the land; and
                                   (II) would affect the price that a reasonable
                                          purchaser would be willing to pay for
                                          the land.
10                          Subdivision 4 -- Miscellaneous

     37.         Aggregation of dutiable transactions
           (1)   Dutiable transactions relating to separate items of dutiable
                 property that together form, evidence, give effect to or arise
                 from what is, substantially one arrangement are to be
15               aggregated and treated as a single dutiable transaction.
           (2)   Without limiting subsection (1), unless the Commissioner is
                 satisfied to the contrary, dutiable transactions relating to
                 separate items of dutiable property together form, evidence,
                 give effect to or arise from what is, substantially one
20               arrangement if --
                   (a) the transactions have taken place within 12 months; and
                   (b) in respect of each of the transactions, the person liable to
                         pay duty is the same person (whether that person is the
                         only person liable to pay duty or is liable to pay duty
25                       with the same or different persons).
           (3)   Dutiable transactions relating to separate items of dutiable
                 property are not to be aggregated under this section unless the
                 transactions to be aggregated --
                   (a) are all chargeable at the same rate of duty; or
30                 (b) are all chargeable with nominal duty; or
                   (c) are all exempt transactions.


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           (4)   If dutiable transactions are aggregated, then they are to be
                 treated as a single dutiable transaction that took place at the time
                 that the last of the aggregated transactions took place.
           (5)   This section does not apply to a dutiable transaction to the
 5               extent that it relates to the grant of an option to acquire dutiable
                 property, other than as required under section 34.
           (6)   Duty chargeable on the dutiable transaction aggregated under
                 this section is to be --
                   (a) assessed on the total of the dutiable values for each of
10                       the transactions (calculated as if each transaction was a
                         dutiable transaction) at the time when liability for duty
                         on each transaction arose; and
                   (b) apportioned between the transactions as decided by the
                         Commissioner.
15         (7)   The amount of duty payable in accordance with this section is to
                 be reduced by the amount of any duty paid on a previous
                 dutiable transaction that is, or previous dutiable transactions that
                 are, aggregated under this section.
           (8)   Transactions aggregated and treated as a single dutiable
20               transaction under this section may include a transaction that
                 would not otherwise be a dutiable transaction, and where such a
                 transaction is included, that transaction is taken to be a dutiable
                 transaction and is liable to duty accordingly.

     38.         Apportionment
25               If a dutiable transaction relates to dutiable property and property
                 that is not dutiable property, duty is chargeable only to the
                 extent that the transaction relates to dutiable property.




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     39.         Partitions
           (1)   For the purposes of this section, a partition occurs when
                 property (some or all of which is dutiable property) that is held
                 by persons jointly (as joint tenants or tenants in common) and
 5               beneficially is transferred or agreed to be transferred to one or
                 more of those persons.
           (2)   The dutiable value of a partition is to be determined in
                 accordance with the following formula --
                           X
                 DV = A x
                           Y
10               where --
                 DV is the dutiable value;
                 A is the greater of the following amounts --
                   (i) the sum of the amounts by which the unencumbered
                         value of the property transferred or agreed to be
15                       transferred to a person exceeds the unencumbered value
                         of the interest held by the person in all of the property
                         immediately before the partition; or
                  (ii) the sum of any consideration for the partition paid by
                         any of the parties;
20               X is the unencumbered value of all dutiable property the subject
                 of the partition;
                 Y is the unencumbered value of all property the subject of the
                 partition.
           (3)   The minimum amount of duty payable on a transaction that
25               effects a partition is the amount of nominal duty.
                 Note: For example, A and B own lot 1 which has an unencumbered value of
                       $400 000 and a boat that has an unencumbered value of $300 000.

                       The total value of the property being partitioned is $700 000 and A and
                       B are each entitled to $350 000.




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                      A is taking lot 1 by way of partition and the value of that lot exceeds A's
                      entitlement by $50 000.

                      A's duty assessment:

                       $50 000 (excess entitlement) x $400 000 (value of dutiable property)
 5                                       $700 000 (value of all property)

                      The dutiable value for the transfer of land to A is $28 571.

     40.         Exchanges
                 Duty is chargeable on any dutiable transactions effecting an
                 exchange of dutiable property for any other dutiable property as
10               if the exchange involved --
                    (a) the transfer of the first-mentioned property for
                          consideration equal to the unencumbered value of that
                          property; and
                   (b) the transfer of the second-mentioned property for
15                        consideration equal to the unencumbered value of that
                          property.

                             Division 6 -- No double duty
     41.         No double duty -- general
           (1)   If a transaction for property constitutes more than one dutiable
20               transaction for the property and the charging of duty on all of
                 the dutiable transactions for the property would result in duty
                 being imposed more than once on the transaction, the
                 Commissioner is to decide the dutiable transaction on which
                 duty is imposed and duty is not chargeable on the other dutiable
25               transaction, or dutiable transactions.
           (2)   For the purposes of subsection (1), the Commissioner is to
                 decide the dutiable transaction for the property that is the most
                 applicable dutiable transaction having regard to this Chapter and
                 the sole or dominant purpose of the transaction.




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     42.         No double duty -- particular dutiable transactions
           (1)   Duty is not chargeable on the transfer of dutiable property to a
                 transferee in conformity with an agreement for the transfer of
                 dutiable property if that agreement is duty endorsed.
 5         (2)   Duty is not chargeable on the transfer of dutiable property to a
                 transferee under an agreement for the transfer of dutiable
                 property if --
                   (a) when liability for duty on the agreement arises, the
                         transferee and the purchaser of the property under the
10                       agreement are related as referred to in section 43; and
                   (b) the agreement is duty endorsed.
           (3)   If an agreement for the transfer of dutiable property is duty
                 endorsed and either, or both, of the following applies --
                    (a) there is a difference in the parties liable to duty under
15                       the agreement and the transferees under the transfer, and
                         subsection (2)(a) does not apply;
                   (b) there is a difference between the division of the property
                         between the transferees under the transfer and the
                         division of the property between the parties liable to
20                       duty under the agreement, and subsection (2)(a) does not
                         apply,
                 duty is not chargeable on the transfer of the property except to
                 the extent of the change between the agreement and the transfer.
                 Note: Example for subsection (3) --
25                     On 1 July, under an agreement for the transfer of dutiable property, A
                       agrees to sell land in Western Australia to B and C as tenants in
                       common in the undivided shares of 90/100 to B and 10/100 to C for
                       $100 000.
                       At settlement, under the transfer, B and a new party, D are tenants in
30                     common in equal shares.
                       Transfer duty is chargeable on the transfer of the property only to the
                       extent of the change in the interests in the property between the
                       agreement and the transfer.




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                    Transfer duty would be chargeable on the transfer of the property on
                    50/100 X $100 000, which is $50 000 i.e. 10/100 from C to D and
                    40/100 from B to D.

     (4)   If an agreement for the transfer of dutiable property is duty
 5         endorsed, duty is not chargeable on the subsequent transfer of
           the property if, when liability for duty on the agreement arose,
           the person named in the instrument effecting, or evidencing, the
           agreement as the purchaser was acting as the agent of the
           transferee of the subsequent transfer.
10   (5)   If --
              (a)     an agreement for the transfer of dutiable property is duty
                      endorsed; and
             (b)      the person named in the agreement as the purchaser
                      entered into the agreement with the intention that the
15                    property would be transferred to --
                         (i) a corporation that the person intended to be
                              incorporated; or
                        (ii) a dormant corporation, the shares in which the
                              person intended to be acquired,
20                    and that property will not be held by the corporation as
                      trustee of a trust; and
             (c)      when liability for duty on the agreement arose, action
                      was being taken to --
                         (i) incorporate the corporation referred to in
25                            paragraph (b)(i); or
                        (ii) acquire the shares in the corporation referred to
                              in paragraph (b)(ii),
           duty is not chargeable on the subsequent transfer of the property
           to the corporation referred to in paragraph (b)(i) or (ii).




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        (6)    In subsection (5) --
               "dormant corporation" means a corporation that, since it was
                    incorporated --
                    (a) has not had any assets or liabilities other than share
 5                        capital for subscriber shares or shares issued to
                          replace subscriber shares of the same value on their
                          redemption; and
                    (b) has not been party to an agreement or a beneficiary or
                          trustee of a trust; and
10                  (c) has not issued or sold any shares or rights relating to
                          shares other than subscriber shares, rights relating to
                          subscriber shares or shares issued to replace
                          subscriber shares of the same value on their
                          redemption.
15      (7)    Duty is not chargeable on a transfer of dutiable property by the
               vendor under an agreement for the transfer of the property that
               results in the property becoming scheme property for a managed
               investment scheme if --
                 (a) the Commissioner is satisfied that a managed investment
20                      scheme has been, or is to be, established by means of an
                        offer to subscribe to the scheme made to the public; and
                 (b) the Commissioner is satisfied that before the
                        establishment of the scheme --
                           (i) the person named as purchaser in an agreement
25                              for the transfer of dutiable property entered into
                                that agreement; or
                          (ii) the person promoting the scheme arranged for
                                that agreement to be entered into by the person
                                named in the agreement,
30                      with the intention that the property concerned would
                        become scheme property; and
                 (c) the agreement provides to the effect that, if the scheme
                        is not established, the agreement is terminated; and


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              (d)      the agreement is duty endorsed.
      (8)   If --
               (a)     there is an agreement for the transfer of dutiable
                       property (the "first agreement"); and
 5            (b)      after the first agreement takes place, one or more
                       dutiable transactions over all or part of the dutiable
                       property the subject of the first agreement takes place
                       (the "intervening transactions"); and
              (c)      to give effect to the first agreement and the intervening
10                     transactions, one or more transfers of dutiable property
                       (the "transfers") are effected by one or more parties to
                       the first agreement and the intervening transactions; and
              (d)      the first agreement and the intervening transactions are
                       duty endorsed,
15          duty is not chargeable on the transfers.
            Note: Example for subsection (8) --
                     On 1 July, under an agreement for the transfer of dutiable property, A
                     agrees to sell land in Western Australia to B for $100 000. Settlement
                     is to take place on 31 July. On 7 July, under an agreement for transfer,
20                   B agrees to sell the land to C for $120 000. Again, settlement is to take
                     place on 31 July. Before 31 July, B directs A, that at settlement, A
                     transfer the land to C.
                     The agreement between A and B is the first agreement. The
                     agreement between B and C is the intervening transaction. Transfer
25                   duty is not chargeable on the transfer from A to C if the first agreement
                     and intervening transactions are duty endorsed.

      (9)   Duty is not chargeable on a transfer to a trustee of dutiable
            property subject to a declaration of trust in respect of the same
            dutiable property if the declaration of trust is duty endorsed, or
30          under subsection (11) duty is not chargeable on the declaration
            of trust.
     (10)   Duty is not chargeable on a declaration of trust that declares the
            same trusts as those upon and subject to which the same
            dutiable property was transferred, or agreed to be transferred, to



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               the person declaring the trust if the transfer, or agreement, is
               duty endorsed.
       (11)    Duty is not chargeable on a declaration of trust if --
                (a) the declaration of trust supersedes another declaration of
 5                     trust which is duty endorsed and declares the same trusts
                       as were declared under the superseded declaration of
                       trust; and
                (b) the beneficiary under the declaration of trust is the same
                       as under the superseded declaration of trust; and
10              (c) the dutiable property subject to the declaration of
                       trust --
                          (i) is wholly or substantially the same as the
                               property that was the subject of the superseded
                               declaration of trust at the time of the declaration
15                             of the superseded declaration of trust; or
                         (ii) represents the proceeds of re-investment of
                               property that was the subject of the superseded
                               declaration of trust at the time of the declaration
                               of the superseded declaration of trust; or
20                      (iii) is property to which both subparagraphs (i)
                               and (ii) apply.
       (12)    Duty is not chargeable on a transfer of dutiable property
               resulting from a dutiable transaction referred to in
               section 11(1)(d) if the vesting of the dutiable property is duty
25             endorsed.
       (13)    Duty is not chargeable on a transfer of dutiable property in
               accordance with a foreclosure order if the foreclosure order is
               duty endorsed.
       (14)    Duty is not chargeable on a transfer of dutiable property in
30             accordance with a partnership acquisition if the partnership
               acquisition is duty endorsed.




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      (15)       Duty is not chargeable on a transfer of, or an agreement for the
                 transfer of, an interest in a mining tenement under a farm-in
                 agreement if --
                   (a) the farm-in agreement is duty endorsed; and
 5                 (b) the exploration amount under the agreement has been
                         expended.
      (16)       Duty is not chargeable in respect of a dutiable transaction
                 prescribed, on such condition and under such circumstances as
                 are prescribed, if the dutiable transaction is one of 2 dutiable
10               transactions that relate to the same transaction for the same
                 dutiable property.

     43.         Purchaser and transferee related for the purpose of
                 section 42(2)(a)
           (1)   For the purposes of section 42(2)(a), the following persons are
15               related to a purchaser who is an individual --
                   (a) the purchaser's spouse or de facto partner;
                   (b) a parent or remoter lineal ancestor of --
                            (i) the purchaser; or
                           (ii) the purchaser's spouse or de facto partner;
20                 (c) a child or remoter lineal descendant of --
                            (i) the purchaser; or
                           (ii) the purchaser's spouse or de facto partner;
                   (d) a sibling of --
                            (i) the purchaser; or
25                         (ii) the purchaser's spouse or de facto partner;
                   (e) a spouse or de facto partner of a sibling mentioned in
                         paragraph (d);
                    (f) a corporation if --
                            (i) the purchaser is the sole shareholder of the
30                               corporation; or


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                         (ii)  the purchaser is a shareholder of the corporation
                               and is related (within the meaning of this section)
                               to each of the other shareholders;
                 (g)   a trustee of a unit trust scheme in the trustee's capacity
 5                     as trustee of the unit trust scheme if --
                          (i) the purchaser is the sole unit holder in the unit
                               trust; or
                        (ii) the purchaser is a unit holder in the unit trust and
                               is related (within the meaning of this section) to
10                             each of the other unit holders.
        (2)    For the purposes of section 42(2)(a), a person is related to a
               purchaser that is a corporation if --
                 (a) the person is the sole shareholder of the corporation; or
                (b) the person is a shareholder of the purchaser and, if the
15                     person were a purchaser, would be related (within the
                       meaning of this section) to each of the other
                       shareholders.
        (3)    For the purposes of section 42(2)(a), a person is related to a
               purchaser that is the trustee of a unit trust scheme if --
20               (a) the person is the sole unit holder in the unit trust
                       scheme; or
                (b) the person is a unit holder in the unit trust scheme and, if
                       the person were a purchaser, would be related (within
                       the meaning of this section) to each of the other unit
25                     holders.
        (4)    However, persons referred to in subsection (1), (2) or (3) are not
               related for the purpose of section 42(2)(a) if the dutiable
               property the subject of the transaction is to be held by a person
               on behalf of another person (the "beneficiary") --
30               (a) as the trustee of a discretionary trust; or
                 (b) as a trustee of a unit trust scheme, other than as referred
                       to in subsection (1)(g); or


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                   (c)   as a trustee other than a trustee referred to in
                         paragraph (a) or (b), unless the beneficiary and the
                         trustee are also related.

                    Part 5 -- Application of this Chapter to
 5                           certain transactions
                 Division 1 -- Simultaneous put and call options
                     Subdivision 1 -- Terms used in this Division

     44.         Terms used in this Division
           (1)   In this Division --
10               "call option" means the right referred to in subsection (2)(a);
                 "option property" means --
                      (a) the dutiable property to which the call option applies;
                            or
                      (b) if the put option applies only to a part of the dutiable
15                          property to which the call option applies, that part of
                            the dutiable property;
                 "put option" means the right referred to in subsection (2)(b).
           (2)   Subject to subsection (3), a put option and a call option
                 constitute a simultaneous put and call option if, at the same
20               time --
                   (a) a person ("A") has a right to require another person
                         ("B") to sell dutiable property to A, or to a person that
                         has an agreement, arrangement or understanding with A
                         relating to the dutiable property; and
25                 (b) B has a right to require A, or a person referred to in
                         paragraph (a), to purchase --
                           (i) the dutiable property; or
                          (ii) a part of the dutiable property; or



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                          (iii) property that includes the dutiable property,
                         from B.
           (3)   For the purposes of subsection (2), it is irrelevant when the call
                 option or the put option is exercisable.
 5               Subdivision 2 -- Simultaneous put and call options

     45.         Call option of simultaneous put and call option to be taken
                 to be an agreement for the transfer of the option property
           (1)   When a simultaneous put and call option comes into existence,
                 the call option is taken to be an agreement for the transfer of the
10               option property to A and is liable to duty accordingly, unless --
                   (a) the call option and the put option are only for the
                          purpose of obtaining finance or making other financial
                          arrangements; or
                   (b) the call option and the put option form part of a scheme
15                        of call options and put options given by the proprietors
                          of a business that --
                            (i) are only for the purpose of facilitating the
                                  continuation of the business by one or some of
                                  the proprietors (the "continuing proprietor or
20                                proprietors"); and
                           (ii) are not exercisable except on the occurrence of
                                  an event specified in them that would cause the
                                  continuing proprietor or proprietors to seek to
                                  acquire the interest of another of the proprietors.
25         (2)   In subsection (1)(b) --
                 "proprietor" means --
                      (a) in the case of a partnership -- a partner; or
                      (b) in the case of a company -- a shareholder; or
                      (c) in the case of a unit trust scheme -- a unit holder; or
30                    (d) in any other case -- a person the Commissioner
                            determines to be a proprietor of the business.

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           (3)   For the purposes of subsection (1), it is irrelevant whether or not
                 the call option is assigned as referred to in section 49.

     46.         Dutiable value of simultaneous put and call option
                 The dutiable value of a dutiable transaction referred to in
 5               section 45 is --
                   (a) the sum of --
                            (i) the amount paid by way of consideration for the
                                granting of the call option in respect of the
                                option property; and
10                         (ii) the amount payable in the event of the call option
                                being exercised in respect of the option property;
                         or
                   (b) the unencumbered value of the option property at the
                         time when liability for duty on the transaction arises,
15                       if --
                            (i) there are no amounts paid or payable under
                                paragraph (a); or
                           (ii) the amounts paid or payable under paragraph (a)
                                cannot be ascertained when liability for duty on
20                              the transaction arises; or
                          (iii) the unencumbered value is greater than the sum
                                of the amounts paid or payable under
                                paragraph (a).

     47.         Credit if duty paid on a dutiable transaction referred to in
25               section 45
                 If --
                    (a)   a transaction record for a dutiable transaction referred to
                          in section 45 for option property is duty endorsed (the
                          "first dutiable transaction"); and




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                  (b)    as a result of the call option or the put option being
                         exercised either, or both, of the following occur (the
                         "second dutiable transaction") --
                           (i) an agreement for the transfer of the option
 5                               property is executed;
                          (ii) the option property is transferred,
                 the amount of duty payable on the second dutiable transaction is
                 to be reduced by the amount of duty paid on the first dutiable
                 transaction.

10   48.         Assessment or reassessment if simultaneous put and call
                 option not exercised or assigned
           (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 --
15                  (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
20                                 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
25               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
30               or were rescinded or cancelled.




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                      Subdivision 3 -- Assignment of call option
     49.         Assignment of call option to be taken to be an agreement for
                 the transfer of the option property
           (1)   If, in respect of a simultaneous put and call option --
 5                 (a) A has assigned the call option to another person ("C")
                          so that C has a right to require B to sell the option
                          property to C, or to a person that has an agreement,
                          arrangement or understanding with C relating to the
                          property; and
10                 (b) B has a right to require C, or a person referred to in
                          paragraph (a), to purchase the option property from B,
                 the assignment of the call option is taken to be an agreement for
                 the transfer of the option property to C and is liable to duty
                 accordingly.
15         (2)   If subsection (1) applies, section 45 does not apply in relation to
                 the rights of C and B referred to in subsection (1).
     50.         Dutiable value of assignment of call option
                 The dutiable value of a dutiable transaction referred to in
                 section 49 is --
20                 (a) the sum of --
                            (i) the amount paid by way of consideration for the
                                assignment of the call option in respect of the
                                option property; and
                           (ii) the amount payable in the event of the exercise
25                              of the call option in respect of the option
                                property;
                         or
                   (b) the unencumbered value of the option property at the
                         time when liability for duty on the transaction arises,
30                       if --
                            (i) there are no amounts paid or payable under
                                paragraph (a); or

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                           (ii)   the amounts paid or payable under paragraph (a)
                                  cannot be ascertained when liability for duty on
                                  the transaction arises; or
                          (iii)   the unencumbered value is greater than the sum
 5                                of the amounts paid or payable under
                                  paragraph (a).
     51.         Credit if duty paid on a dutiable transaction referred to in
                 section 49
                 If --
10                  (a)   a transaction record for a dutiable transaction referred to
                          in section 49 for option property is duty endorsed (the
                          "first dutiable transaction"); and
                   (b)    as a result of the put option, or the assigned call option,
                          being exercised either, or both, of the following occur
15                        (the "second dutiable transaction") --
                             (i) an agreement for the transfer of the option
                                  property is executed;
                            (ii) the option property is transferred,
                 the amount of duty payable on the second dutiable transaction is
20               to be reduced by the amount of duty paid on the first dutiable
                 transaction.
     52.         Assessment or reassessment if assigned call option not
                 exercised or further assigned
           (1)   If, in relation to an assignment of a call option taken to be an
25               agreement for the transfer of the option property under
                 section 49 --
                    (a) the call option and the put option of the simultaneous
                          put and call option --
                             (i) both expire without being exercised; or
30                          (ii) are rescinded or cancelled by agreement, or
                                   either is rescinded or cancelled and the other
                                   expires without being exercised;
                          and

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                  (b)    the call option has not been further 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
 5               to duty of the assignment 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
                 when the call option and the put option had both expired or
                 were rescinded or cancelled.

10    Division 2 -- Discretionary trust acquisitions and surrenders
                     Subdivision 1 -- Terms used in this Division

     53.         Property held by a partnership or trust
                 A reference to a partnership or trust holding property is a
                 reference to the holding of the property by the partners for the
15               partnership or the trustees under the trust.

     54.         The term "taker in default"
                 A reference to a taker in default is to a beneficiary of a
                 discretionary trust that has an interest in the discretionary trust
                 in default of an appointment by the trustee, or trustees, of the
20               discretionary trust.

     55.         The term "trust acquisition"
                 A reference to a trust acquisition is to the acquisition by a taker
                 in default of an interest in a discretionary trust that holds --
                   (a) dutiable property; or
25                 (b) an indirect interest in dutiable property.




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     56.           The term "trust surrender"
                   A reference to a trust surrender is to the surrender by a taker in
                   default of an interest in a discretionary trust that holds --
                     (a) dutiable property; or
 5                   (b) an indirect interest in dutiable property.
     57.           When a discretionary trust holds an indirect interest in
                   dutiable property
           (1)     A discretionary trust holds an indirect interest in dutiable
                   property if an entity linked to the trustee of the discretionary
10                 trust is entitled to dutiable property.
           (2)     Section 156 applies where it is necessary to determine whether
                   an entity is linked to a trustee of a discretionary trust for the
                   purposes of subsection (1) or section 59(a)(ii) or 61(b).
           (3)     In applying section 156, the trustee of the discretionary trust is
15                 the main entity, despite section 152(2).
                 Subdivision 2 -- Trust acquisitions and trust surrenders
     58.           Acquiring an interest in a discretionary trust
                   A person acquires an interest in a discretionary trust if the
                   person --
20                   (a) becomes a taker in default of the discretionary trust --
                             (i) on creation of the discretionary trust; or
                            (ii) otherwise, other than because of the surrender of
                                  another person's interest in the discretionary trust
                                  for which duty has been paid or in respect of
25                                which duty was not chargeable;
                          or
                     (b) is a taker in default of the discretionary trust whose
                          interest increases, other than because of the surrender of
                          another person's interest in the discretionary trust for
30                        which duty has been paid or in respect of which duty
                          was not chargeable.

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     59.         Dutiable value of a trust acquisition or trust surrender
                 The dutiable value of a trust acquisition or trust surrender is --
                  (a) the consideration for the acquisition or surrender so far
                        as the consideration relates to dutiable property --
 5                         (i) held by the discretionary trust; or
                          (ii) to which an entity linked to the trustee of the
                                discretionary trust is entitled;
                        or
                  (b) the value of the taker in default's interest in the
10                      discretionary trust at the time when liability for duty on
                        the transaction arises if --
                           (i) there is no consideration for the acquisition or
                                surrender; or
                          (ii) the consideration cannot be ascertained when
15                              liability for duty on the transaction arises; or
                         (iii) the value of the taker in default's interest is
                                greater than the consideration for the acquisition
                                or surrender.

     60.         Interest in a discretionary trust of a taker in default
20         (1)   A reference to an interest in a discretionary trust of a taker in
                 default in the discretionary trust is --
                   (a) the percentage of --
                            (i) the trust income; or
                           (ii) the trust property,
25                       that the taker in default would receive in default of
                         appointment by the trustee; or
                   (b) if the taker in default would receive both trust income
                         and trust property in default of appointment by the
                         trustee, the percentage of either the trust income or the
30                       trust property that the taker in default would receive that
                         is the greater.


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           (2)   Despite subsection (1), if the Commissioner considers it
                 appropriate to do so, an interest in a discretionary trust of a taker
                 in default is to be determined by the Commissioner taking into
                 account the rights or entitlements of the taker in default under
 5               the trust.

     61.         Value of a taker in default's interest in a discretionary trust
                 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 --
10                 (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;
15                 (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
20                       reference in that section --
                            (i) to land were a reference to dutiable property; and
                           (ii) to the main entity were a reference to the trustee
                                 of the discretionary trust.
                 Note: For example, if the taker in default had a 50% interest in the trust and
25                     the trust held dutiable property of $1 000 000, the value of the taker in
                       default's interest would be $500 000.

     62.         When a trust acquisition or trust surrender is not a dutiable
                 transaction
           (1)   Duty is not chargeable on a trust acquisition or trust surrender if
30               the trust acquisition or trust surrender is a result of --
                   (a) a person becoming or ceasing to be a member of a class
                         of beneficiaries of the discretionary trust because of the
                         birth or death of the person; or

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                  (b)    a person becoming or ceasing to be a member of a class
                         of beneficiaries of the discretionary trust because of the
                         marriage or divorce of the person, or the beginning or
                         ending of a de facto relationship of the person.
 5         (2)   In subsection (1)(b) --
                 "de facto relationship" means a de facto relationship that
                      comes within the Family Court Act section 205Z(1)(a), (b)
                      or (c).

                          Division 3 -- Corporate trustees
10                   Subdivision 1 -- Terms used in this Division

     63.         Terms used in this Division
                 In this Division --
                 "authorised trustee corporation" means a corporation
                      declared under the Corporations Act to be an authorised
15                    trustee corporation for any provision of that Act;
                 "disposition", in relation to a share, includes --
                      (a) a transfer or other disposition of the share; and
                      (b) the allotment or issue of the share; and
                      (c) the redemption, surrender or cancellation of the
20                          share; and
                      (d) the variation, abrogation or alteration of a right
                            pertaining to the share with respect to the capital of
                            the corporate trustee; and
                      (e) any means by which a share is disposed of or the
25                          rights of its holder are diminished;
                 "share" means --
                      (a) a share or stock of an unlisted corporation; or
                      (b) an interest in such a share or stock;
                 "unlisted corporation" means a corporation not listed on an
30                    official list of a prescribed financial market.


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     64.         Reference to property held by trustees
                 A reference to a trustee of a discretionary trust holding property
                 is a reference to the holding of the property by the trustee under
                 the trust.

 5   65.         The term "corporate trustee"
                 A reference to a corporate trustee is to the trustee of a
                 discretionary trust if that trustee --
                   (a) is an unlisted corporation, other than an authorised
                         trustee corporation; and
10                 (b) holds --
                            (i) dutiable property; or
                           (ii) an indirect interest in dutiable property.

     66.         When a corporate trustee holds an indirect interest in
                 dutiable property
15         (1)   A corporate trustee holds an indirect interest in dutiable
                 property if an entity linked to the trustee is entitled to dutiable
                 property.
           (2)   Section 156 applies where it is necessary to determine whether
                 an entity is linked to a corporate trustee for the purposes of
20               subsection (1).
           (3)   In applying section 156, the corporate trustee is the main entity,
                 despite section 152(2).
            Subdivision 2 -- Disposition of shares in a corporate trustee

     67.         Share disposition taken to be an agreement for the transfer
25               of trust property
           (1)   A disposition of a share in a corporate trustee is taken to be an
                 agreement for the transfer of dutiable property and is liable to
                 duty accordingly if it is a transaction, or part of a transaction,
                 that is a scheme or arrangement, or part of a scheme or
30               arrangement, that results in a change in the beneficial ownership

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                 of dutiable property held directly or indirectly by the corporate
                 trustee of a discretionary trust.
           (2)   Subsection (1) does not apply to the disposition of a share by
                 which the personal representative of a deceased person disposes
 5               of a share to a beneficiary in the administration of the estate of
                 the deceased.

     68.         Dutiable value of a transaction referred to in section 67
           (1)   The dutiable value of a transaction referred to in section 67 is
                 the proportion of the dutiable value of the dutiable property
10               held, directly or indirectly, by the corporate trustee at the time
                 of the share disposition that is equivalent to the proportion of
                 the total issued capital of the corporate trustee represented by
                 the share.
           (2)   The dutiable value of the dutiable property held indirectly by a
15               corporate trustee is an amount determined by applying
                 section 157 as if a reference in that section --
                   (a) to land were a reference to dutiable property; and
                   (b) to the main entity were a reference to the corporate
                         trustee.
20         (3)   In determining the proportion of the total issued capital of a
                 corporate trustee represented by a share for the purposes of
                 subsection (1), the respective rights and obligations pertaining
                 to the share and the other shares in the capital of the corporate
                 trustee are to be taken into account.

25   69.         Person liable to pay duty on a disposition of a share
                 The person liable to pay duty on a disposition of a share in a
                 corporate trustee referred to in section 67 is each person that
                 holds a share in the corporate trustee.




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                              Division 4 -- Partnerships
                     Subdivision 1 -- Terms used in this Division

     70.         The term "dutiable property"
                 In this Division --
 5               "dutiable property" means each of the following --
                      (a) land in Western Australia;
                      (b) a chattel in Western Australia.

     71.         References to property held by a partnership or trust
                 A reference to a partnership or trust holding property is a
10               reference to the holding of the property by the partners for the
                 partnership or the trustees under the trust.

     72.         The term "partnership acquisition"
                 A reference to a partnership acquisition is to a person acquiring
                 a partnership interest in a partnership that, immediately before
15               the acquisition holds --
                   (a) land in Western Australia; or
                   (b) an indirect interest in land in Western Australia.

     73.         When a partnership holds an indirect interest in land in
                 Western Australia
20         (1)   A partnership holds an indirect interest in land in Western
                 Australia if an entity linked to the partnership is entitled to land
                 in Western Australia.
           (2)   Section 156 applies where it is necessary to determine whether
                 an entity is linked to a partnership for the purposes of
25               subsection (1) or section 76(a)(ii) or 77(1)(b).
           (3)   In applying section 156, the partnership is the main entity,
                 despite section 152(2).



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     74.         Partner's partnership interest
                 A reference to a partner's partnership interest is to the greater
                 of --
                   (a) the percentage of the capital of the partnership the
 5                      partner has contributed or is obliged to contribute; or
                   (b) the percentage of the losses of the partnership the
                        partner is required to bear.
                  Subdivision 2 -- Acquiring partnership interests

     75.         Acquiring a partnership interest
10         (1)   A person acquires a partnership interest if a partnership is
                 formed or the person's partnership interest increases.
           (2)   Without limiting subsection (1) --
                  (a) a partnership may be formed on --
                          (i) a change in the membership of a partnership; or
15                       (ii) the merger of 2 or more partnerships;
                       or
                  (b) a person's partnership interest may increase --
                          (i) under the terms of a partnership agreement; or
                         (ii) on the retirement of a partner from a partnership;
20                              or
                        (iii) on a change in the terms of a partnership
                                agreement effecting a change in the interests of
                                the partners.

     76.         Dutiable value of a partnership acquisition
25               The dutiable value of a partnership acquisition is --
                  (a) the consideration for the acquisition so far as the
                        consideration relates to dutiable property --
                          (i) held by the partnership; or



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                          (ii)   to which an entity linked to the partnership is
                                 entitled;
                         or
                  (b)    the value of the partnership interest the subject of the
 5                       acquisition at the time when liability for duty on the
                         transaction arises if --
                            (i) there is no consideration for the acquisition; or
                           (ii) the consideration cannot be ascertained when
                                 liability for duty on the transaction arises; or
10                        (iii) the value of the partnership interest is greater
                                 than the consideration for the acquisition.

     77.         Value of a partnership interest
           (1)   For the purpose of section 76(b), the value of a partnership
                 interest the subject of a partnership acquisition is the total of the
15               following amounts --
                   (a) in respect of the dutiable property held by the
                          partnership -- an amount determined by applying the
                          partner's partnership interest to the unencumbered
                          value, when liability for duty on the transaction arises,
20                        of the dutiable property;
                   (b) in respect of the dutiable property to which an entity
                          linked to the partnership is entitled -- an amount
                          determined by applying the partner's partnership interest
                          to an amount determined by applying section 157 as if a
25                        reference in that section --
                             (i) to land were a reference to dutiable property; and
                            (ii) to the main entity were a reference to the
                                  partnership.
           (2)   In determining the value of a partnership interest the subject of a
30               new partner's partnership acquisition on formation of a
                 partnership, the value of any dutiable property the partner
                 contributed to the partnership on its formation is to be
                 disregarded.

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           (3)   For the purposes of subsection (2), a person is a new partner
                 only if --
                   (a) the person was not in partnership with any partners of
                         the partnership immediately before its formation; or
 5                (b) on the person's partnership acquisition, the person
                         becomes a partner in an additional partnership to a
                         partnership in which the person is a partner with any
                         partners of the additional partnership immediately
                         before its formation.
10         (4)   However, subsection (3)(b) does not apply to a person that
                 makes a partnership acquisition in a partnership that was formed
                 because of a change in the membership of the partners of
                 another partnership (the "old partnership") if the person had a
                 partnership interest in the old partnership.
15         (5)   In determining the value of a partner's partnership interest the
                 subject of an acquisition that is an increase in the partner's
                 partnership interest, the partner's partnership interest is taken to
                 be the increase in the partner's partnership interest.

     78.         Dutiable value of a transaction reduced for transfer of
20               dutiable property to a partner on retirement or dissolution
           (1)   This section applies if, on a person (the "retiring partner")
                 ceasing to be a partner in a partnership because of the retiring
                 partner's retirement from the partnership or its dissolution,
                 dutiable property of the partnership is transferred or agreed to
25               be transferred to the retiring partner.
           (2)   The dutiable value of a transfer of, or an agreement for the
                 transfer of, dutiable property to the retiring partner must be
                 reduced by an amount calculated by applying the retiring
                 partner's partnership interest in the partnership to the
30               unencumbered value of the dutiable property immediately
                 before the retirement or dissolution.




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               Note: Example for subsection (2) --

                     A, B and C are in partnership in equal shares. B had a one-third
                     partnership interest immediately before retiring. On B ceasing to be a
                     partner, A and C transfer land to B. The dutiable value of the land
 5                   acquired by B will be reduced by one-third.

               Division 5 -- Western Australian business assets
                   Subdivision 1 -- Terms used in this Division
     79.       Terms used in this Division
               In this Division --
10             "business asset" means any of the following --
                    (a) goodwill of a business;
                    (b) a restraint of trade arrangement for a business;
                    (c) a business identity;
                    (d) a business licence;
15                  (e) a right of a business under an uncompleted agreement
                           to supply commodities or provide services;
                     (f) intellectual property of a business;
                    (g) things that a business has that are in the nature of rent
                           rolls and client lists,
20                  but does not include a trade debt;
               "business identity" means a business name, trading name or
                    internet domain name, or a right to use a business name,
                    trading name or internet domain name;
               "business licence" means a licence, permit or authority which
25                  is issued, granted or given under --
                    (a) a written law and which is required by a written law
                           to be held by a person carrying out an activity for
                           gain or reward; or
                    (b) a law of the Commonwealth and which is required by
30                         a law of the Commonwealth to be held by a person
                           carrying out an activity in Western Australia for gain
                           or reward;

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     "circuit layout right" means an exclusive right under the
          Circuit Layouts Act 1989 (Commonwealth) for an eligible
          layout under that Act;
     "commodities" includes land, money, credit and goods and any
 5        interest in them;
     "franchise arrangement" means an agreement or other
          arrangement under which a person (the "franchisor") that
          carries on a business authorises or permits another person
          (the "franchisee") --
10        (a) to engage in the business of producing, supplying or
                providing commodities or services, or both, at a place
                other than the place of business of the franchisor as
                long as the franchisee does so under --
                   (i) a stated marketing, business or technical plan
15                       or system; and
                  (ii) a common format or common procedure, or
                         both;
                and
          (b) to use a mark or common trade name in such a way
20              that the business carried on by the franchisee is or is
                capable of being identified by the public as being
                substantially associated with the mark or name
                identifying, commonly connected with or controlled
                by the franchisor or a person that is a related person
25              to the franchisor;
     "intellectual property" means --
          (a) a patent, trademark, industrial design, copyright,
                registered design, plant breeder right or circuit layout
                right; or
30        (b) anything else that has the following characteristics --
                   (i) it is in the nature of a strategy, process,
                         procedure, mode of operation or way of
                         working that enables a commodity or service
                         to be produced, supplied or provided or that

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                                   enhances the production, supply, provision or
                                   quality of a commodity or service;
                            (ii)   it was created, devised or developed to be
                                   used for business purposes or, having been
 5                                 created, devised or developed for other
                                   purposes, has been applied, adapted or
                                   modified for use for business purposes;
                          or
                    (c) a right to use or exploit --
10                           (i) anything mentioned in paragraph (a) or (b); or
                           (ii) an adaptation or modification of anything
                                  mentioned in paragraph (a) or (b);
               "plant breeder right" means --
                    (a) a plant breeder's right under the Plant Breeder's
15                        Rights Act 1994 (Commonwealth); or
                   (b) a plant breeder's right corresponding to a right
                          mentioned in paragraph (a);
               "related person" has the meaning given in section 162;
               "restraint of trade arrangement" for a business means a
20                 restraint of trade arrangement which, in the opinion of the
                   Commissioner, enhances or is likely to enhance the value
                   of the business;
               "Western Australian business", in relation to a dutiable
                   transaction, means --
25                  (a) a business that, in the year preceding the transaction
                          has --
                             (i) been carried on in or from Western Australia;
                                  or
                           (ii) supplied commodities or provided services to
30                                customers in Western Australia;
                          or



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                      (b) carrying out an activity for gain or reward under a
                          licence referred to in paragraph (a) of the definition
                          of "business licence"; or
                    (c) carrying out an activity in Western Australia for gain
 5                        or reward under a licence referred to in paragraph (b)
                          of the definition of "business licence";
                 "Western Australian business asset" means a business asset
                    of a Western Australian business.
       Subdivision 2 -- Particular transactions involving business assets

10   80.         Transactions involving business licences that are to be taken
                 to be an agreement to transfer a Western Australian
                 business asset
                 When a person agrees to relinquish a business licence held by
                 that person, or agrees not to apply for a renewal of such a
15               business licence, so that it, or another business licence in respect
                 of the same kind of activity, can be issued, granted or given to
                 another person that agreement is taken to be an agreement to
                 transfer a Western Australian business asset and is liable to duty
                 accordingly.

20   81.         Transactions for particular Western Australian business
                 assets that are not dutiable transactions
           (1)   The transfer, or an agreement for the transfer, of a Western
                 Australian business asset from a franchisor in accordance with a
                 franchise arrangement, is not a dutiable transaction unless
25               another person has relinquished, or agreed not to extend, that
                 business asset or a business asset of the same kind so that the
                 franchisee could acquire that business asset.
           (2)   A transaction is not a dutiable transaction if the only dutiable
                 property the subject of the transaction is intellectual property of
30               a business.
           (3)   A transaction referred to in subsection (2) is a dutiable
                 transaction if, under section 37, it is aggregated with a

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                 transaction that is a dutiable transaction for a Western
                 Australian business asset and the transactions are treated as a
                 single dutiable transaction.
           (4)   For the purposes of section 11(1)(f), new dutiable property that
 5               is a Western Australian business asset referred to in
                 section 17(1)(c) is not acquired unless subsection (5) applies.
           (5)   If a person --
                    (a) carries on, or has carried on, a business (the "first
                         business"); and
10                 (b) creates intellectual property, a restraint of trade
                         arrangement or a business identity related to the first
                         business for the purpose of the carrying on of the first
                         business or another business by another person,
                 then, subject to subsections (2) and (3), the creation of the
15               intellectual property, restraint of trade arrangement or business
                 identity is the acquisition by that other person of a Western
                 Australian business asset of the first business.
             Subdivision 3 -- Dutiable value of dutiable transactions for
                                  business assets

20   82.         Dutiable value of dutiable transactions for business assets
                 The dutiable value of a dutiable transaction for a business asset
                 is to be determined --
                   (a) under section 83 if --
                            (i) the business asset is a business licence referred to
25                              in paragraph (b) of the definition of that term in
                                section 79; and
                           (ii) the asset is of a Western Australian business
                                referred to in paragraph (c) of the definition of
                                that term in section 79;
30                        or



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            (b)    under section 84 if the business asset is a business
                   licence referred to in paragraph (a) of the definition of
                   that term in section 79; or
            (c)    under section 85 or 86, as is relevant; or
 5          (d)    if the Commissioner decides that it is not appropriate to
                   determine the dutiable value of a dutiable transaction for
                   business assets under any of those sections, on such
                   other basis as the Commissioner decides is appropriate.

     83.   Dutiable value of certain business licences required by a law
10         of the Commonwealth
           The dutiable value of a dutiable transaction referred to in
           section 82(a) is the greater of the following --
             (a) the value of the business licence so far as it authorises
                   the carrying out of an activity in Western Australia; or
15           (b) the portion of the consideration for the transaction that
                   relates to the carrying out of an activity in Western
                   Australia under the authority of the business licence.

     84.   Dutiable value of business licences required by a law of
           Western Australia
20         The dutiable value of a dutiable transaction referred to in
           section 82(b) is --
             (a) the consideration for the dutiable transaction; or
             (b) the unencumbered value of the business licence the
                   subject of the transaction at the time when liability for
25                 duty on the transaction arises if --
                      (i) there is no consideration for the transaction; or
                     (ii) the consideration cannot be ascertained when
                           liability for duty on the transaction arises; or
                    (iii) the unencumbered value is greater than the
30                         consideration for the transaction.



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     85.       Head office or principal place of business in Western
               Australia
               The dutiable value of a dutiable transaction for a business asset
               where the principal place of business or head office of the
 5             Western Australian business is in Western Australia is to be
               determined using the following formula --
                        CUV × (TS − IS )
                DV =
                             TS
               where --
               DV is the dutiable value;
10             CUV is --
                (a) the consideration for the transaction; or
                (b) the unencumbered value of the business asset the subject
                     of the transaction if --
                         (i)    there is no consideration for the transaction; or
15                       (ii)   the consideration cannot be ascertained when
                                liability for duty on the transaction arises; or
                        (iii)   the unencumbered value is greater than the
                                consideration for the transaction;
               TS is the gross amount (in Australian dollars) of all the
20             commodities supplied and services provided by the business in
               the last 3 completed financial years preceding the transaction;
               IS is the gross amount (in Australian dollars) of the
               commodities supplied and services provided by the business to
               customers elsewhere in Australia in the last 3 completed
25             financial years preceding the transaction.

     86.       Head office or principal place of business in another State
               The dutiable value of a dutiable transaction for a business asset
               where neither the principal place of business nor the head office



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                 of the Western Australian business is in Western Australia is to
                 be determined using the following formula --
                         CUV × WAS
                  DV =
                            TS
                 where --
 5               DV is the dutiable value;
                 CUV is --
                  (a) the consideration for the transaction; or
                  (b) the unencumbered value of the business asset the subject
                       of the transaction if --
10                        (i) there is no consideration for the transaction; or
                         (ii) the consideration cannot be ascertained when
                               liability for duty on the transaction arises; or
                        (iii) the unencumbered value is greater than the
                               consideration for the transaction;
15               TS is the gross amount (in Australian dollars) of all the
                 commodities supplied and services provided by the business in
                 the last 3 completed financial years preceding the transaction;
                 WAS is the gross amount (in Australian dollars) of the
                 commodities delivered and services provided by the business to
20               customers in Western Australia in the last 3 completed financial
                 years preceding the transaction.

                       Division 6 -- Conditional agreements
     87.         Conditional agreements
           (1)   A reference to a conditional agreement is to an agreement for
25               the transfer of dutiable property where --
                   (a) completion of the agreement is conditional on the
                         happening of one or more of the events described in
                         subsection (2) and specified in an instrument effecting
                         or evidencing the agreement; and


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                 (b)   the parties to the agreement do not have control over the
                       happening of the event, except to the extent that they are
                       required under the agreement to use their best
                       endeavours to secure the happening of the event; and
 5               (c)   a person related to a party to the agreement does not
                       have control over the happening of the event,
               unless --
                (d) it is a call option of a simultaneous put and call option
                      taken to be an agreement for the transfer of option
10                    property under section 45; or
                 (e) it is an agreement that is subject to a condition which, in
                      the opinion of the Commissioner, constitutes a scheme
                      or arrangement, or part of a scheme or arrangement, the
                      sole or dominant purpose of which is to defer the
15                    payment of duty.
        (2)    The following events are specified for the purposes of
               subsection (1)(a) --
                 (a) the obtaining by a purchaser under the agreement of a
                       satisfactory private taxation ruling by the Commissioner
20                     of Taxation of the Commonwealth as to the
                       consequences of the agreement with respect to taxation
                       under a law of the Commonwealth;
                 (b) the obtaining, to the satisfaction of a purchaser under the
                       agreement, of funds or of approval to obtain funds to
25                     finance the purchase;
                 (c) the obtaining by a purchaser under the agreement of a
                       satisfactory building inspection, geotechnical or
                       environmental report from a third party in relation to the
                       property the subject of the agreement;
30               (d) the obtaining by a vendor under the agreement of the
                       consent of the Minister responsible for administering the
                       Land Administration Act 1997 to transfer a lease of
                       leasehold land to a purchaser under the agreement;


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     (e)    the authorisation of the payment to a purchaser under
            the agreement of a first home owner grant under the
            First Home Owner Grant Act 2000 in relation to a
            property the subject of the agreement;
 5   (f)    the obtaining by a purchaser under the agreement of a
            licence to trade or the grant of a franchise;
     (g)    where the subject of the agreement is a commercial
            property, the obtaining by a vendor under the agreement
            of the renewal of an existing lease of the property;
10   (h)    the obtaining from the landlord of a leasehold business
            by a vendor of the business the subject of the agreement,
            of a new lease, or of an assignment of the current lease
            to a purchaser under the agreement;
      (i)   the sale of another property by a purchaser under the
15          agreement;
      (j)   the obtaining by a vendor under the agreement of --
               (i) the approval under the Planning and
                    Development Act 2005 section 135 for the
                    subdivision of the land, or part of the land, the
20                  subject of the agreement; or
              (ii) the registration of a strata/survey-strata plan
                    under the Strata Titles Act 1985;
     (k)    the obtaining by a purchaser under the agreement of
            approval from a regulatory body;
25    (l)   the results of the making of due diligence inquiries by a
            purchaser under the agreement where the results are to
            be measured against objective criteria set out in an
            instrument that effects or evidences the agreement;
     (m)    the issue of a certificate of title (however described) for
30          the property the subject of the agreement;
     (n)    the obtaining by a purchaser of consent required under
            the Mining Act 1978 for the transfer of a mining
            tenement the subject of the agreement;
     (o)    a prescribed event.

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        (3)    A conditional agreement is terminated on relevant grounds if --
                (a) it is not carried into effect because the condition to
                      which it is or was subject cannot be fulfilled for reasons
                      that are not within the control of a party to the
 5                    agreement, or a person that is related to a party to the
                      agreement; and
                (b) duty is not chargeable on the agreement under
                      section 107 because it is a cancelled transaction.
        (4)    A conditional agreement becomes unconditional when the
10             condition to which its completion was subject is fulfilled.
        (5)    For the purposes of subsections (1)(c) and (3)(a), the following
               persons are related persons --
                 (a) joint owners of property;
                 (b) individuals who are in partnership with each other;
15               (c) participants in the same joint venture;
                 (d) family members;
                 (e) related corporations;
                  (f) a trustee and another trustee if there is any beneficiary
                       common to the trusts of which they are trustees, whether
20                     the beneficiary has a vested share or is contingently
                       entitled or may benefit from a discretionary trust;
                 (g) an individual and a corporation, if the individual is a
                       majority shareholder, director or secretary of the
                       corporation or a related corporation;
25               (h) an individual and a trustee, if the individual is a
                       beneficiary under the trust of which the trustee is a
                       trustee, whether the beneficiary has a vested share or is
                       contingently entitled or is a potential beneficiary under a
                       discretionary trust;
30                (i) a corporation and a trustee if --
                         (i) the corporation or a majority shareholder,
                               director or secretary of the corporation is a


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                                beneficiary under the trust of which the trustee is
                                a trustee; or
                         (ii) a related corporation to the corporation is a
                                beneficiary under the trust of which the trustee is
 5                              a trustee,
                        whether the beneficiary has a vested share or is
                        contingently entitled or is a potential beneficiary under a
                        discretionary trust.
           (6)   A reference in subsection (5)(d) to a family member of a person
10               is to --
                   (a) a child or remoter lineal descendant of the person; or
                   (b) a parent or remoter lineal ancestor of the person; or
                   (c) a brother or sister of the person or remoter lineal
                         descendant of a brother or sister of the person; or
15                 (d) an aunt or uncle of the person; or
                   (e) the spouse, former spouse, de facto partner or former
                         de facto partner of the person; or
                    (f) a family member referred to in paragraph (a), (b), (c)
                         or (d) of a person referred to in paragraph (e); or
20                 (g) the spouse or de facto partner of a person mentioned in
                         paragraph (a), (b), (c) or (d),
                 or more than one of them.

     88.         The term "farming land conditional agreement"
                 A reference to a farming land conditional agreement is to a
25               conditional agreement the subject of which is solely or
                 dominantly farming land within the meaning of section 99(1).

     89.         The term "mining tenement conditional agreement"
                 A reference to a mining tenement conditional agreement is to a
                 conditional agreement the subject of which is a mining
30               tenement.


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     90.         The term "off-the-plan conditional agreement"
                 A reference to an off-the-plan conditional agreement is to a
                 conditional agreement that includes provision --
                   (a) for the sale of a strata lot; and
 5                 (b) for the construction on the strata lot, after liability for
                         duty on the agreement arises, of a building for
                         commercial, residential or mixed use purposes.

     91.         The term "subdivision conditional agreement"
                 A reference to a subdivision conditional agreement is to a
10               conditional agreement for the sale of land conditional on the
                 obtaining by a purchaser under the agreement of approval from
                 the relevant authorities to the subdivision of the land, or part of
                 the land, the subject of the agreement.

           Part 6 -- Exemptions, nominal duty and concessions
15                              Division 1 -- Exemptions
     Subdivision 1 -- Exemptions for public and governmental purposes

     92.         Declaration of public authorities as exempt bodies
           (1)   The Minister may declare a public authority to be an exempt
                 body for the purposes of this Subdivision.
20               Note: There are other exempt bodies. See the definition of "exempt body" in
                       section 3.

           (2)   The Minister may withdraw a declaration made under
                 subsection (1).
           (3)   The Minister is to publish notice of the making or withdrawal of
25               a declaration in the Gazette.

     93.         No duty if an exempt body would be solely liable
                 Duty is not chargeable on a dutiable transaction to which an
                 exempt body is a party if the exempt body is the only party that

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                 would be liable to pay duty that would, but for this section, be
                 chargeable on the transaction.

     94.         Duty reduction and liability if an exempt body and another
                 party would be liable
 5         (1)   This section applies to a dutiable transaction to which an
                 exempt body is a party if --
                   (a) the exempt body would, apart from subsection (2), be
                        liable to pay duty chargeable on the transaction; and
                   (b) at least one other party to the transaction is liable to pay
10                      duty chargeable on the transaction and is not an exempt
                        body.
           (2)   The exempt body is not liable to pay duty on the transaction.
           (3)   The amount of duty payable on the transaction (AD) is the
                 amount determined under the formula --
15                AD = TD − (TD × EI )
                 where --
                 TD is the amount of duty that would be payable on the
                 transaction if this section did not apply to it;
                 EI is --
20                (a) if the interest in the dutiable property that the exempt
                        body has under the transaction is of a kind that enables
                        the proportion which that interest bears to the whole of
                        the dutiable property to be ascertained -- that proportion
                        expressed as a percentage; or
25                (b) in any other case -- a percentage determined by the
                        Commissioner to represent the proportion which the
                        interest in the dutiable property that the exempt body
                        has under the transaction bears to the whole of the
                        dutiable property.




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           (4)     The amount of duty payable by any party referred to in
                   subsection (1)(b) is the amount AD determined under
                   subsection (3).
                   Note: For example, an exempt body and another party acquire dutiable
 5                       property as tenants in common. The exempt body acquires 40 of 100
                         undivided shares and the other party acquires 60 of 100 undivided
                         shares. But for this section the transfer duty chargeable on the
                         transaction would be $3 000. Under the operation of this section the
                         amount of duty payable on the transaction is calculated as follows:
10                                ⎛         40 ⎞
                          $3000 − ⎜ $3000×     ⎟ = $3000 − $1200 = $1800
                                  ⎠       100 ⎠

                         This amount (i.e. $1 800) is the amount of transfer duty payable by the
                         other party.

     95.           Transactions for charitable or similar public purposes are
                   exempt transactions
15                 Duty is not chargeable on a dutiable transaction that has been
                   entered into or occurred for charitable or similar public
                   purposes.
                 Subdivision 2 -- Certain transactions between spouses or
                                   de facto partners

20   96.           Terms used in this Subdivision
                   In this Subdivision --
                   "lot" means either of the following --
                        (a) a lot within the meaning given in the Land Tax
                              Assessment Act 2002 Glossary clause 2;
25                      (b) 2 or more such lots in the same ownership --
                                (i) on which is constructed a residence, parts of
                                     which stand on each of the lots; and
                               (ii) which have common boundaries and which in
                                     the opinion of the Commissioner should be
30                                   treated as a single lot for the purpose of this
                                     Subdivision;
                   "residence" includes flat, apartment or other residential unit.

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     97.   Transactions between spouses or de facto partners that are
           exempt transactions
           Duty is not chargeable on a transfer of, or an agreement for the
           transfer of, dutiable property where --
 5           (a) the person from whom, and the person to whom, the
                   dutiable property is transferred, or agreed to be
                   transferred, are married to each other or are de facto
                   partners of 2 years; and
             (b) the dutiable property is a lot on which a residence is
10                 erected which, when liability for duty on the transaction
                   arises, was used solely or dominantly as the ordinary
                   place of residence of the persons referred to in
                   paragraph (a); and
             (c) the lot on which the residence is erected is used solely or
15                 dominantly for residential purposes associated with that
                   residence; and
             (d) the person from whom the dutiable property is
                   transferred, or agreed to be transferred, is the sole owner
                   of the property; and
20           (e) the result of the transaction is or will be that the dutiable
                   property is owned solely by the persons referred to in
                   paragraph (a) as joint tenants or tenants in common in
                   equal shares.

     98.   Application for exemption under this Subdivision
25         An application for assessment or reassessment under this
           Subdivision must be --
            (a) made in the approved form by the persons referred to in
                  section 97(a); and
            (b) accompanied by such transaction record for the
30                transaction as is required to be lodged under section 23.




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                      Subdivision 3 -- Family farm transactions

     99.         Terms used in this Subdivision
           (1)   In this Subdivision --
                 "exempt family farm transaction" has the meaning given in
 5                    section 102;
                 "family member" has the meaning given in section 100;
                 "farming land" means land in Western Australia that is used
                      solely or dominantly for the purpose of primary production;
                 "farming property" means --
10                    (a) farming land; or
                      (b) other dutiable property that is used solely or
                            dominantly in connection with the business of
                            primary production;
                 "transferee" has the meaning given in section 101;
15               "transferor", in respect of a dutiable transaction the subject of
                      which is farming property, means --
                      (a) an individual (other than a trustee) from whom the
                            property is, or is to be, acquired; or
                      (b) if the property was held by a trustee (other than a
20                          trustee of a unit trust scheme or a discretionary trust)
                            immediately before the transaction took place, an
                            individual on whose behalf, and at whose direction,
                            the trustee carried out the transaction.
           (2)   For the purposes of this Subdivision, a person controls a
25               discretionary trust if --
                   (a) the person is in a position to influence, either directly or
                         indirectly, the vesting of the whole or any part of the
                         capital of the trust property, or of the whole or any part
                         of the income from the trust property; or
30                 (b) in a case where a corporation is in a position to
                         influence, either directly or indirectly, the vesting of the
                         whole or any part of the capital of the trust property, or

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                      of the whole or any part of the income from that trust
                      property, the person is beneficially entitled to a share in
                      that corporation or a related corporation or to act as a
                      director or secretary of that corporation or related
 5                    corporation.
        (3)   For the purposes of this Subdivision, farming property is the
              subject of a dutiable transaction that is a partnership acquisition,
              if the land referred to in section 72 is farming land.

     100.     The term "family member"
10            A reference in this Subdivision to a family member of a person
              is to --
                (a) a child or remoter lineal descendant of the person; or
                (b) a parent or remoter lineal ancestor of the person; or
                (c) a brother or sister of the person or remoter lineal
15                    descendant of a brother or sister of the person; or
                (d) an aunt or uncle of the person; or
                (e) the spouse, former spouse, de facto partner of 2 years or
                      former de facto partner of 2 years of the person; or
                 (f) the spouse or de facto partner of 2 years of a person
20                    mentioned in paragraph (a), (b), (c) or (d),
              or more than one of them.

     101.     The term "transferee"
              A reference in this Subdivision to a transferee in respect of a
              dutiable transaction the subject of which is farming property is
25            to a person described in Schedule 1 column 4 opposite the
              description of the transaction, that is --
                (a) a family member of the transferor, if the family member
                      does not intend to hold the farming property as agent,
                      trustee or otherwise on behalf of any other person; or
30              (b) a trustee of a trust, other than a unit trust scheme or a
                      discretionary trust, if the beneficial owner of the trust

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                       property under the trust is a family member of the
                       transferor; or
                 (c)   a trustee of a discretionary trust, if --
                          (i) all the persons who have a share or interest in the
 5                             trust property, whether vested or contingent, or
                               who may benefit from the discretionary trust are
                               family members of the transferor; and
                         (ii) the transferor does not control the discretionary
                               trust.

10   102.      Transactions between family members for farming property
               that are exempt family farm transactions
        (1)    A reference in this Subdivision to an exempt family farm
               transaction is to a dutiable transaction to the extent to which the
               subject of the transaction is farming property which, as a result
15             of the transaction is, or is to be, acquired by a transferee or
               transferees.
        (2)    A transaction is an exempt family farm transaction only if --
                (a) each transferor was using the farming property in the
                      business of primary production immediately before the
20                    transaction took place; and
                (b) when liability to duty on the transaction arose, each
                      transferee intends to continue to use the farming
                      property in the business of primary production.
        (3)    It is irrelevant for the purposes of subsection (2) whether a
25             transferor was using, or a transferee intends to continue to use,
               the farming property in the business of primary production --
                  (a) personally; or
                  (b) through a trust, corporation or partnership (an "entity")
                         to which the transferor or transferee, as is relevant, is
30                       related; or
                  (c) through a combination of entities to which the transferor
                         or transferee, as is relevant, is related.


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     (4)   In subsection (3), a transferor is related to an entity if --
             (a) the transferor is a beneficiary of a trust --
                     (i) other than a unit trust scheme or a discretionary
                          trust; and
 5                  (ii) in which every other beneficiary is a family
                          member of the transferor;
                  or
             (b) the transferor has a share or interest in trust property,
                  whether vested or contingent, held by the trustee of a
10                discretionary trust and every other person who holds
                  such a share or interest in that property, or who may
                  benefit from that trust, is a family member of the
                  transferor; or
             (c) the transferor holds units in a unit trust scheme and
15                every other person who holds a unit in that unit trust
                  scheme is a family member of the transferor; or
             (d) the transferor is a shareholder in a corporation in which
                  every other shareholder is a family member of the
                  transferor; or
20           (e) the transferor is a partner in a partnership in which every
                  other partner is a family member of the transferor.
     (5)   In subsection (3), a transferee is related to an entity if --
             (a) the transferee is a beneficiary of a trust --
                     (i) other than a unit trust scheme or a discretionary
25                        trust; and
                    (ii) in which every other beneficiary is a family
                          member of the transferor;
                  or
             (b) the transferee has a share or interest in trust property,
30                whether vested or contingent, held by the trustee of a
                  discretionary trust and --
                     (i) every other person who holds such a share or
                          interest in that property, or who may benefit

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                              from that trust, is a family member of the
                              transferor; and
                         (ii) the transferor does not control the trust;
                       or
 5               (c)   the transferee holds units in a unit trust scheme and
                       every other person who holds a unit in that unit trust
                       scheme is a family member of the transferor; or
                (d)    the transferee is a shareholder in a corporation in which
                       every other shareholder is a family member of the
10                     transferor; or
                 (e)   the transferee is a partner in a partnership in which every
                       other partner is a family member of the transferor.
        (6)    For the purposes of subsection (2), a farming property is being
               used in the business of primary production even if --
15               (a) some, but not all, of the farming land of that property is
                       leased to another person; and
                 (b) under the lease, the lessee is using the leased land solely
                       or dominantly for the purposes of silviculture or
                       reafforestation.

20   103.      No duty on exempt family farm transactions
               Duty is not chargeable on an exempt family farm transaction.

     104.      No exemption for subsequent transactions for the same
               farming property within 5 years
               Despite section 103, duty is chargeable on a transaction (a
25             "subsequent transaction") that would otherwise be an exempt
               family farm transaction if --
                 (a) duty was not charged on an exempt family farm
                       transaction (the "first transaction"); and
                 (b) liability to duty on the subsequent transaction arose --
30                       (i) within 5 years of the first transaction; and


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                       (ii)   the transaction relates, in the opinion of the
                              Commissioner, to the same farming property that
                              was the subject of the first transaction.

     105.     Subsequent liability to duty in certain circumstances
 5      (1)   If, after an exempt family farm transaction as a result of which
              farming property was acquired by a transferee referred to in
              section 101(c) has taken place, any of the following events take
              place, the event is taken to be a transfer of farming property --
                 (a) during the lifetime of the transferor, a person that is not
10                     a family member of the transferor --
                          (i) becomes entitled to a share or interest in the trust
                              property, whether that share or interest is vested
                              or contingent; or
                         (ii) otherwise benefits from the trust;
15              (b) the transferor gains control of the trust,
              unless --
                (c) when the event took place, the trust did not hold any
                     farming property that was the subject of an exempt
                     family farm transaction; or
20             (d) an event taken to be a transfer of the farming property is
                     already duty endorsed under this section.
        (2)   The trustee of the trust is to lodge a transfer duty statement not
              later than 2 months after the day on which an event referred to
              in subsection (1) takes place.
25            Penalty: a fine of $20 000.
        (3)   The person liable to pay the duty is the trustee.
        (4)   The dutiable value of an event subsequent to an exempt family
              farm transaction, taken to be a transfer under subsection (1), is
              the unencumbered value of the farming property that was the
30            subject of the exempt family farm transaction held by the trust
              when the event took place.


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     106.      Application for an exemption under this Subdivision
        (1)    An application for assessment or reassessment under this
               Subdivision must be --
                (a) made in the approved form jointly by all of the
 5                    transferees; and
                (b) accompanied by such transaction record for the
                      transaction as is required to be lodged under section 23.
        (2)    For the purposes of this Subdivision, the Taxation
               Administration Act section 17 applies as if --
10              (a) despite subsection (1) of that section, a person is not
                       entitled to apply for a reassessment more than
                       12 months after the day on which the transaction was
                       duty endorsed; and
                (b) despite subsection (4) of that section, the Commissioner
15                     may make a reassessment on an application only if the
                       application was made within that time.
                   Subdivision 4 -- Other exempt transactions

     107.      Cancelled transactions
        (1)    In this section --
20             "cancelled transaction" has the meaning given in
                    subsection (2);
               "replacement transaction", in relation to a cancelled
                    transaction, means another dutiable transaction that --
                    (a) is between all of the same parties as the parties to the
25                         cancelled transaction; and
                    (b) is substantially similar in effect to the cancelled
                           transaction; and
                    (c) in the opinion of the Commissioner, is a scheme or
                           arrangement, or part of a scheme or arrangement, for
30                         which the sole or dominant purpose of any party is to
                           avoid, reduce or defer the payment of duty;


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           "subsale transaction", in relation to a cancelled transaction,
               means another dutiable transaction which results in a
               beneficial interest in the dutiable property the subject of the
               cancelled transaction being held by --
 5             (a) a person who is not a party to the cancelled
                     transaction, a result which is contemplated or
                     provided for under the cancelled transaction; or
               (b) a person who is not a party to the cancelled
                     transaction, a result which is substantially similar in
10                   effect to the effect of the cancelled transaction; or
               (c) another person, as a result of an agreement,
                     arrangement or understanding between a person
                     liable to pay duty on the cancelled transaction and
                     any other party to the transaction (including any other
15                   person liable to pay duty on the cancelled
                     transaction).
     (2)   A reference to a cancelled transaction is to a dutiable transaction
           that has not, and will not, be carried into effect but the following
           transactions are not cancelled transactions --
20           (a) a call option of a simultaneous put and call option taken
                   to be an agreement for the transfer of the option property
                   under section 45;
             (b) an assignment of a call option taken to be an agreement
                   for the transfer of the option property under section 49;
25           (c) a terms contract (within the meaning given in the Sale of
                   Land Act 1970) if the person liable to pay duty on the
                   transaction has under the contract, obtained exclusive
                   use or control of the dutiable property, whether or not
                   that contract is not fully carried into effect for any
30                 reason.
     (3)   Subject to subsection (4), duty is not chargeable on a cancelled
           transaction.




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        (4)    Duty is chargeable on a cancelled transaction if the transaction
               has been cancelled so that a replacement transaction or a subsale
               transaction can be entered into.
        (5)    The Commissioner, on the application of a taxpayer, is to
 5             reassess the liability to duty of a dutiable transaction that is not
               liable to duty because of this section.
        (6)    An application for assessment or reassessment under this
               section in relation to a cancelled transaction must be --
                 (a) in the approved form; and
10               (b) accompanied by such transaction record for the
                       transaction as is required to be lodged under section 23.

     108.      Bankruptcy transactions
        (1)    In this section --
               "bankruptcy trustee" means --
15                  (a) the Official Trustee in Bankruptcy; or
                    (b) a registered trustee,
                    under the Bankruptcy Act 1966 (Commonwealth).
        (2)    Duty is not chargeable on a dutiable transaction --
                (a) that is a vesting of dutiable property in a bankruptcy
20                     trustee; or
                (b) that is the transfer, or agreement for the transfer, of
                       dutiable property for no consideration to a former
                       bankrupt from the estate of the former bankrupt.

     109.      Transactions involving representatives of another country
25             Duty is not chargeable on a transfer of, or an agreement for the
               transfer of, dutiable property to a representative in Australia of
               the Government of another country, a foreign consul, or a trade
               commissioner of another country, if that property is intended for
               official use.



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     110.     Financial Sector (Transfers of Business) Act 1999 Part 4
              transactions
              Duty is not chargeable on a vesting of dutiable property by, or
              expressly authorised by, statute law (as referred to in
 5            section 11(1)(d)(i)) that is a compulsory transfer of dutiable
              property under the Financial Sector (Transfers of Business)
              Act 1999 (Commonwealth) Part 4.

     111.     Special disability trust transactions
              Duty is not chargeable on a transfer of, or an agreement for the
10            transfer of, dutiable property --
                (a) to a special disability trust, within the meaning given in
                      the Social Security Act 1991 (Commonwealth)
                      section 1209L; and
                (b) if there is no consideration for the transfer.

15   112.     Transactions under other Acts
        (1)   Duty is not chargeable on a transfer of, or an agreement for the
              transfer of, the fee simple in Crown land under the Land
              Administration Act 1997 section 87 to complete a land exchange
              under section 11(1)(b) of that Act.
20      (2)   Duty is not chargeable on a transfer of, or an agreement for the
              transfer of, the fee simple in Crown land by way of exchange
              where the decision to exchange the land is given effect under
              the Land Administration Act 1997 Schedule 2 clause 4.
        (3)   Duty is not chargeable on a transfer of, or an agreement for the
25            transfer of, the fee simple in --
                (a) Crown land the subject of a licence referred to in the
                      Land Administration Act 1997 Schedule 2 clause 21; or
                (b) Crown land the subject of a lease referred to in the Land
                      Administration Act 1997 Schedule 2 clause 22; or




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                 (c)   Crown land the subject of a conditional purchase lease
                       referred to in the Land Administration Act 1997
                       Schedule 2 clause 26; or
                (d)    Crown land the subject of a conditional purchase lease
 5                     referred to in the Land Administration Act 1997
                       Schedule 2 clause 27; or
                 (e)   war service land referred to in the Land Administration
                       Act 1997 Schedule 2 clause 30; or
                 (f)   Crown land referred to in the Land Administration
10                     Act 1997 Schedule 2 clause 32.
        (4)    Duty is not chargeable on a transfer of, or an agreement for the
               transfer of, or the grant of the fee simple or other less estate in
               Crown land pursuant to --
                 (a) a request under the Land Administration Act 1997
15                     section 212; or
                 (b) an agreement under the Land Administration Act 1997
                       section 255; or
                 (c) an award under the Land Administration Act 1997
                       section 256; or
20               (d) the Land Administration Act 1997 section 257.
        (5)    Duty is not chargeable on a transfer of the fee simple in Crown
               land --
                 (a) pursuant to a request under the Public Works Act 1902
                       section 45A; or
25               (b) granted under the Public Works Act 1902 section 80,
               as in force immediately before the commencement of the Acts
               Amendment (Land Administration) Act 1997.
        (6)    Duty is not chargeable on a transaction --
                (a) that is the passing of any property that occurs by
30                     operation of the Strata Titles Act 1985 section 21I or
                       21M or an order under section 103P of that Act; or


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               (b)      to give effect to a notice of resolution referred to in the
                        Strata Titles Act 1985 section 21V or 31H; or
                (c)     that occurs by operation of the Strata Titles Act 1985
                        section 21W, 21Y, 31G or 31J or an order under
 5                      section 103P of that Act; or
               (d)      under, or to give effect to, the Strata Titles Act 1985
                        Part II Division 2A or Part III Division 3,
              to the extent that the consideration for the transaction is an
              interest in common property, within the meaning of that term in
10            that Act.

     113.     Transactions effected by a matrimonial instrument or a
              de facto relationship instrument
              Duty is not chargeable on a dutiable transaction to the extent
              that it is effected by a matrimonial instrument mentioned in
15            section 129(b) or (c) or a de facto relationship instrument
              mentioned in section 130(a).

                            Division 2 -- Nominal duty
                      Subdivision 1 -- Certain trust transactions

     114.     Certain dutiable transactions on vesting or termination of
20            discretionary trust
        (1)   This section applies to a transfer of, or an agreement for the
              transfer of, dutiable property to a taker in default on the vesting
              or termination of the discretionary trust.
        (2)   Nominal duty is chargeable on a transaction to which this
25            section applies if there is, or will be, no consideration for the
              transaction.

     115.     Certain dutiable transactions on exercise of power of
              appointment by trustee of discretionary trust
              Nominal duty is chargeable on a transfer of, or an agreement for
30            the transfer of, dutiable property to a beneficiary of a

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               discretionary trust in the exercise by the trustee of a power of
               appointment over the property if --
                 (a) there is, or will be, no consideration for the transfer or
                       agreement; and
 5               (b) the beneficiary is an individual who does not intend to
                       hold the property as agent, trustee or otherwise on behalf
                       of any other person; and
                 (c) at the time when the trustee acquired the property the
                       beneficiary was named or described in the instrument
10                     which created the power of appointment as a beneficiary
                       or as a member of a class of beneficiaries in favour of
                       which the trustee was empowered by that instrument to
                       appoint the property; and
                 (d) evidence of the acquisition by the trustee, as trustee, of
15                     the property is produced to the Commissioner.
     116.      Transfer of, or agreement for the transfer of, dutiable
               property to a beneficiary
        (1)    Nominal duty is chargeable on a transfer of, or an agreement for
               the transfer of, dutiable property by the trustee of a trust, other
20             than a unit trust scheme or a discretionary trust, to a beneficiary
               of the trust if --
                 (a) there is no consideration for the transfer or agreement;
                        and
                 (b) the transfer, or agreement, is under and in conformity
25                      with the trusts contained in the declaration of trust.
        (2)    Subsection (1) applies only if the property the subject of the
               agreement or transfer is --
                 (a) wholly or substantially the same as the property the
                      subject of the declaration of trust and the declaration of
30                    trust is --
                         (i) duty endorsed; or
                        (ii) an exempt transaction;
                      or

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               (b)   dutiable property representing the proceeds of
                     re-investment of property referred to in paragraph (a); or
               (c)   property to which both paragraphs (a) and (b) apply.
     117.     Property vested in an apparent purchaser
 5      (1)   Nominal duty is chargeable on --
               (a) a declaration of trust made by an apparent purchaser in
                    respect of identified dutiable property --
                      (i) vested in the apparent purchaser upon trust for
                            the real purchaser that provided the money for
10                          the purchase of the dutiable property; or
                     (ii) to be vested in the apparent purchaser upon trust
                            for the real purchaser if the Commissioner is
                            satisfied that when liability for duty arose in
                            respect of the transfer, or agreement for the
15                          transfer of, the dutiable property, the money for
                            the purchase of the dutiable property was or was
                            to be provided by the real purchaser;
                    or
               (b) a transfer of dutiable property from an apparent
20                  purchaser to the real purchaser if --
                      (i) the dutiable property is property, or part of
                            property, vested in the apparent purchaser upon
                            trust for the real purchaser; and
                     (ii) the Commissioner is satisfied that, when liability
25                          for duty on the transaction arose, the money for
                            the purchase of the dutiable property and for any
                            improvements made to the dutiable property after
                            the purchase has been or will be provided by the
                            real purchaser.
30      (2)   For the purposes of subsection (1), money provided by a person
              other than the real purchaser is taken to have been provided by
              the real purchaser if the Commissioner is satisfied that the
              money was provided as a loan and has been or will be repaid by
              the real purchaser.

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        (3)    This section applies whether or not there has been a change in
               the legal description of the dutiable property between the
               purchase of the property by the apparent purchaser and the
               transfer to the real purchaser.
 5             Note: For example, a change in the legal description of dutiable property in
                     the issuing of a new certificate of title following a subdivision of land.

     118.      Transfer to and from a trustee
        (1)    In this section --
               "trustee" includes a trustee appointed in substitution for a
10                  trustee or a trustee appointed in addition to a trustee or
                    trustees.
        (2)    Nominal duty is chargeable on a transfer of dutiable property
               that is --
                 (a) made by a transferor to a trustee to be held solely as
15                     trustee for the transferor without any change in the
                       beneficial ownership of the dutiable property; or
                 (b) made by way of re-transfer to the transferor, if no other
                       person has had a beneficial interest in the property
                       between the transfer to the trustee and the re-transfer.
20      (3)    This section applies whether or not there has been a change in
               the legal description of the dutiable property.
               Note: For example, a change in the legal description of dutiable property in
                     the issuing of a new certificate of title following a subdivision of land.

     119.      Dutiable transactions related to changes in trustees and
25             managed investment schemes
        (1)    In this section --
               "new trustee" means a trustee appointed in substitution for a
                    trustee or a trustee appointed in addition to a trustee or
                    trustees;
30             "old public unit trust" means an undertaking, together with the
                    prescribed interests to which it relates and the trustee or
                    representative and the management company in relation to

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               those interests, to which the Corporations Law Chapter 11
               Part 11.2 Division 11 (sections 1451 to 1465) applied by
               reason of section 1452 of that Law;
           "responsible entity" has the meaning given in the Corporations
 5             Act section 9.
     (2)   A reference in this section to an old public unit trust that has
           become a managed investment scheme is a reference to an old
           public trust that has become, in accordance with the
           Corporations Law Chapter 11 Part 11.2 Division 11
10         (sections 1451 to 1465), a managed investment scheme that is a
           registered scheme.
     (3)   Nominal duty is chargeable on a transfer, or agreement for the
           transfer, of dutiable property --
             (a) to a trustee as a consequence of the retirement of a
15                 trustee or the appointment of a new trustee if the transfer
                   is not a scheme or arrangement, or part of a scheme or
                   arrangement, for conferring an interest, in relation to the
                   trust property, on a new trustee or any other person,
                   whether as a beneficiary or otherwise, to the detriment
20                 of the beneficial interest or potential beneficial interest
                   of any person; or
             (b) as a consequence of the retirement of a responsible
                   entity of a managed investment scheme or the
                   appointment of a new responsible entity of a managed
25                 investment scheme if the only beneficial interest
                   acquired by a person in relation to the property as a
                   result of the transfer is a beneficial interest acquired by
                   the replacement or new responsible entity solely because
                   of its appointment as responsible entity for the scheme;
30                 or
             (c) as a consequence of an old public unit trust that has
                   become a managed investment scheme if, after the
                   transfer takes place, the members of the managed
                   investment scheme have the same beneficial interests in


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                      the scheme's property as they had in the old public unit
                      trust's property before the instrument was executed.
        (4)    Nominal duty is chargeable on a declaration of trust --
                (a) made by a trustee in respect of dutiable property that,
 5                   immediately before the trust is declared, is held by the
                     trustee as trustee of an old public unit trust that has
                     become a managed investment scheme the members of
                     which have the same beneficial interests in the property
                     as they had in the old public unit trust property before
10                   the trust was declared; and
                (b) to hold the dutiable property on trust for the responsible
                     entity of the managed investment scheme.
        (5)    Nominal duty is chargeable on a transfer, or agreement for the
               transfer, of dutiable property --
15               (a) from a responsible entity of a managed investment
                       scheme to a custodian or agent of the responsible entity
                       as custodian or agent of the scheme in which the
                       transferor held the dutiable property; or
                 (b) from a custodian of the responsible entity of a managed
20                     investment scheme as custodian or agent of the scheme
                       to the responsible entity of the managed investment
                       scheme in which the transferor held the property.
        (6)    Nominal duty is chargeable on a vesting of dutiable property by,
               or expressly authorised by, statute law (as referred to in
25             section 11(1)(d)(i)) in a trustee or responsible entity if
               subsection (3)(a) or (b) or (5)(b) would apply in respect of the
               dutiable transaction if it were a transfer of dutiable property.

     120.      Transfer by way of security
        (1)    Nominal duty is chargeable on a transfer of dutiable
30             property if --
                 (a) there has been a dutiable transaction that is a transfer of
                      the dutiable property by way of security (the "original
                      transfer"); and

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                (b)   the original transfer is duty endorsed; and
                (c)   the property is transferred back to the person that
                      transferred it by way of security or is transferred to a
                      person to whom the property has been transmitted by
 5                    death or bankruptcy.
        (2)   If nominal duty is chargeable on a transfer under subsection (1),
              nominal duty is also chargeable on the original transfer.
        (3)   The Commissioner, on the application of the taxpayer, is to
              reassess the liability to duty of the original transfer under
10            subsection (2).
        (4)   The limitations as to time in the Taxation Administration Act
              section 17 do not apply in respect of a reassessment under
              subsection (3).
              Subdivision 2 -- Certain superannuation transactions

15   121.     Terms used in this Subdivision
              In this Subdivision --
              "Commonwealth Act" means the Superannuation Industry
                   (Supervision) Act 1993 (Commonwealth);
              "complying approved deposit fund" means an entity that is a
20                 complying approved deposit fund in accordance with the
                   Commonwealth Act section 43;
              "complying superannuation fund" means an entity that is --
                   (a) a complying superannuation fund in accordance with
                         the Commonwealth Act section 42 or 42A; or
25                 (b) an exempt public sector superannuation scheme
                         within the meaning given to that term in the
                         Commonwealth Act section 10(1);
              "eligible rollover fund" means an entity that is an eligible
                   rollover fund in accordance with the Commonwealth Act
30                 section 242 and includes an entity the trustee of which is



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                    satisfied will be an eligible rollover fund within 12 months
                    after the day on which a liability to duty arises;
                "pooled superannuation trust" means an entity that is a
                    pooled superannuation trust in accordance with the
 5                  Commonwealth Act section 44;
                "superannuation fund" means a complying approved deposit
                    fund, a complying superannuation fund, an eligible rollover
                    fund or a pooled superannuation trust.

     122.       Transfer of, or agreement for the transfer of, dutiable
10              property to a superannuation fund for consideration
        (1)     Nominal duty is chargeable on a transfer of, or an agreement for
                the transfer of, dutiable property by a person (the "transferor")
                to the trustee of a superannuation fund (the "trustee") where --
                  (a) there is, or will be, consideration for the transfer or
15                       agreement; and
                  (b) either of the following applies --
                            (i) only the transferor can be a member of the
                                 superannuation fund;
                           (ii) the property can only be held in the
20                               superannuation fund specifically for the
                                 transferor so that the property cannot be pooled
                                 with the contributions or other assets of another
                                 member and no other member can obtain an
                                 interest in the property;
25                       and
                  (c) the property can only be held in the superannuation fund
                         to be provided to the transferor as a retirement benefit.
        (2)     In subsection (1) --
                "property" means the dutiable property referred to in
30                   subsection (1) or, if the property is sold so that the proceeds
                     can be provided to the transferor as a retirement benefit,
                     those proceeds.


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        (3)   An application for assessment or reassessment under this
              section must be made in the approved form.

     123.     Subsequent liability in certain circumstances
        (1)   If --
 5               (a)   after a transaction is duty endorsed under section 122;
                       and
                (b)    while the dutiable property referred to in that section, or
                       part of it, is still held in the superannuation fund,
              an event takes place the effect of which is that a restriction
10            described in section 122(1)(b)(i) or (ii) or (c) that applied to the
              superannuation fund when liability to duty on the transaction
              arose ceases to apply, the event is taken to be a transfer of that
              dutiable property and is liable to duty accordingly.
        (2)   Not later than 2 months after the day on which an event referred
15            to in subsection (1) takes place the trustee of the superannuation
              fund is to lodge a transfer duty statement for the event.
              Penalty: a fine of $20 000.
        (3)   The person liable to pay the duty is the trustee of the
              superannuation fund.

20   124.     Transfer of, or agreement for the transfer of, dutiable
              property to a superannuation fund without consideration
        (1)   Nominal duty is chargeable on a transfer of, or an agreement for
              the transfer of, dutiable property by a person to the trustee of a
              superannuation fund that is an employer-sponsored fund within
25            the meaning given by the Commonwealth Act section 16(3)
              where --
                (a) there is, or will be, no consideration for the transfer; and
                (b) the transfer is not a transaction to which section 126
                      applies.
30      (2)   An application for assessment or reassessment under this
              section must be made in the approved form.

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     125.       Transfer from one superannuation fund to another
        (1)     In this section --
                "relevant transfer" means --
                     (a) a transfer of dutiable property from a trustee of an
 5                          entity, or a custodian of a trustee of an entity, to the
                            trustee of another entity, or to a custodian of a trustee
                            of another entity; or
                     (b) a transfer of dutiable property from a trustee of an
                            entity to a custodian of a trustee of the entity, or from
10                          a custodian of a trustee of an entity to a trustee of the
                            entity;
                "superannuation fund" does not include a pooled
                     superannuation trust.
        (2)     Nominal duty is chargeable on a relevant transfer that occurs in
15              connection with a person --
                  (a) ceasing to be a member of, or otherwise ceasing to be
                       entitled to benefits in respect of, a superannuation fund
                       or an entity that was a superannuation fund within the
                       period of 12 months before the day the property is
20                     transferred; and
                  (b) becoming a member of, or otherwise becoming entitled
                       to benefits in respect of, another entity (the "chosen
                       entity") that is also a superannuation fund or that, in the
                       opinion of the trustees of both entities concerned, will be
25                     a superannuation fund before the end of the period of
                       12 months after the day on which the property is
                       transferred,
                and for which there is no consideration.
        (3)     An application for assessment or reassessment under this
30              section --
                  (a) must be made in the approved form; and
                  (b) if the chosen entity is not a superannuation fund when
                        liability to duty arises -- is to be accompanied by a

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                     statutory declaration from a trustee (or a director of a
                     trustee that is a corporation) of each of the entities
                     concerned stating that, in the opinion of the trustee (or
                     director), the chosen entity will be a superannuation
 5                   fund before the end of the period of 12 months after the
                     day on which the property is transferred.

     126.     Transfer of, or agreement for the transfer of, dutiable
              property between trustees and custodians of superannuation
              funds
10      (1)   In this section --
              "relevant entity", in relation a transfer of, or an agreement for
                   the transfer of, dutiable property, means --
                   (a) a superannuation fund; or
                   (b) an entity that, in the opinion of its trustee, will be a
15                        superannuation fund before the end of the period of
                          12 months after the day on which the property is
                          transferred.
        (2)   Nominal duty is chargeable on a transfer of, or an agreement for
              the transfer of, dutiable property from --
20              (a) a trustee of a relevant entity to a custodian of the trustee
                      of the relevant entity; or
                (b) a custodian of a trustee of a relevant entity to a trustee of
                      the relevant entity; or
                (c) a custodian of a trustee of a relevant entity to another
25                    custodian of the trustee of the relevant entity,
              if there is no change in the beneficial ownership of the property.
        (3)   An application for assessment or reassessment under this
              section --
                (a) must be made in the approved form; and
30              (b) if the relevant entity is not a superannuation fund when
                      liability to duty arises -- is to be accompanied by a
                      statutory declaration from a trustee (or a director of a

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                         trustee that is a corporation) of the relevant entity stating
                         that, in the opinion of the trustee (or director), the
                         relevant entity will be a superannuation fund before the
                         end of the period of 12 months after the day on which
 5                       the property is transferred.

     127.       Transfer of, or agreement for the transfer of, dutiable
                property from superannuation fund to member
                Nominal duty is chargeable in respect of a transfer of, or an
                agreement for the transfer of, dutiable property from the trustee
10              of a superannuation fund to a member of the fund if --
                  (a) the member was a member when the property first
                        became part of the fund; and
                  (b) the unencumbered value of the property transferred does
                        not exceed the value of the member's interest in the
15                      fund.
     Subdivision 3 -- Transactions related to the break-up of a marriage
                         or de facto relationship
                Note: Section 113 provides for an exemption from duty to the extent that a
                      dutiable transaction is effected by a matrimonial instrument or a de
20                    facto relationship instrument.

     128.       Terms used in this Subdivision
        (1)     In this Subdivision --
                "child" means a person who is under 18 years of age;
                "de facto relationship" means a de facto relationship that
25                   comes within the Family Court Act section 205Z(1)(a), (b)
                     or (c);
                "de facto relationship instrument" has the meaning given in
                     section 130;
                "de facto relationship property" of a de facto relationship,
30                   means property of the de facto partners to the relationship
                     or of either of them;



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              "Family Law Act" means the Family Law Act 1975
                   (Commonwealth);
              "flag lifting agreement" has the meaning given in the Family
                   Law Act section 90MN;
 5            "matrimonial instrument" has the meaning given in
                   section 129;
              "matrimonial property" of a marriage, means property of the
                   parties to the marriage or of either of them and includes a
                   superannuation interest;
10            "splitting agreement" means --
                   (a) a superannuation agreement; or
                   (b) a flag lifting agreement,
                   that has effect under the Family Law Act Part VIIIB;
              "superannuation agreement" has the meaning given in the
15                 Family Law Act section 90MH;
              "superannuation fund" has the meaning given in section 121;
              "superannuation interest" has the meaning given in the
                   Family Law Act section 90MD.
        (2)   A reference in this Subdivision to persons who are married to
20            each other or have been married to each other includes persons
              who are married to each other or who have been married to each
              other by a marriage that is void under the Family Law Act.

     129.     The term "matrimonial instrument"
              A reference to a matrimonial instrument is to any of the
25            following instruments to the extent that it deals with
              matrimonial property --
                (a) a maintenance agreement registered under the Family
                      Law Act section 86 or approved under the Family Law
                      Act section 87;
30              (b) a financial agreement made under the Family Law Act
                      section 90B, 90C or 90D;


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                  (c)    a splitting agreement;
                  (d)    an order of a court under the Family Law Act.

     130.       The term "de facto relationship instrument"
                A reference to a de facto relationship instrument is to any of the
 5              following instruments to the extent it deals with de facto
                relationship property --
                  (a) a financial agreement or a former financial agreement,
                        within the meaning of those terms in the Family Court
                        Act section 205T;
10                (b) an order of a court under --
                          (i) the Family Court Act Part 5A; or
                         (ii) a law of the Commonwealth or another State or
                                Territory that substantially corresponds to the
                                Family Court Act Part 5A.

15   131.       Transactions effected by or in accordance with a
                matrimonial instrument or a de facto relationship
                instrument
        (1)     Nominal duty is chargeable on a dutiable transaction to the
                extent that it is --
20                (a) effected by a matrimonial instrument referred to in
                        section 129(a) or (d); or
                  (b) in accordance with a matrimonial instrument referred to
                        in section 129(b) or (c),
                if --
25                 (c)   the parties to the marriage are separated or divorced
                         from each other or the marriage has irretrievably broken
                         down; and
                  (d)    under the transaction, the matrimonial property is, or is
                         to be, transferred to --
30                         (i) either, or both, of the parties to the marriage; or


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                        (ii)   a child, or children, of either of the parties to the
                               marriage, or a trustee of such a child or children;
                               or
                       (iii)   a trustee of a superannuation fund.
 5      (2)   Nominal duty is chargeable on a dutiable transaction to the
              extent that it is --
                (a) effected by a de facto relationship instrument referred to
                      in section 130(b); or
                (b) in accordance with a de facto relationship instrument
10                    referred to in section 130(a),
              if --
                 (c)   the de facto relationship between the de facto partners
                       has ended; and
                (d)    under the transaction, the de facto relationship property
15                     is, or is to be, transferred to --
                          (i) either, or both, of the de facto partners to the
                                relationship; or
                         (ii) a child, or children, of either of the de facto
                                partners to the relationship, or a trustee of such a
20                              child or children.

     132.     Reassessment on application
        (1)   If a dutiable transaction --
                 (a) is chargeable with duty other than under section 131 and
                       is duty endorsed; and
25              (b) the transaction was effected by, or is in accordance
                       with --
                          (i) a matrimonial instrument or a de facto
                               relationship instrument that came into existence;
                               or




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                         (ii)   an instrument that became a matrimonial
                                instrument or de facto relationship instrument,
                       within the period of 12 months after the day on which
                       liability to duty on the transaction arose,
 5              the Commissioner, on the application of the taxpayer, is to
                reassess the liability to duty of the transaction under
                section 131.
        (2)     For the purposes of this section, the Taxation Administration
                Act section 17 applies as if the original assessment had been
10              made when the instrument became a matrimonial instrument or
                a de facto relationship instrument.

     133.       Evidence as to marriage or de facto relationship
        (1)     For the purposes of this Subdivision, the Commissioner is to
                have regard to any statutory declaration made by a party to the
15              marriage to the effect that --
                  (a) the party intends to apply for dissolution or annulment
                        of the marriage; or
                  (b) the parties to the marriage have separated, and there is
                        no reasonable likelihood of cohabitation being resumed.
20      (2)     For the purposes of this Subdivision, the Commissioner is to
                have regard to any statutory declaration made by a de facto
                partner to the de facto relationship to the effect that the
                relationship has ended.
                        Subdivision 4 -- Other transactions

25   134.       Transfer of, or agreement for the transfer of, certain lots
                under a planning scheme
        (1)     Nominal duty is chargeable on a transfer of, or an agreement for
                the transfer of, a lot under a planning scheme by the responsible
                authority for a planning scheme to a person that, when the
30              scheme came into operation, was the owner of --
                  (a) the land comprised in the lot; or

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               (b)    land comprised in the scheme and to whom the lot is
                      transferred, or agreed to be transferred, in substitution or
                      exchange for that land or part thereof,
              where the lot is comprised in the scheme and a transfer of, or an
 5            agreement for the transfer of, the lot is made in order to carry
              out or facilitate the carrying out of the scheme.
        (2)   If a term is given a meaning in the Planning and Development
              Act 2005, it has the same meaning in this section.

     135.     Farm-in agreements
10      (1)   Nominal duty is chargeable on a farm-in agreement if no
              consideration is paid, or agreed to be paid, for the agreement.
        (2)   The dutiable value for a dutiable transaction that is a farm-in
              agreement is the consideration for the transaction.
        (3)   In subsections (1) and (2) --
15            "consideration" does not include the exploration amount.

     136.     Business licences held under the Fish Resources
              Management Act 1994
              Nominal duty is chargeable on a dutiable transaction, the
              subject of which is a business licence (within the meaning given
20            in section 79) held under the Fish Resources Management
              Act 1994 if the Commissioner is satisfied that the transaction
              has not, and will not, result in the passing of a beneficial interest
              in the business licence.

     137.     Change of tenure
25            Nominal duty is chargeable on a transfer, or an agreement for a
              transfer, that effects a change in the ownership of property from
              joint tenants to tenants in common or vice versa, if the value of
              the co-owners' interests at the time of the transaction is not
              changed.



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     138.       Correction of clerical errors in previous dutiable
                transactions
        (1)     Nominal duty is chargeable on a dutiable transaction to correct a
                clerical error in a previous dutiable transaction about the same
 5              property if --
                  (a) no additional consideration is paid or payable; and
                  (b) the beneficial interests in the property change only to the
                         extent necessary to correct the error.
        (2)     To remove any doubt, it is declared that an error by a party
10              about the appropriateness of a transaction to achieve a particular
                intended legal result is not a clerical error in the transaction.

     139.       Deceased estates
        (1)     In this section --
                "distribution" means a distribution under a will or on an
15                   intestacy.
        (2)     Nominal duty is chargeable on the following dutiable
                transactions --
                  (a) a transfer, or agreement for the transfer, of dutiable
                        property to the extent that --
20                         (i) the transfer gives effect to a distribution in the
                                 estate of a deceased person; and
                          (ii) there is no consideration for the agreement or
                                 transfer;
                  (b) a declaration of trust over dutiable property to the extent
25                      that it gives effect to a distribution in the estate of a
                        deceased person;
                  (c) a vesting of dutiable property by, or as a consequence
                        of, a court order made --
                           (i) under the Inheritance (Family and Dependants
30                               Provision) Act 1972; or



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                       (ii)   under the Trustees Act 1962 section 65 on an
                              application under the Inheritance (Family and
                              Dependants Provision) Act 1972.

     140.     Other dutiable transactions prescribed
 5      (1)   Nominal duty is chargeable on such dutiable transactions as are
              prescribed, or are of a class prescribed, for the purposes of this
              section.
        (2)   Despite subsection (1), nominal duty is not chargeable in
              respect of a dutiable transaction that passes, or is part of a
10            scheme or arrangement that passes, a beneficial interest in
              dutiable property.

                Division 3 -- First home owner concessions
     141.     Terms used in this Division
        (1)   In this Division --
15            "FHOG Act" means the First Home Owner Grant Act 2000;
              "FHOG concessional transaction" has the meaning given in
                   section 142(1);
              "first FHOG concessional transaction" has the meaning given
                   in section 142(2);
20            "further FHOG concessional transaction" has the meaning
                   given in section 142(2);
              "transferee", in respect of a transaction, means a person to
                   whom the property the subject of the transaction --
                   (a) is transferred; or
25                 (b) is agreed to be transferred,
                   other than --
                   (c) a person who, under the FHOG Act, would not be
                         required to join in making an application for a first
                         home owner grant; or
30                 (d) a prescribed person.

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        (2)     If a term is given a meaning in the FHOG Act, it has the same
                meaning in this Division.

     142.       Transactions by first home owners that are concessional
                transactions
 5      (1)     A reference in this Division to a FHOG concessional transaction
                is to a transfer of, or an agreement for the transfer of, dutiable
                property where --
                  (a) the transferee or, if there are more than one, each
                         transferee --
10                          (i) is paid a first home owner grant in relation to the
                                 property or becomes a person to whom a first
                                 home owner grant is or will be payable, in
                                 relation to the property; or
                           (ii) becomes a person to whom a first home owner
15                               grant would be, or would have been, payable in
                                 relation to the property if consideration had been
                                 given for the transfer of the property;
                         and
                  (b) the unencumbered value of the land, or the land and
20                       home, the subject of the eligible transaction to which the
                         first home owner grant relates, does not exceed --
                            (i) if there is no home on the land -- $400 000; or
                           (ii) otherwise -- $600 000.
        (2)     A reference in this Division to a further FHOG concessional
25              transaction is to a transfer of, or an agreement for the transfer
                of, a further interest in the dutiable property the subject of a
                FHOG concessional transaction (the "first FHOG concessional
                transaction") --
                  (a) from a person excluded from the operation of the
30                       FHOG Act section 16(1); and
                  (b) where an instrument that effects the further FHOG
                         concessional transaction is executed within 10 years of


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                      an instrument that effected the first FHOG concessional
                      transaction; and
                (c)   where each transferee in respect of the further FHOG
                      concessional transaction is a transferee in relation to the
 5                    first FHOG concessional transaction.

     143.     Concessions for first home owners
        (1)   Duty is chargeable on a FHOG concessional transaction at the
              applicable concessional rate of duty.
        (2)   Duty is chargeable on a further FHOG concessional transaction
10            at the same rate and using the same thresholds that applied when
              duty became chargeable on the first FHOG concessional
              transaction.
        (3)   The dutiable value of a further FHOG concessional transaction
              is the greater of the following amounts --
15              (a) the consideration for the first FHOG concessional
                       transaction;
                (b) the unencumbered value of the whole of the dutiable
                       property the subject of the first FHOG concessional
                       transaction at the time when liability for duty on the first
20                     FHOG concessional transaction arose.
        (4)   When subsection (2) applies --
               (a) the liability of the transferee to pay duty on the further
                    FHOG concessional transaction is to bear the same
                    proportion to the whole of the amount of duty payable as
25                  the interest in the dutiable property held by the
                    transferee after the further FHOG concessional
                    transaction bears to the whole of the dutiable property;
                    and
               (b) the amount of duty payable is to be reduced by the
30                  amount of the duty paid by the transferee on the first
                    FHOG concessional transaction and any other further
                    FHOG concessional transactions on which duty has
                    been paid; and

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                 (c)   there is no liability to pay any remaining portion of the
                       duty that would, but for this paragraph be payable.

     144.       Application for concession under this Division
        (1)     An application for assessment or reassessment under this
 5              Division must be --
                 (a) made in the approved form by the transferee or, if there
                       is more than one, each transferee; and
                 (b) accompanied by such transaction record for the
                       transaction as is required to be lodged under section 23.
10      (2)     For the purposes of this Division, the Taxation Administration
                Act section 17 applies as if --
                 (a) in respect of a FHOG concessional transaction --
                          (i) despite subsection (1) of that section, a person is
                               not entitled to apply for a reassessment other
15                             than within the period beginning on the
                               commencement date of the FHOG concessional
                               transaction to which the application relates and
                               ending whichever is the later of the day that is --
                                   (I) 12 months after the day on which the
20                                       FHOG concessional transaction was
                                         completed; or
                                  (II) if an application for a first home owner
                                         grant has been made, 3 months after the
                                         day on which the grant is paid;
25                             and
                         (ii) despite subsection (4) of that section, the
                               Commissioner is to make a reassessment on an
                               application in respect of a FHOG concessional
                               transaction made within that time;
30                      and




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               (b)    in respect of a further FHOG concessional
                      transaction --
                         (i) despite subsection (1) of that section, a person is
                              not entitled to apply for a reassessment more
 5                            than 12 months after whichever is the later of the
                              day on which an instrument effecting the
                              transaction was executed or the day on which the
                              transaction was effected; and
                        (ii) despite subsection (4) of that section, the
10                            Commissioner is to make a reassessment on an
                              application in respect of a FHOG concessional
                              transaction made within that time.

     145.     Subsequent liability in certain circumstances
        (1)   Despite section 143, duty is not chargeable on a transaction
15            referred to in section 142 at a concessional rate of duty if a
              transferee is required to repay an amount under the FHOG Act
              section 21 or 51, or would be required to repay an amount if a
              first home owner grant had been paid to the transferee.
        (2)   The previous assessment of a transaction referred to in
20            subsection (1) is taken to be incorrect for the purposes of the
              Taxation Administration Act section 16(2)(a).

     146.     Other provisions about first home owner concessions
              For the purposes of this Division and for the purposes of
              applying the Taxation Administration Act in relation to the
25            operation of this Division --
                (a) the FHOG Act is to be treated as if it were a taxation
                      Act; and
                (b) the FHOG Act applies to and in relation to an
                      application under this Division, to the extent that it can
30                    be applied for those purposes, as if a reference in the
                      FHOG Act to an application or an applicant were a
                      reference to the application or applicant under this
                      Division; and

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                  (c)   this Act and the Taxation Administration Act apply in
                        relation to any information given to the Commissioner
                        for the purposes of the FHOG Act by a person who is an
                        applicant under this Division as if the information had
 5                      been given to the Commissioner for the purposes of this
                        Division.

                Division 4 -- Residential or business concessions
     147.       Concessional rates for transactions referred to in Stamp
                Act 1921 section 75AE
10      (1)     A dutiable transaction is a "concessional transaction" for the
                purposes of this section if the instrument effecting or evidencing
                it would have been chargeable with duty under the Stamp
                Act 1921 Second Schedule item 4(5), if it had been first
                executed before 1 July 2008.
15      (2)     Duty is chargeable on a concessional transaction at the
                applicable concessional rate of duty.




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                 Chapter 3 -- Landholder Duty
                          Part 1 -- Preliminary
     148.   Terms used in this Chapter
            In this Chapter, unless the contrary intention appears --
 5          "duty" means duty under this Chapter;
            "entity" has the meaning given in section 152;
            "interest" has the meaning given in section 153;
            "land" does not include a security interest in land;
            "landholder" means an entity that is a landholder under
10               section 155;
            "linked entity" means an entity that is a linked entity under
                 section 156(2) in respect of a main entity as defined in
                 section 156(1);
            "listed corporation" means a corporation that is on the official
15               list of a prescribed financial market;
            "listed landholder" means --
                 (a) a listed corporation; or
                 (b) a listed unit trust scheme,
                 that is a landholder;
20          "listed unit trust scheme" means a unit trust scheme that is on
                 the official list of a prescribed financial market;
            "relevant acquisition" has the meaning given in sections 163
                 and 164;
            "surplus property", in relation to a landholder or other entity,
25               means property remaining after satisfaction of --
                 (a) any right attached to a share or unit that entitles the
                        holder, if the landholder or other entity is wound up,
                        to receive a fixed amount of its capital; and
                 (b) the debts and liabilities of the landholder or other
30                      entity; and

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                    (c) the costs, charges and expenses of winding it up;
                "unencumbered value" has the meaning given in section 36 as
                    applied by section 150.

     149.       Entitlement to land: effect of uncompleted agreements;
 5              fixtures
        (1)     In determining the entitlement of a landholder or other entity to
                land for the purposes of this Chapter --
                  (a) if the landholder or other entity has entered into an
                        agreement to acquire an interest in land, the agreement
10                      is to be regarded as having been completed even if it has
                        not yet been completed; and
                  (b) if the landholder or other entity has entered into an
                        agreement to dispose of an interest in land but the
                        agreement has not yet been completed, the agreement is
15                      to be disregarded.
        (2)     If a landholder or other entity has an entitlement to land,
                anything that is part of the land as a fixture is to be taken into
                account in determining the extent of the entitlement of the
                landholder or other entity to the land for the purposes of this
20              Chapter even if the fixture is, or purports to be, the subject of an
                entitlement separate from the ownership of the rest of the land.
        (3)     If --
                   (a)   a landholder or other entity has an entitlement to
                         something that is part of land as a fixture; and
25                (b)    that entitlement is, or purports to be, separate from the
                         ownership of the rest of the land,
                the landholder or other entity is to be regarded as having an
                entitlement to land for the purposes of this Chapter to the extent
                of its entitlement to the fixture.




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     150.     Meaning of "unencumbered value" of land or chattels
              Section 36 applies, with any appropriate modifications, where it
              is necessary to determine the unencumbered value of land or
              chattels for the purposes of section 155(5)(a), 157(2) or 186.

 5               Part 2 -- Imposition of landholder duty
     151.     Landholder duty imposed
              Duty is imposed in respect of any relevant acquisition under
              Part 5 of an interest in an entity that under Part 4 is a landholder
              for the purposes of this Chapter.

10             Part 3 -- Certain key concepts defined and
                          related provisions
     152.     The term "entity"
        (1)   A reference in this Chapter to an entity is to --
               (a) a corporation; and
15             (b) a unit trust scheme.
        (2)   Each of the following --
               (a) the trustee of a discretionary trust;
               (b) a partnership,
              is also an entity to this extent, namely that the trustee of a
20            discretionary trust or a partnership may be a linked entity under
              section 156, but not otherwise.

     153.     Meaning of "interest" in a landholder or other entity
        (1)   A reference in this Chapter to an interest in a landholder or
              other entity is to an entitlement to the surplus property of the
25            landholder or other entity if it were to be wound up.




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        (2)     A reference in this Chapter to an interest in a landholder or
                other entity together with --
                  (a) a reference to a percentage; or
                  (b) a reference to a percentage determined by the
 5                      Commissioner,
                is to an entitlement to receive that percentage, or the percentage
                so determined, of the surplus property of the landholder or other
                entity if it were to be wound up.
        (3)     This section has effect subject to section 159.

10   154.       Determination of interests
        (1)     In this section --
                "person" includes an entity.
        (2)     This section applies where it is necessary for the purposes of
                this Chapter to calculate the interest of a person (the "relevant
15              person") in a landholder or other entity.
        (3)     This section does not apply where section 158 or 159 applies.
        (4)     The interest is to be first calculated as if the landholder or other
                entity were wound up without regard to the notional exercise of
                the powers and discretions referred to in subsection (5).
20      (5)     The interest is to be then calculated as if the landholder or other
                entity were wound up and as if each interested person had
                exercised all powers and discretions exercisable by the
                person --
                  (a) to effect or compel an alteration to the constitution of
25                      the landholder or other entity; and
                  (b) to vary the rights attached to units or shares in the
                        landholder or other entity; and




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             (c)   to effect or compel the substitution or replacement of
                   units or shares in the landholder or other entity with
                   other units or shares in it,
           in such a manner as would maximise the value of the relevant
 5         person's interest.
     (6)   The reference in subsection (5) to an interested person is --
            (a) to the relevant person; and
            (b) if the relevant person is a unit trust scheme, to the
                  trustee of the scheme; and
10          (c) to any person that the relevant person or a person
                  referred to in paragraph (b) has power to direct with
                  respect to a distribution; and
            (d) where the calculation is required in order to determine
                  the extent of a relevant person's interest for the purposes
15                of section 163 or 164, to a related person under
                  section 162 in respect of the relevant person or a person
                  referred to in paragraph (b).
     (7)   The relevant person's interest is the greater of the interest
           calculated under subsection (4) and the interest calculated under
20         subsection (5).
     (8)   If the calculation under subsection (5) results in the greater
           interest the Commissioner may, after considering the
           circumstances of the case, determine that --
              (a) the application of subsection (7) would be inequitable;
25                  and
             (b) the relevant person's interest is that calculated under
                    subsection (4).




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         Part 4 -- Landholders to which this Chapter applies
     155.       Entities that are landholders
        (1)     This section applies where it is necessary to determine in
                relation to an acquisition of an interest in an entity whether the
 5              entity is a landholder for the purposes of section 163 or 164.
        (2)     A corporation is a landholder if immediately before the
                acquisition --
                  (a) it is entitled to land in Western Australia or an entity
                        linked to the corporation is so entitled; and
10                (b) the total value of all such entitlements is $2 000 000 or
                        more.
        (3)     A unit trust scheme is a landholder if immediately before the
                acquisition --
                  (a) the trustee of the scheme is entitled to land in Western
15                      Australia or an entity linked to the unit trust scheme is
                        so entitled; and
                  (b) the total value of all such entitlements is $2 000 000 or
                        more.
        (4)       For the purposes of subsections (2)(a) and (3)(a) --
20               (a) a partnership, as a linked entity, is entitled to land in
                       Western Australia if the partnership property is or
                       includes such land; and
                 (b) a unit trust scheme, as a linked entity, is entitled to land
                       in Western Australia if the trustee of the scheme is so
25                     entitled.
        (5)     For the purposes of this section --
                 (a) land to which a corporation or the trustee of a unit trust
                        scheme is entitled is to be valued at its unencumbered
                        value; and
30               (b) the value of a linked entity's entitlement to land is to be
                        determined under section 157.

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     156.     Entities that are linked
        (1)   This section applies where it is necessary to determine in
              relation to an acquisition of an interest in an entity (the "main
              entity") whether there is any other entity that is linked to the
 5            entity for the purposes of section 155(2)(a) or (3)(a).
        (2)   Each entity (a "linked entity") below the main entity in an
              ownership chain that exists immediately before the acquisition
              is linked to the main entity.
        (3)   An ownership chain exists if a series of entities starting with the
10            main entity are successively linked to one another.
        (4)   Except where subsection (5) or (6) applies, an entity is linked to
              another entity if --
                (a) where the other entity is a listed corporation or a listed
                     unit trust scheme -- it has a 90% interest, or a greater
15                   interest, in the entity; or
                (b) in any other case -- it has a 50% interest, or a greater
                     interest, in the entity.
        (5)   An entity is linked to the trustee of a discretionary trust if it is a
              potential beneficiary under the trust.
20      (6)   An entity is linked to a partnership if it is a partner in the
              partnership, or in the case of a unit trust scheme the trustee, as
              trustee of the scheme, is a partner, and --
                (a) has contributed or is required to contribute 50%, or a
                      greater percentage, of the capital of the partnership; or
25              (b) is required to bear 50%, or a greater percentage, of the
                      losses of the partnership.
        (7)   A series of entities under subsection (3) may consist of the main
              entity and one other entity to which it is linked as mentioned in
              subsection (4), (5) or (6).




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     157.       Value of land of linked entity
        (1)     This section applies where a linked entity is entitled to land in
                Western Australia and it is necessary to determine the value of
                that entitlement for the purposes of section 155.
 5      (2)     The value of the entitlement is an amount equal to the same
                percentage of the unencumbered value of the land as the
                percentage of the main entity's interest in the linked entity.
        (3)     In the case of a linked entity other than one that is immediately
                below the main entity in the ownership chain, the percentage of
10              the main entity's interest in the linked entity is determined by
                multiplying the percentage of the main entity's interest in the
                entity immediately below it in the ownership chain by the
                percentage of the interest that each entity in the ownership chain
                between the main entity and the linked entity concerned has in
15              the entity immediately below it in the ownership chain.
        (4)     In this section, a reference to an interest in an entity is, if the
                entity is the trustee of a discretionary trust, a reference to being
                a potential beneficiary under the trust.

     158.       Extent of interest in discretionary trust
20              For the purposes of section 157, if the trustee of a discretionary
                trust is a linked entity, a potential beneficiary under the trust is
                taken to have --
                  (a) a 100% interest in the trust; or
                  (b) if the Commissioner decides in a particular case that the
25                       operation of paragraph (a) would be inequitable,
                         either --
                            (i) an interest in the trust of some other percentage;
                                 or
                           (ii) no interest in the trust,
30                       as determined by the Commissioner.




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     159.     Extent of interest in partnership
              For the purposes of section 157, if a partnership is a linked
              entity in respect of another entity, the percentage of the interest
              in the partnership of that entity is the percentage --
 5              (a) of the capital of the partnership that the entity has
                       contributed or is required to contribute; or
                (b) of the losses of the partnership that the entity is required
                       to bear,
              whichever is the greater or, if the percentage is the same in each
10            case, that percentage.
        Part 5 -- Acquisitions .to which this Chapter applies
              Division 1 -- Means by which interest acquired
     160.     Acquisition of an interest in an entity
        (1)   A person acquires an interest in an entity if --
15             (a) the person obtains an interest in the entity; or
               (b) the person's interest in the entity increases,
              regardless of how it is obtained or increased.
        (2)   Without limiting subsection (1), a person may acquire an
              interest in a corporation or a unit trust scheme in the following
20            ways --
                (a) by the purchase, gift, allotment or issue of a share or
                       unit;
                (b) by the cancellation, redemption or surrender of a share
                       or unit;
25              (c) by the abrogation or alteration of any right in respect of
                       a share or unit;
                (d) by the payment of an amount owing for a share or unit.
        (3)   To remove any doubt, it is declared that an interest in a
              corporation or a unit trust scheme may be acquired without the
30            acquisition of shares in the corporation or units in the scheme.

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      Division 2 -- Relevant acquisitions of interests in landholders
                             Subdivision 1 -- Definitions

     161.       Terms used in this Division
                In this Division --
 5              "related person" has the meaning given in section 162;
                "significant interest" means --
                     (a) a 90% interest or a greater interest, in the case of a
                           landholder that is a listed landholder; and
                     (b) a 50% interest or a greater interest, in the case of any
10                         other landholder.

     162.       Persons that are related
        (1)     For the purposes of sections 163 and 164 the following persons
                or entities are related persons --
                  (a) individuals who are spouses, or de facto partners, of
15                       each other;
                  (b) individuals between whom the relationship is that of
                         parent and child;
                  (c) related corporations;
                  (d) a trustee and another trustee if there is any beneficiary
20                       common to the trusts of which they are trustees, whether
                         the beneficiary has a vested share or is contingently
                         entitled or is a potential beneficiary under a
                         discretionary trust;
                  (e) an individual and a corporation if the individual is a
25                       majority shareholder, director or secretary of the
                         corporation or a related corporation;
                   (f) an individual and a trustee if the individual is a
                         beneficiary under the trust of which the trustee is a
                         trustee, whether the person has a vested share or is
30                       contingently entitled or is a potential beneficiary under a
                         discretionary trust;

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            (g)    a corporation and a trustee if --
                      (i) the corporation or a majority shareholder,
                           director or secretary of the corporation is a
                           beneficiary under the trust of which the trustee is
 5                         a trustee; or
                     (ii) a related corporation to the corporation is a
                           beneficiary under the trust of which the trustee is
                           a trustee,
                   whether the beneficiary has a vested share or is
10                 contingently entitled or is a potential beneficiary under a
                   discretionary trust;
            (h)    persons or entities that acquire interests in a landholder
                   by virtue of acquisitions that together form or arise from
                   substantially one transaction or one series of
15                 transactions;
             (i)   persons or entities that acquire interests in a landholder
                   by virtue of acquisitions that arise from those persons or
                   entities acting in concert with each other.
     (2)   If the Commissioner is satisfied, in the case of a particular
20         acquisition of an interest in an entity, that subsection (3) applies
           to persons, other than related corporations, that would otherwise
           be related persons under subsection (1), the Commissioner may
           determine that, despite that subsection, the persons are not
           related persons for the purposes of sections 163 and 164.
25   (3)   This subsection applies to persons if --
            (a) they are not acting in concert with each other in respect
                  of the acquisition; and
            (b) their interests in the entity --
                     (i) were acquired independently and are, and will
30                        be, employed independently; and
                    (ii) were not acquired for a common purpose and are
                          not, and will not be, employed for a common
                          purpose.


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                       Subdivision 2 -- Relevant acquisitions

     163.       Acquisition of significant interest in a landholder
                An acquisition by a person of an interest in an entity is a
                "relevant acquisition" if --
 5                (a) immediately before the acquisition the entity was a
                       landholder in which the interest (if any) of the person
                       and the interest (if any) of any related person did not
                       amount to a significant interest; and
                  (b) after the acquisition the entity is a landholder in
10                     which --
                          (i) the interest of the person is a significant interest;
                               or
                         (ii) the interest of the person when aggregated with
                               any interest of a related person amounts to a
15                             significant interest.

     164.       Acquisition of further interest by holder of significant
                interest
                An acquisition by a person of an interest in an entity is also a
                "relevant acquisition" if --
20                (a) immediately before the acquisition the entity is a
                       landholder in which --
                          (i) the interest of the person is a significant interest;
                               or
                         (ii) the interest of the person when aggregated with
25                             any interest of a related person amounts to a
                               significant interest;
                       and
                  (b) by the acquisition the person or any related person
                       acquires, or the person and any related person acquire, a
30                     further interest in the landholder.



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                      Subdivision 3 -- Exempt acquisitions

     165.     Meaning of "acquisition" in this Subdivision
              In this Subdivision --
              "acquisition" means an acquisition by a person of an interest in
 5                 a landholder.

     166.     Effect of acquisition being exempt
              An acquisition that is exempt under this Subdivision --
               (a) is not a relevant acquisition for the purposes of this
                    Chapter, other than Part 6 Division 7; and
10             (b) the interest acquired by the acquisition is not to be taken
                    into account for the purposes of section 188(1)
                    or (3), 189(2), 190(2) or 191(2) and is not an excluded
                    interest under section 190(1) or 192.

     167.     Exemption if nominal duty would be chargeable on transfer
15            An acquisition is exempt if it would have resulted in nominal
              duty being chargeable if the acquisition had instead been a
              transfer to the person concerned of land --
                (a) of the landholder; or
                (b) of a linked entity in respect of the landholder.

20   168.     Exemption if transfer duty would not be chargeable
        (1)   An acquisition is exempt if it would not have resulted in transfer
              duty being chargeable, other than under Chapter 6, if the
              acquisition had instead been a transfer to the person concerned
              of land --
25              (a) of the landholder; or
                (b) of a linked entity in respect of the landholder.
        (2)   This section does not apply to an acquisition to which
              section 171 applies.



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     169.       Exemption if acquisition is dutiable under section 67
                An acquisition is exempt if the landholder concerned is a
                corporation and the acquisition is taken, by operation of
                section 67, to be an agreement for the transfer of dutiable
 5              property.

     170.       Exemption relating to approved arrangements with
                creditors under the Corporations Act
                An acquisition is exempt if it occurs solely as the result of the
                making of a compromise or arrangement with creditors of the
10              landholder under the Corporations Act Part 5.1 that has been
                approved by the court.

     171.       Exemption of acquisition by family member of interest in
                corporation engaged in primary production
        (1)     In this section --
15              "corporation" means a corporation that is a landholder.
        (2)     An acquisition by a person (the "acquirer") is exempt if it is an
                acquisition from another person of an interest in a corporation
                which, or a linked entity in respect of which, uses land solely or
                dominantly in the business of primary production and --
20                (a) it would have been an exempt transaction under
                        section 102(1) if --
                           (i) it had been a transfer, from that other person to
                                the acquirer, of land to which the corporation or
                                a linked entity in respect of the corporation is
25                              entitled; and
                          (ii) section 102(2), (3), (5) and (6) had not been
                                enacted;
                        and
                  (b) immediately after the acquisition the corporation, or a
30                      linked entity in respect of the corporation, intends to
                        continue to use the land solely or dominantly in the
                        business of primary production.

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        (3)     For the purposes of subsection (2), land is being used in the
                business of primary production even if --
                  (a) some, but not all, of the land is leased to another person;
                        and
 5               (b) under the lease, the lessee is using the leased land solely
                        or dominantly for the purposes of silviculture or
                        reafforestation.
        (4)     This section has effect subject to Subdivision 4.
            Subdivision 4 -- Further provisions in respect of exemptions
10                              under section 171

     172.       Calculation of duty where some land of corporation not used
                for primary production
        (1)     This section applies to an acquisition referred to in section 171
                if immediately before the acquisition the corporation concerned,
15              or a linked entity in respect of the corporation, is entitled to --
                   (a) land in Western Australia that is used solely or
                        dominantly in the business of primary production; and
                  (b) land in Western Australia that is not so used.
        (2)     The following provisions apply to the acquisition (the
20              "partially exempt acquisition") --
                  (a) section 166 is not applicable to or in relation to the
                        partially exempt acquisition;
                 (b) despite Part 6 Division 5, the amount of duty payable in
                        respect of the partially exempt acquisition is an amount
25                      that bears to the amount of duty calculated under that
                        Division in respect of the acquisition the same
                        proportion as the value of the land referred to in
                        subsection (1)(b) bears to the value of the corporation
                        concerned, as determined under section 186.




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     173.       Reversal of exemption where certain changes made to
                discretionary trust
        (1)     This section applies if --
                 (a) an acquisition from a person (the "transferor") of an
 5                     interest in a corporation by the trustee of a discretionary
                       trust was --
                          (i) exempt under section 171; or
                         (ii) a partially exempt acquisition under section 172;
                       and
10               (b) after the acquisition occurs there is a material alteration
                       to the operation of the discretionary trust; and
                 (c) at the time of the material alteration --
                          (i) the corporation is a landholder; and
                         (ii) the corporation or a linked entity in respect of the
15                             corporation, is using solely or dominantly in the
                               business of primary production any of the land to
                               which it was entitled when the acquisition
                               occurred.
        (2)     There is a material alteration to the operation of the
20              discretionary trust, as mentioned in subsection (1)(b), if --
                  (a) during the lifetime of the transferor, a person that is not
                        a family member of the transferor --
                          (i) becomes entitled to a share or interest in the
                                trust, whether that share or interest is vested or
25                              contingent; or
                         (ii) otherwise benefits from the trust;
                        or
                  (b) the transferor gains control of the trust.




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        (3)   For the purposes of subsection (2) --
               (a) the reference to a family member is to a person who is a
                      family member within the meaning given in section 100;
                      and
 5             (b) the matter in paragraph (b) is to be determined in
                      accordance with section 99(2).
        (4)   On the occurrence of a material alteration to the operation of the
              discretionary trust --
                (a) an acquisition of an interest in the corporation by the
10                    trustee of the trust is taken to have occurred; and
                (b) that interest is taken to be an interest of the same
                      percentage as that mentioned in subsection (1)(a); and
                (c) the acquisition is taken to have occurred at the time
                      when the material alteration occurred.
15      (5)   If the acquisition mentioned in subsection (1)(a) was a partially
              exempt acquisition under section 172 the amount of duty
              payable in respect of the acquisition that is taken to have
              occurred under subsection (4) is to be reduced by the amount of
              the duty paid in respect of the partially exempt acquisition.

20   174.     No exemption where interest transferred within 5 years
        (1)   This section applies if --
               (a) an acquisition of an interest in a corporation (the "first
                     acquisition") was exempt under section 171; and
               (b) a further acquisition of an interest in the corporation
25                   occurs within 5 years after the day on which the first
                     acquisition occurred; and
               (c) at the time when the further acquisition occurs the
                     corporation, or a linked entity in respect of the
                     corporation, is using solely or dominantly in the
30                   business of primary production any of the land to which
                     it was entitled when the first acquisition occurred; and



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                  (d)    in the opinion of the Commissioner the further
                         acquisition is by way of a transfer of an interest, or part
                         of an interest, in the corporation that was acquired under
                         the first acquisition.
 5      (2)     The further acquisition is not exempt under section 171 even if
                it comes within the provisions of that section.

                    Part 6 -- Collection of landholder duty
                               Division 1 -- Preliminary
     175.       The term "acquirer"
10              In this Part --
                "acquirer" means a person that acquires an interest in a
                     landholder by a relevant acquisition and, if there is more
                     than one, each of them.

     176.       When an acquisition occurs
15      (1)     For the purposes of this Chapter, but subject to
                section 173(4)(c), the time when an acquisition of an interest in
                a landholder occurs is to be determined under this section.
        (2)     If there is an agreement for the making of the acquisition,
                whether conditional or not, and subsection (3) does not apply,
20              the acquisition occurs when the agreement is made.
                Note: Section 196 provides for the reassessment of duty if an agreement
                      referred to in this subsection is not completed.

        (3)     If there is an agreement for the making of the acquisition,
                whether conditional or not, and the entity concerned is not a
25              landholder when the agreement is made but is a landholder
                when the agreement is completed, the acquisition occurs when
                the agreement is completed.
        (4)     If subsections (2) and (3) do not apply, the acquisition occurs
                when the interest to which it relates is acquired.


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     177.     Certain transactions to be treated as agreements
        (1)   In this section and in section 178 --
              "call option", "put option" and "simultaneous put and call
                   option" have the meanings those terms would have under
 5                 section 44 if references in that section to dutiable property
                   were references to a relevant interest;
              "relevant interest" means an interest in a landholder or other
                   entity.
        (2)   For the purposes of section 176, where a simultaneous put and
10            call option that applies to a relevant interest comes into
              existence --
                (a) subject to section 178, the call option is taken to be an
                      agreement for the making of an acquisition of the
                      relevant interest by the holder of the call option rights;
15                    and
                (b) paragraph (a) applies even if the call option is assigned
                      as mentioned in subsection (3).
        (3)   If, in respect of a simultaneous put and call option that applies
              to a relevant interest --
20               (a) the call option has been assigned to another person so
                       that the other person has a right to require the sale of the
                       relevant interest --
                          (i) to the other person; or
                         (ii) to a person that has an agreement, arrangement
25                             or understanding with the other person relating to
                               the interest;
                       and
                (b) the put option obligations have passed to any person
                       referred to in paragraph (a),
30            the assignment of the call option to the other person is taken, for
              the purposes of section 176, to be an agreement for the
              acquisition of the relevant interest by that person.


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        (4)     If subsection (3) applies, subsection (2) does not apply to the
                right referred to in subsection (3)(a) or the rights under the put
                option referred to in subsection (3)(b).
                Note: Section 196 provides for the reassessment of duty if a deemed
 5                    agreement is not completed.

     178.       Exceptions to section 177
        (1)     In this section --
                "proprietor of a business" means a person that has an interest
                     in a landholder or other entity that carries on a business.
10      (2)     It is an exception to section 177(2) if the call option and the put
                option are for, and only for, the purpose of obtaining finance or
                making other financial arrangements.
        (3)     It is also an exception to section 177(2) if the call option and the
                put option form part of a scheme of call options and put options
15              given by the proprietors of a business that --
                   (a) are for, and only for, the purpose of facilitating the
                         continuation of the business by one or some of those
                         proprietors (the "continuing proprietor or
                         proprietors"); and
20                 (b) are not exercisable except on the occurrence of an event
                         specified in them that would cause the continuing
                         proprietor or proprietors to seek to acquire the interest of
                         another of the proprietors.

                                 Division 2 -- Liability
25   179.       Person liable to pay duty
        (1)     The duty chargeable in respect of a relevant acquisition is
                payable by the person or persons determined under
                subsection (2) in relation to the acquisition.




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        (2)   The following persons are jointly and severally liable to pay
              duty chargeable in respect of a relevant acquisition of an interest
              in a landholder --
                (a) in every case, the acquirer;
 5              (b) if the landholder is a corporation, the corporation;
                (c) if the landholder is a unit trust scheme, the trustee of the
                      scheme;
                (d) any person taken into account under section 163 or 164
                      as being related to the acquirer for the purposes of the
10                    acquisition, other than a person whose interest in the
                      landholder is, for the purpose of calculating the duty, an
                      excluded interest under section 190(1) or 192.
        (3)   To the extent that a person referred to in subsection (2)(b), (c)
              or (d) has paid the duty chargeable in respect of a relevant
15            acquisition the person may recover the amount of duty paid
              from the acquirer concerned, or if there is more than one from
              any of them, as a debt due to the person.

     180.     Application to Commissioner for determination of liability
        (1)   A person mentioned in subsection (2) may, within 2 months
20            after the day on which an acquisition of an interest in an entity
              occurs, apply to the Commissioner for a determination whether
              any liability has arisen under this Chapter in respect of the
              acquisition.
        (2)   The persons that may apply are --
25             (a) any person that by the acquisition acquires an interest in
                     the entity; or
               (b) any person that may be taken into account under
                     section 163 or 164 as being related for the purposes of
                     the acquisition to a person referred to in paragraph (a);
30                   or
               (c) if the entity is a corporation, the corporation; or
               (d) if the entity is a unit trust scheme, the trustee of the
                     scheme.

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        (3)     An application under subsection (1) must be made in the
                approved form.
        (4)     Where an application is made under subsection (1) --
                 (a) the Commissioner is to make the requested
 5                    determination; and
                 (b) any liability of a person under section 200 in respect of
                      the acquisition ceases unless it is revived under
                      section 182(5),
                but the obligation imposed by paragraph (a) is qualified so far as
10              it is inconsistent with the exercise of a power conferred on the
                Commissioner by section 182(1) or (4).

     181.       Determination of application
        (1)     If, on an application under section 180, the Commissioner
                determines that liability has not arisen under section 151 in
15              respect of the acquisition in question, the Commissioner is to
                give notice of that determination to the applicant.
        (2)     If, on an application under section 180, the Commissioner
                determines that liability has arisen under section 151 in respect
                of the acquisition in question, the Commissioner is to issue an
20              assessment notice under the Taxation Administration Act
                section 23 in respect of the acquisition.

     182.       Powers of Commissioner where further information
                required for determination of application
        (1)     If on an application under section 180 further information or
25              evidence is necessary for the making of a determination, the
                Commissioner may --
                   (a) defer the making of a determination; and




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                (b)    by written notice require the applicant to provide further
                       information or evidence to the Commissioner within a
                       specified period,
              and the Commissioner may exercise those powers as often as
 5            the Commissioner thinks fit until all necessary information and
              evidence have been provided.
        (2)   The Commissioner may at any time extend the period specified
              in a notice under subsection (1)(b).
        (3)   The powers of the Commissioner under subsection (1) are in
10            addition to, and do not limit, the powers that the Commissioner
              has under the Taxation Administration Act to obtain
              information or carry out an investigation.
        (4)   If --
                 (a)   the Commissioner has under subsection (1) required the
15                     applicant to provide further information or evidence;
                       and
                (b)    the Commissioner considers that the applicant has not
                       within the required period provided the information or
                       evidence,
20            the Commissioner is to give the applicant written notice of that
              opinion and of the effect of subsection (5).
        (5)   If the Commissioner gives notice under subsection (4) --
                 (a) section 180(4)(a) does not apply; and
                (b) any liability that ceased under section 180(4)(b) is
25                    revived as if the application under section 180(1) had
                      never been made.

                  Division 3 -- Payment of landholder duty
     183.     Payment of landholder duty
        (1)   Liability to pay the duty chargeable in respect of a relevant
30            acquisition arises when the relevant acquisition occurs.


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        (2)     The duty is due for payment within one month after the date of
                an assessment notice issued in relation to an assessment of the
                duty.

                     Division 4 -- Rates of landholder duty
 5   184.       Rates of landholder duty
        (1)     Duty is chargeable at the general rate of duty set out in
                Schedule 2.
        (2)     For the purposes of subsection (1) the value referred to in
                section 188(1), 189(2) or 191(2), as the case may require, is
10              taken to be the dutiable value.

                  Division 5 -- Calculation of landholder duty
     185.       The term "interest of the acquirer"
                A reference in this Division to the interest of the acquirer in a
                landholder after a relevant acquisition is to the aggregated
15              interests of --
                  (a) the acquirer; and
                  (b) any related person that is to be taken into account in
                        relation to the acquisition for the purposes of
                        section 163 or 164.

20   186.       Value of landholder
        (1)     For the purposes of calculating duty in respect of a relevant
                acquisition the value of a landholder is taken to be the sum of --
                  (a) the unencumbered value of the land and chattels in
                        Western Australia to which the landholder is entitled;
25                      and
                  (b) the same percentage of the unencumbered value of the
                        land and chattels in Western Australia to which any
                        linked entity in respect of the landholder is entitled as
                        the percentage of the landholder's interest in the linked
30                      entity taken into account under section 157.

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        (2)   Except where section 187 applies, the entitlements referred to in
              subsection (1) are to be those that exist immediately after the
              relevant acquisition.

     187.     Time of determination of the value of further interests for
 5            calculation of duty
        (1)   This section applies where --
               (a) it is necessary to determine the value of an interest of an
                     acquirer in a landholder for the purposes of
                     section 188(3) or 191(3); and
10             (b) the relevant acquisition concerned is of a further interest
                     in either --
                        (i) a listed landholder; or
                       (ii) a landholder that is not listed but was previously
                             listed and in which, at a time when it was listed,
15                           the interest of the acquirer was not less than a
                             90% interest.
        (2)   The value is to be determined --
               (a) as if the further interest was acquired at the same time as
                     the interest of the acquirer became not less than a 90%
20                   interest in the landholder concerned; and
               (b) on the basis of the value of the landholder at that time.

     188.     Calculation of duty
        (1)   To calculate the amount of duty payable in respect of a relevant
              acquisition an amount is first calculated by applying the
25            appropriate rate of duty under section 184(1) to the value of the
              interest of the acquirer in the landholder immediately after the
              relevant acquisition and then, if applicable, a deduction is made
              under section 189 or 191.
        (2)   The resulting amount is the duty payable in respect of the
30            relevant acquisition.



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        (3)     The value of the interest referred to in subsection (1) is the same
                percentage of the value of the landholder as the percentage of
                the interest of the acquirer in the landholder after the relevant
                acquisition.

 5   189.       Reduction where significant interest acquired in a
                landholder
        (1)     This section applies to the calculation of duty in respect of a
                relevant acquisition described in section 163.
        (2)     The amount calculated under section 188(1) is to be reduced by
10              an amount determined by applying the appropriate rate of duty
                under section 184(1) to the value of any excluded interest as
                determined under subsection (3).
        (3)     The value of an excluded interest is the same percentage of the
                value of the landholder concerned as the percentage of all
15              interests in the landholder that is represented by the excluded
                interest.

     190.       Meaning of "excluded interest" for section 189
        (1)     The reference in section 189 to an excluded interest is to an
                interest in the landholder concerned that is part of the interest of
20              the acquirer, being --
                  (a) an interest, other than one to which subsection (2)
                         applies, that was held by the person or a related person,
                         or by the person and a related person, before the day that
                         is 3 years before the day on which the relevant
25                       acquisition occurred; or
                  (b) an interest in the landholder concerned acquired by an
                         acquisition if immediately before the acquisition neither
                         the landholder nor a linked entity in respect of the
                         landholder was entitled to land in Western Australia.
30              Note: The operation of subsection (1) is modified if the day paragraph (a)
                      refers to is before 1 July 2008: see Schedule 3 clause 13(1).




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        (2)   This subsection applies to an interest in the landholder acquired
              by an acquisition (the "earlier acquisition") if the relevant
              acquisition in respect of which duty is to be calculated under
              section 188(1) was made pursuant to an arrangement entered
 5            into during the prescribed period in respect of the earlier
              acquisition.
        (3)   The reference in subsection (2) to the prescribed period in
              respect of the earlier acquisition is to the period beginning on
              the day that is 3 years before the day on which the earlier
10            acquisition occurred and ending on the day that is 3 years after
              that day.

     191.     Reduction where further interest acquired in a landholder
        (1)   This section applies to the calculation of duty in respect of a
              relevant acquisition described in section 164.
15      (2)   The amount calculated under section 188(1) is to be reduced by
              an amount determined by applying the appropriate rate of duty
              under section 184(1) to the value of any excluded interest as
              determined under subsection (3).
        (3)   The value of an excluded interest is the same percentage of the
20            value of the landholder concerned as the percentage of all
              interests in the landholder that is represented by the excluded
              interest.

     192.     Meaning of "excluded interest" for section 191
              The reference in section 191 to an excluded interest is to an
25            interest in the landholder concerned that is part of the interest of
              the acquirer, being --
                (a) an interest that was held by the person or a related
                       person, or by the person and a related person, before the
                       day that is 3 years before the day on which the relevant
30                     acquisition occurred; or




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                  (b)    an interest acquired by a relevant acquisition that
                         occurred on or after the day referred to in paragraph (a)
                         if duty was chargeable in respect of that acquisition; or
                  (c)    an interest referred to in section 190(1)(b).
 5              Note: The operation of this section is modified if the day paragraph (a) refers
                      to is before 1 July 2008: see Schedule 3 clause 13(2).

     193.       Calculation of duty where statement lodged under
                section 201
        (1)     This section applies to the calculation of duty if a statement is
10              lodged under section 201(6) in respect of a relevant acquisition
                referred to in section 164 that occurred during a period (a
                "relevant period") provided for by an approval under
                section 201(2).
        (2)     The Commissioner is not required to make a separate
15              calculation under this Division of duty in respect of each
                relevant acquisition that occurred during the relevant period.
        (3)     Instead, the Commissioner may calculate the duty under this
                Division in respect of all relevant acquisitions that occurred
                during the relevant period as if all such acquisitions had been
20              made by a single relevant acquisition that occurred at the end of
                the relevant period.

     194.       Calculation of duty in respect of certain acquisitions on
                winding up of corporation or unit trust scheme
        (1)     Despite anything else in this Division, duty is to be calculated
25              under this section in respect of a relevant acquisition by a
                person of an interest in a landholder if the acquisition --
                  (a) occurs in the circumstances referred to in subsection (2);
                        and
                  (b) is not exempt under section 167 because the effect of the
30                      acquisition is that the person receives a benefit in excess
                        of the person's entitlement.
                Note: The combined operation of sections 29(4) and 167 will make the
                      acquisition exempt if the value of the person's benefit is not in excess
                      of the person's entitlement.

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     (2)   The circumstances referred to are that --
            (a) the relevant acquisition occurs as a result of a transfer of
                  shares in a corporation or units in a unit trust scheme
                  by --
 5                   (i) the liquidator of a corporation in the course of a
                           distribution of its assets as a consequence of the
                           winding up of the corporation; or
                    (ii) the trustee of a unit trust scheme in the course of
                           the winding up of the scheme;
10                and
            (b) the person concerned is --
                     (i) a shareholder in the corporation; or
                    (ii) a unit holder in the unit trust scheme,
                  that is being wound up; and
15          (c) the Commissioner is satisfied that the winding up is not
                  a scheme or arrangement, or part of a scheme or
                  arrangement, for which a dominant purpose of any party
                  is the reduction of the duty otherwise payable.
     (3)   The amount of duty payable in respect of the relevant
20         acquisition is an amount that bears to the amount of duty that
           would otherwise be calculated under this Division in respect of
           the acquisition the same proportion as the value of the benefit
           received by the person in excess of the person's entitlement
           bears to the value of all the assets distributed or to be distributed
25         to the person as a consequence of the winding up.
     (4)   For the purposes of this section --
            (a) a shareholder in a corporation receives a benefit in
                   excess of the shareholder's entitlement if the value,
                   when the winding up begins, of all the assets distributed
30                 or to be distributed to the shareholder (the "distributed
                   value") exceeds the value at that time of the
                   shareholder's entitlement to the net assets of the
                   corporation (the "entitlement value"); and

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                 (b)   a unit holder in a unit trust scheme receives a benefit in
                       excess of the unit holder's entitlement if the value, when
                       the winding up begins, of all the assets distributed or to
                       be distributed to the unit holder (also the "distributed
 5                     value") exceeds the value at that time of the unit
                       holder's entitlement to the net assets held by the trustee
                       of the unit trust scheme as trustee of that trust (also the
                       "entitlement value").
        (5)     For the purpose of calculating duty under subsection (3), the
10              value of a benefit received by a shareholder or unit holder in
                excess of the person's entitlement is the greater of --
                  (a) the amount by which the distributed value exceeds the
                        entitlement value in relation to the person; and
                  (b) the amount that is the total of --
15                        (i) any amount owing to the shareholder or unit
                                holder that the shareholder or unit holder has, in
                                the relevant period, released the corporation or
                                the trustee of the unit trust scheme from paying;
                                and
20                       (ii) the amount of any liability that the shareholder or
                                unit holder has, in the relevant period, assumed
                                or discharged on behalf of the corporation or the
                                trustee of the unit trust scheme.
        (6)     In subsection (5)(b) --
25              "relevant period" means the period beginning on the day that
                     is 12 months before the day on which the winding up
                     begins and ending on the day on which the relevant
                     acquisition occurs.
        (7)     Section 29(6), (7) and (8) apply for the purposes of
30              subsection (2)(c) as if --
                  (a) a reference to the property were a reference to the shares
                       or the units, as the case may require; and



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               (b)   a reference to the duty chargeable were a reference to
                     the duty payable in respect of the relevant acquisition.

       Division 6 -- Reassessment of liability for landholder duty
     195.     Reassessment of duty where section 149 was applied
 5      (1)   A reassessment of duty in respect of a relevant acquisition is
              required if --
                (a) for the purposes of an assessment, an agreement to
                     acquire an interest in land has, under section 149(1)(a),
                     been regarded as having been completed; and
10              (b) since that determination the agreement has been
                     rescinded, annulled or otherwise terminated without
                     being completed; and
                (c) had the agreement not been regarded as having been
                     completed --
15                      (i) the liability for duty in respect of the relevant
                            acquisition would not have arisen; or
                       (ii) the amount of the duty payable would have been
                            less.
        (2)   A reassessment of duty in respect of a relevant acquisition is
20            also required if --
                (a) for the purposes of an assessment, an agreement to
                      dispose of an interest in land has, under
                      section 149(1)(b), been disregarded; and
                (b) since that determination the agreement has been
25                    completed; and
                (c) had the agreement not been disregarded --
                        (i) the liability for duty in respect of the relevant
                              acquisition would not have arisen; or
                       (ii) the amount of the duty payable would have been
30                            less.



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        (3)     On application made by a person that has paid or is liable to pay
                the duty, the Commissioner is to make a reassessment of the
                duty --
                  (a) if subsection (1) applies -- disregarding the agreement
 5                      referred to in that subsection; or
                  (b) if subsection (2) applies -- having regard to the
                        agreement referred to in that subsection.

     196.       Reassessment of duty where section 176(2) was applied
        (1)     A reassessment of duty in respect of a relevant acquisition is
10              required if --
                  (a) for the purposes of an assessment, the acquisition was
                       treated as having been made under an agreement of the
                       kind referred to in section 176(2); and
                  (b) since that assessment --
15                        (i) the agreement has been rescinded, annulled or
                               otherwise terminated without being completed;
                               or
                         (ii) subsection (2) has become applicable to the
                               agreement;
20                     and
                  (c) had the acquisition not been treated as mentioned in
                       paragraph (a) the liability for duty in respect of the
                       relevant acquisition would not have arisen.
        (2)     This subsection has become applicable to an agreement that is
25              taken to exist under section 177(2) or (3) if --
                  (a) the call option and the put option of the simultaneous
                        put and call option referred to in section 177(2) or (3) --
                          (i) both expire without being exercised; or
                         (ii) are rescinded or cancelled by agreement, or
30                              either is rescinded or cancelled and the other
                                expires without being exercised;
                        and

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               (b)    the call option has not been assigned or further assigned
                      as referred to in section 177(3).
        (3)   On application made by a person that has paid or is liable to pay
              the duty, if subsection (1) applies, the Commissioner is to make
 5            a reassessment of the duty disregarding the agreement referred
              to in subsection (1)(a).
        (4)   If a reassessment is required under subsection (1)(b)(ii), the
              Taxation Administration Act section 17 applies as if the original
              assessment had been made as soon as subsection (2) became
10            applicable to the agreement that was taken to exist under
              section 177(2) or (3).

     197.     Further matter to be considered by the Commissioner
              Despite section 195(3)(a) or 196(3), the Commissioner is not to
              make a reassessment of the duty under that provision unless the
15            Commissioner is also satisfied that the rescission, annulment or
              other termination of the agreement was not part of a scheme or
              arrangement under which the object of the agreement has been
              or may be achieved in another way.

     198.     Taxation Administration Act not affected
20            Sections 195 and 196 are in addition to the provisions of the
              Taxation Administration Act relating to the reassessment of
              duty and do not affect the operation of those provisions.

                     Division 7 -- Lodgment of statements
     199.     The term "acquisition statement"
25            In this Division --
              "acquisition statement" means a statement required to be
                   lodged under section 200(2), 201(6) or 202(2).




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     200.       Acquisition statement to be lodged
        (1)     This section applies where by a relevant acquisition a person --
                 (a) acquires an interest in a landholder; or
                 (b) is taken by section 173(4) to have acquired such an
 5                     interest.
        (2)     A statement in respect of the acquisition must be lodged
                unless --
                  (a) section 180(4)(b) applies in relation to the acquisition;
                       or
10               (b) it is covered by an approval under section 201.
        (3)     An acquisition statement under subsection (2) must be lodged
                not later than 2 months after the day on which the relevant
                acquisition occurred or is taken to have occurred or within such
                further time as is allowed under subsection (4).
15      (4)     The Commissioner may from time to time, on application by a
                person or entity referred to in section 204, extend the time
                allowed for the lodgment of an acquisition statement under this
                section, and may do so on such conditions as the Commissioner
                thinks fit.
20      (5)     An application under subsection (4) in respect of an acquisition
                statement must be made --
                  (a) before the expiry of the allowed time applicable to the
                       statement; and
                  (b) in the approved form.

25   201.       Acquisition of further interests in landholder: lodgment of
                periodical statements may be approved
        (1)     This section applies where --
                 (a) by a relevant acquisition referred to in section 164 a
                       person has acquired a further interest in a landholder;
30                     and


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            (b)   it is contemplated that the acquirer or a person that
                  under section 162 is related to the acquirer (a "related
                  person") will acquire more of such interests in the
                  landholder.
 5   (2)   The Commissioner may, on application made by a person
           mentioned in subsection (3), approve the lodgment of periodical
           statements in respect of particular approved periods (a
           "relevant period").
     (3)   The persons that may apply are --
10          (a) the acquirer; or
            (b) a related person; or
            (c) if the landholder is a corporation, the corporation; or
            (d) if the landholder is a unit trust scheme, the trustee of the
                  scheme.
15   (4)   An application under subsection (2) must be made --
            (a) within 2 months after the day on which the relevant
                  acquisition occurred; and
            (b) in the approved form.
     (5)   The first relevant period is to begin with the day on which the
20         relevant acquisition occurred and a subsequent relevant period
           is to begin with the day after the day on which the immediately
           preceding relevant period ends.
     (6)   While an approval under subsection (2) is in force --
            (a) a statement must be lodged within 14 days after the first
25                relevant period ends in respect of --
                    (i) the relevant acquisition referred to in
                         subsection (1)(a); and
                   (ii) any other relevant acquisition by which the
                         acquirer or a related person acquired any further
30                       interest in the landholder during that period;
                  and


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                 (b)   within 14 days after each subsequent relevant period
                       ends, a statement must be lodged in respect of any
                       relevant acquisition by which the acquirer or a related
                       person acquired any further interest in the landholder
 5                     during that period.

     202.       Lodgment obligations where application under section 201
                refused
        (1)     If the Commissioner decides not to grant an approval under
                section 201, the Commissioner is to give written notice of the
10              decision and of the reasons for it to --
                   (a) the applicant; and
                  (b) every other person that appears to the Commissioner to
                        be a person that would be liable under section 204 if a
                        statement is not lodged under subsection (2) in respect
15                      of an acquisition mentioned in that subsection.
        (2)     Within 2 months after the day on which a notice is given under
                subsection (1), statements must be lodged in respect of --
                  (a) the relevant acquisition referred to in section 201(1)(a);
                       and
20                (b) any relevant acquisition by which the acquirer or a
                       person that under section 162 is related to the acquirer
                       acquired any further interest in the landholder after the
                       relevant acquisition referred to in section 201(1)(a) and
                       before the notice was given,
25              and section 200 does not apply to those acquisitions.

     203.       Form and content of acquisition statements
        (1)     An acquisition statement must --
                 (a) be in the approved form; and
                 (b) contain such information and particulars as are
30                    prescribed.



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        (2)    The Commissioner may approve different forms of acquisition
               statements for different circumstances or for different provisions
               of this Chapter.

     204.      Failure to lodge acquisition statement
 5             If an acquisition statement is not lodged in accordance with
               section 200(2), 201(6) or 202(2), the following persons commit
               an offence --
                  (a) in every case, the acquirer;
                 (b) if the landholder concerned is a corporation, the
10                     corporation;
                  (c) if the landholder concerned is a unit trust scheme, the
                       trustee of the scheme;
                 (d) any person taken into account under section 163 or 164
                       as being related to the acquirer for the purposes of the
15                     acquisition, other than a person whose interest in the
                       landholder is, for the purpose of calculating the duty, an
                       excluded interest under section 190(1) or 192.
               Penalty: a fine of $20 000.

            Division 8 -- Information to be provided to Parliament
20   205.      Minister to inform Parliament of amounts of duty assessed
               and duty paid during 3 years following commencement of
               this Chapter
               As soon as is practicable after the expiration of the period of
               3 years from the commencement of this Chapter, the Minister is
25             to --
                 (a) cause a statement to be prepared showing --
                          (i) the total amount of all assessments of duty
                              payable under this Chapter made during that
                              period in respect of relevant acquisitions; and
30                       (ii) an estimate of the total amount of duty that
                              would have been assessed under the Stamp


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                              Act 1921 if that Act had applied to those
                              acquisitions instead of this Chapter;
                      and
               (b)    cause the statement to be laid before each House of
5                     Parliament.




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                   Chapter 4 -- Insurance duty
                          Part 1 -- Preliminary
     206.   Terms used in this Chapter
            In this Chapter, unless the contrary intention appears --
 5          "accident insurance" means insurance for any payment agreed
                 to be made --
                  (a) on the death of any person only from accident or
                        violence or otherwise than from a natural cause; or
                 (b) as compensation for personal injury;
10          "contract of insurance" has the meaning given in section 208;
            "duty" means duty under this Chapter;
            "financial services licensee" has the meaning given in the
                 Corporations Act section 761A;
            "general insurance" has the meaning given in section 209;
15          "general insurer" has the meaning given in section 214;
            "insurer" means a person that writes general insurance
                 otherwise than as an intermediary of an insurer;
            "intermediary", of an insurer, means --
                  (a) a representative of the insurer; or
20               (b) a financial services licensee, that is not otherwise a
                        representative of the insurer, that arranges or effects
                        insurance for or with the insurer;
            "interstate duty" means duty chargeable in another State or a
                 Territory that is of a similar nature to duty under this
25               Chapter;
            "life insurance" means insurance provided under or in
                 accordance with a policy of insurance or assurance on any
                 life or lives or on any event or contingency relating to or
                 depending on any life or lives, other than a policy of
30               accident insurance;


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                "offshore risk insurance" means any kind of insurance that is
                     applicable to --
                     (a) property outside Australia; or
                     (b) a risk, contingency or event concerning an act or
 5                         omission that, in the normal course of events, occurs
                           outside Australia;
                "premium" has the meaning given in section 211;
                "registered insurer" means a general insurer that is registered
                     under section 218;
10              "representative" has the meaning given in the Corporations
                     Act section 910A.

                   Part 2 -- Imposition of insurance duty
     207.       Insurance duty imposed
                Duty is imposed on the premium paid in relation to a contract of
15              insurance.

     208.       Contracts of insurance
                A "contract of insurance" is a contract that effects general
                insurance (whether or not it also effects other kinds of
                insurance).

20   209.       General insurance and connection to the State
        (1)     "General insurance" is any kind of insurance that is applicable
                to --
                  (a) property in Western Australia; or
                  (b) a risk, contingency or event concerning an act or
25                    omission that, in the normal course of events, may occur
                      within, or partly within, Western Australia,
                or both.
        (2)     "General insurance" does not include any of the following --
                 (a) life insurance;

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                (b)    insurance against an employer's liability to pay
                       compensation under the Workers' Compensation and
                       Injury Management Act 1981;
                (c)    reinsurance (that is, the indemnification of one party by
 5                     another against liability or payment arising under a
                       contract or contracts of insurance or reinsurance);
                (d)    insurance in respect of goods in the course of being
                       transported, whether by rail, road, air or sea, and
                       whether within Western Australia or elsewhere;
10              (e)    insurance in respect of a marine hull used primarily for
                       commercial purposes;
                (f)    insurance effected by an exempt body;
                (g)    insurance issued by a private health insurer (as defined
                       in the Private Health Insurance Act 2007
15                     (Commonwealth) Schedule 1) in the course of its health
                       insurance business (as defined in section 121-1 of that
                       Act);
                (h)    insurance under the Defence Service Homes Insurance
                       Scheme (as defined in the Defence Service Homes
20                     Act 1918 (Commonwealth) section 38);
                (i)    offshore risk insurance;
                (j)    insurance of a prescribed class.

     210.     Additional insurance -- life riders
        (1)   This section does not apply to a policy of life insurance unless
25            the insured person's place of residence is in Western Australia.
        (2)   If --
                 (a)   a policy of life insurance, in addition to providing life
                       insurance, also provides for the payment of a benefit on
                       the happening of a contingency or event that does not
30                     relate to or depend on a life or lives (the "additional
                       insurance"); and



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                 (b)   an identifiable part of the premium payable in respect of
                       the policy is attributable to the additional insurance,
                the additional insurance provided under or in accordance with
                the policy is taken to be general insurance and not life insurance
 5              for the purposes of this Chapter.
        (3)     Subsection (2) applies --
                 (a) whether or not the life insurance and the additional
                       insurance are distinct matters; and
                 (b) whether or not payment of a benefit under the additional
10                     insurance component of the policy --
                          (i) will or may reduce the benefit payable under the
                               life insurance component of the policy; or
                         (ii) will or may terminate the policy.

     211.       The term "premium"
15              A "premium" is the total consideration paid to an insurer by or
                on behalf of an insured person to effect insurance, without
                deductions for any amounts paid or payable, or allowed or
                allowable, by way of commission or discount to an intermediary
                of the insurer, other than --
20                (a) an amount paid to an intermediary of the insurer by the
                        insured person as a fee if the amount can be identified as
                        a fee; or
                  (b) an amount paid to take account of duty or interstate
                        duty.

25   212.       When a premium is paid
                For the purposes of this Chapter, a premium or an instalment of
                a premium is paid when the first of the following events
                occurs --
                  (a) the premium or the instalment is received by or on
30                      behalf of the insurer;



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             (b)     an account of the insurer is credited with the amount of
                     the premium or the instalment.

                Part 3 -- Collection of insurance duty
                            Division 1 -- Liability
 5   213.   Person liable to pay duty
            Duty chargeable on the premium paid in relation to a contract of
            insurance is payable by --
              (a) the insurer -- if the insurer is a general insurer; or
              (b) the insured person -- if the insurer is not a general
10                 insurer.

     214.   The term "general insurer"
            Any of the following insurers is a "general insurer" --
             (a) an insurer that is either --
                      (i) authorised under the Insurance Act 1973
15                         (Commonwealth); or
                     (ii) registered under the Life Insurance Act 1995
                           (Commonwealth);
             (b) the Insurance Commission of Western Australia and any
                   similar body of another State or a Territory that is
20                 prescribed for the purposes of this definition.

                   Division 2 -- Amount of insurance duty
     215.   Amount of duty payable
            The amount of duty payable on a premium, or an instalment of a
            premium, is 10% of the amount of the premium, or instalment,
25          that is attributable to general insurance.




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     216.       Apportionment of premiums and instalments
        (1)     This section applies to a contract of insurance that effects both
                general insurance and one or more other kinds of insurance.
        (2)     The proportion of the premium that is attributable to general
 5              insurance is to be determined in accordance with the
                Apportionment Schedule or Schedules published by the
                Commissioner from time to time.
        (3)     The Commissioner must give notice in the Gazette of the
                publication of an Apportionment Schedule and include details
10              of how a copy of the Schedule may be obtained.
        (4)     The Apportionment Schedule or Schedules are to provide the
                means for apportioning premiums having regard to --
                 (a) the principle that duty is chargeable on a premium paid
                       in relation to a contract of insurance to the extent to
15                     which the contract of insurance is for general insurance;
                       and
                 (b) avoiding payment of multiple duty as between
                       Australian jurisdictions; and
                 (c) giving Australian jurisdictions their appropriate share of
20                     duty by means of the apportionment.
        (5)     A method of apportionment in an Apportionment Schedule may,
                for a particular class of contract of insurance, have the effect
                that the proportion of the premium that is attributable to general
                insurance is zero.
25      (6)     If a premium has not been, or cannot be, appropriately
                apportioned under subsection (2), the Commissioner may --
                   (a) determine the appropriate proportions; and
                  (b) if necessary -- reassess the amount of duty payable in
                        relation to the contract of insurance.
30      (7)     The extent to which an instalment of a premium is attributable
                to general insurance is the same as the extent to which the
                premium is attributable to general insurance.

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                              Division 3 -- Insurers
     217.     Insurers to be registered
        (1)   On becoming a general insurer, the insurer must apply to be
              registered under section 218.
 5      (2)   An application for registration must be made in the approved
              form on or before the 21st day after the end of the month in
              which the insurer became a general insurer.
              Penalty: a fine of $20 000.
     218.     Registration of insurers
10      (1)   The Commissioner must register a general insurer that applies
              for registration.
        (2)   The Commissioner must register a general insurer that has not
              applied for registration if satisfied that the insurer ought to be
              registered for the purposes of this Chapter.
15      (3)   The Commissioner must give notice to a general insurer of its
              registration.
     219.     Return period of an insurer
              The return period of a registered insurer is --
               (a) if a special tax return arrangement is not in force -- one
20                   month; or
               (b) the return period provided in a special tax return
                     arrangement in force under the Taxation Administration
                     Act section 49.
     220.     Insurers to lodge returns
25      (1)   A registered insurer must lodge a return in the approved form
              for each return period of the insurer on or before the 21st day
              after the end of the return period.
        (2)   On becoming a general insurer, the insurer must --
               (a) for the month in which the insurer became a general
30                  insurer; and

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                 (b)    for each subsequent month until the month in which the
                        insurer becomes a registered insurer or ceases to be a
                        general insurer,
                lodge a return in the approved form for the month on or before
 5              the 21st day after the end of the month.
        (3)     The month referred to in subsection (2) is to be treated as a
                return period for the purposes of this Chapter.
        (4)     A registered insurer that does not lodge a statement in
                accordance with subsection (1) commits an offence.
10              Penalty: a fine of $5 000.
        (5)     A general insurer that does not lodge a statement in accordance
                with subsection (2) commits an offence.
                Penalty: a fine of $5 000.
        (6)     The requirement to lodge a return applies even if no duty is
15              chargeable in the return period.

     221.       Time for payment of duty by insurers
                The duty on a premium, or instalment of a premium, paid to a
                general insurer in a return period is due for payment on the last
                day for lodging the return under section 220(1) or (2) for that
20              return period.

     222.       Cancelling registration of insurers
        (1)     The Commissioner may cancel the registration of a general
                insurer on his or her own initiative or at the request of the
                insurer.
25      (2)     The Commissioner is not to cancel a general insurer's
                registration unless registration of the insurer is no longer
                necessary for the purposes of this Chapter.
        (3)     A cancellation has effect on and from the day specified in the
                notice of cancellation of registration, which may be a day that is
30              earlier than the day on which the notice is issued.

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                         Division 4 -- Insured persons
     223.     Insured persons to lodge statements
        (1)   A person liable to pay duty on a premium under section 213(b)
              (an "insured person") must lodge a statement in the approved
 5            form on or before the 21st day after the end of the month, or
              each month, in which the person paid the premium, or an
              instalment of the premium.
        (2)   A person that does not lodge a statement in accordance with
              subsection (1) commits an offence.
10            Penalty: a fine of $5 000.
        (3)   If a document contains all the information required in a
              statement referred to in subsection (1), the document may be
              lodged instead of the statement and, if it is, the person does not
              commit an offence under subsection (2).

15   224.     Time for payment of duty by insured persons
              The duty on a premium, or instalment of a premium, paid by an
              insured person in a month is due for payment on the last day for
              lodging the statement under section 223(1) for that month.

            Part 4 -- General provisions as to insurance duty
20   225.     Insurer and intermediary to notify Commissioner of
              contracts of insurance
        (1)   An insurer that is not a general insurer must, for each month in
              which the insurer is paid a premium or an instalment of a
              premium in respect of a contract of insurance entered into by or
25            on behalf of the insurer, notify the Commissioner in the
              approved form of --
                (a) each such contract of insurance for which the insurer has
                     been paid a premium or an instalment of a premium in
                     that month; and



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                  (b)    the amounts of those premiums or instalments,
                on or before the 21st day after the end of the month.
                Penalty: a fine of $5 000.
        (2)     An intermediary of an insurer that is not a general insurer must,
 5              for each month in which the intermediary receives a premium or
                an instalment of a premium in respect of a contract of insurance
                on behalf of the insurer, notify the Commissioner in the
                approved form of --
                  (a) each such contract of insurance for which the
10                      intermediary has received a premium or an instalment of
                        a premium on behalf of the insurer; and
                  (b) the amounts of those premiums or instalments,
                on or before the 21st day after the end of the month.
                Penalty: a fine of $5 000.
15      (3)     The Commissioner may make a special tax return arrangement
                under the Taxation Administration Act section 49 with a person
                referred to in subsection (1) or (2) that modifies the
                requirements in subsection (1) or (2) and the arrangement has
                effect accordingly.
20      (4)     If a person complies with a requirement (including a modified
                requirement) in subsection (1) or (2) in respect of a contract of
                insurance then the requirement in the other subsection is taken
                to have been complied with in respect of that contract.

     226.       Refunds
25      (1)     If --
                   (a)   a general insurer has paid duty in respect of a contract of
                         insurance; and
                  (b)    the insurer has refunded some or all of the premium for
                         the contract,
30              the insurer is entitled to a refund of the duty paid to the extent to
                which the premium was refunded.

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                                                                               s. 227



        (2)   If --
                 (a)   a person has paid duty in respect of a contract of
                       insurance; and
                (b)    the insurer has refunded some or all of the premium for
 5                     the contract,
              the person is entitled to a refund of the duty paid to the extent to
              which the premium was refunded.
        (3)   For the purposes of this section, an insurer refunds an amount of
              a premium if the insurer or an intermediary of the insurer --
10              (a) repays the amount to the insured person; or
                (b) otherwise provides a benefit to the insured person to the
                      value of the amount refunded.

     227.     Records
        (1)   A person that is liable to pay duty must keep --
15              (a) the records that are prescribed for the purposes of this
                     section (if any); and
               (b) any other records necessary to enable the Commissioner
                     to determine the person's liability to pay duty.
              Penalty: a fine of $20 000.
20      (2)   A person referred to in section 225(1) or (2) must keep the
              records necessary to enable the Commissioner to verify the
              information in any notice.
              Penalty: a fine of $20 000.




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     s. 228



                    Chapter 5 -- Vehicle licence duty
                              Part 1 -- Preliminary
     228.       Terms used in this Chapter
                In this Chapter, unless the contrary intention appears --
 5              "caravan" means a trailer (including a camper trailer)
                     permanently fitted for human habitation in the course of a
                     journey;
                "charitable organisation" means a charitable institution or
                     public benevolent institution endorsed by the
10                   Commissioner of Taxation of the Commonwealth under the
                     Income Tax Assessment Act 1997 (Commonwealth) as a
                     deductible gift recipient or as exempt from income tax;
                "corresponding State law" means a law of another State or a
                     Territory that corresponds to the Road Traffic Act;
15              "dealer" means any of the following --
                     (a) a person that carries on the business of selling new
                           vehicles;
                     (b) a person that is the holder of a dealer's licence under
                           the Motor Vehicle Dealers Act 1973;
20                   (c) a person that carries on the business of acquiring new
                           or used vehicles for resale or disposal under hire
                           purchase or leasing agreements;
                     (d) a person that, in the course of the person's business,
                           takes possession of and resells vehicles that are the
25                         subject of mortgages, charges or hire purchase or
                           leasing agreements;
                "Director General" means the chief executive officer of the
                     department of the Public Service principally assisting in the
                     administration of the provisions that the Road Traffic Act
30                   section 5 defines as the "licensing provisions of this Act";
                "duty" means duty under this Chapter;


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                                                                                s. 229



              "grant", in respect of a licence for a vehicle, does not include
                   renew;
              "heavy vehicle" means a vehicle with a gross vehicle mass of
                   more than 4.5 tonnes;
 5            "licence" has the meaning given in section 230(2) and (3);
              "motor vehicle" has the meaning given in the Road Traffic Act
                   section 5, but does not include a trailer, semi-trailer or
                   caravan;
              "new vehicle" means --
10                 (a) a vehicle that has not been used; or
                   (b) a vehicle that has only been used for a purpose
                         referred to in section 246(1) or 247(1), other than a
                         vehicle that has been used for a purpose referred to in
                         section 246(1)(a)(ii) or 247(1) for a period of more
15                       than 2 months;
              "Road Traffic Act" means the Road Traffic Act 1974;
              "trailer" means a vehicle designed to be drawn by another
                   vehicle;
              "vehicle" has the meaning given in section 230(1).

20             Part 2 -- Imposition of vehicle licence duty
     229.     Vehicle licence duty imposed
              Duty is imposed on the grant or transfer of a licence for a
              vehicle.

     230.     Vehicles and their licences
25      (1)   A "vehicle" is a vehicle that is required to be licensed under the
              Road Traffic Act, other than a caravan.
        (2)   A "licence", in respect of a vehicle, is a licence for the vehicle
              granted under the Road Traffic Act Part III.
        (3)   A duplicate licence or a certified copy of the licence granted
30            under the Road Traffic Act is not a "licence".

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                 Part 3 -- Collection of vehicle licence duty
                             Division 1 -- Preliminary
     231.       Terms used in this Part
                In this Part --
 5              "dutiable value", of a vehicle, means the dutiable value worked
                     out in respect of the vehicle under Division 5;
                "optional feature", of a vehicle, means a feature of any of the
                     following types that is not a standard feature of a vehicle of
                     that make and model --
10                   (a) any particular kind of transmission in a vehicle;
                     (b) any particular kind of engine in a vehicle;
                     (c) any other prescribed feature in or of a vehicle;
                "purchase price", in respect of a vehicle, includes any of the
                     following --
15                   (a) an amount allowed by the seller on a trade-in or an
                            exchange of any article;
                     (b) an amount paid to the seller for anything included
                            with or incorporated into the vehicle;
                     (c) an amount paid to the seller for the preparation of the
20                          vehicle for delivery to the purchaser;
                "specialised equipment" means any of the following --
                     (a) a crane;
                     (b) an excavator, road roller, road grader, bulldozer,
                            mechanical shovel, plough, rotary hoe or similar
25                          plant;
                     (c) hoisting equipment for lifting, partially lifting or
                            towing other vehicles;
                     (d) bitumen spraying equipment;
                     (e) a cement agitator;
30                    (f) garbage collection equipment;

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                   (g)  road sweeping equipment;
                   (h)  a refrigeration unit;
                    (i) a stock crate;
                    (j) a tank for transporting liquids;
 5                 (k)  equipment to make the vehicle habitable by a person
                        in the course of a journey;
                   (l) any similar plant or equipment;
              "specialised vehicle" means a motor vehicle that --
                  (a) is constructed or designed, or has been modified, to
10                      include or have specialised equipment permanently
                        attached to it; and
                  (b) is designed to be driven or controlled by a person
                        carried in or on the vehicle.

                             Division 2 -- Liability
15   232.     Person liable to pay duty
        (1)   Duty chargeable on the grant or transfer of a licence for a
              vehicle is payable by the person in whose name the licence for
              the vehicle is granted, or the transferee.
        (2)   A person that ceases to be the owner of a vehicle, or a dealer
20            that sells a new vehicle, is also liable to pay the duty chargeable
              on the grant or transfer of the licence for the vehicle in the
              circumstances and to the extent set out in section 252.

      Division 3 -- Assessment and payment of vehicle licence duty
     233.     Assessment of duty
25      (1)   When an application is made for the grant or transfer of a
              licence for a vehicle the Director General must assess the
              amount of duty payable on the grant or transfer.
        (2)   The assessment is to be based on the dutiable value of the
              vehicle at the time of the grant or transfer of the licence unless a
30            provision of this Chapter otherwise provides.

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        (3)     An assessment made under subsection (1) is taken to be an
                official assessment for the purposes of the Taxation
                Administration Act.

     234.       Applicant's statement of value in application
 5      (1)     A person that applies for the grant or transfer of a licence for a
                vehicle must include in the application a statement signed by the
                applicant setting out --
                  (a) the applicant's estimate of the dutiable value of the
                        vehicle at the time of the application; and
10                (b) if the applicant is a purchaser of the vehicle -- the
                        purchase price of the vehicle.
                Penalty: a fine of $20 000.
        (2)     For the purpose of determining the dutiable value of the vehicle
                the Director General may, by notice given to the applicant,
15              require the applicant to give the Director General evidence of
                the dutiable value of the vehicle.
        (3)     The applicant must comply with the requirement in
                subsection (2) within the period stated in the notice.
                Penalty: a fine of $20 000.
20      (4)     This section does not apply to, or in respect of, a person if --
                 (a) under Part 4 Division 1 or 2 -- duty is not chargeable on
                       the grant or transfer of a licence for the vehicle; or
                 (b) under Part 4 Division 3 -- nominal duty is chargeable
                       on the grant or transfer of a licence for the vehicle.

25   235.       Payment of duty
                Duty chargeable on the grant or transfer of a licence for a
                vehicle and any penalty tax is payable --
                  (a) to the Director General in accordance with the Road
                        Traffic Act; or



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               (b)    if an assessment is made by the Commissioner -- in
                      accordance with the Taxation Administration Act.

                Division 4 -- Amount of vehicle licence duty
     236.     Amount of duty payable
 5      (1)   The amount of duty payable on the grant or transfer of a licence
              for a vehicle is worked out under this section (rounded down to
              the nearest 5 cents) unless section 250 applies to the grant or
              transfer of the licence.
        (2)   For the grant or transfer of a licence for a vehicle that is not a
10            heavy vehicle, the amount of duty is --
                (a) if the dutiable value of the vehicle does not exceed
                      $20 000 -- 2.75% of the dutiable value; or
                (b) if the dutiable value of the vehicle exceeds $20 000 but
                      does not exceed $45 000 -- R% of the dutiable value,
15                    where R is determined in accordance with the following
                      formula --
                            ⎡       ⎛ DV − 20000 ⎞⎤
                      R = ⎢2.75 + ⎜                 ⎟⎥
                            ⎣       ⎠6666.66 ⎠⎦
                             (rounded to 2 decimal places);
                      where --
20                    DV is the dutiable value;
                      or
                (c)   if the dutiable value of the vehicle exceeds $45 000 --
                      6.5% of the dutiable value.
        (3)   For the grant or transfer of a licence for a heavy vehicle, the
25            amount of duty is the lesser of --
               (a) 3% of the dutiable value; and
               (b) $12 000.




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                     Division 5 -- Dutiable value of a vehicle
     237.       Dutiable value of certain new vehicles
        (1)     The dutiable value of a vehicle --
                 (a) that is a new vehicle; and
 5               (b) that is of a class prescribed for the purposes of this
                       section; and
                 (c) for which a price has been fixed by the manufacturer,
                       importer or principal distributor as the retail selling price
                       in Western Australia of a vehicle of that make and
10                     model,
                is the sum of --
                  (d) the price fixed as described in paragraph (c); and
                  (e) for each optional feature in or of the vehicle -- the
                         additional amount fixed by the manufacturer, importer
15                       or principal distributor for the retail sale in Western
                         Australia of the optional feature.
        (2)     This section has effect subject to section 239.
     238.       Dutiable value of certain other vehicles
        (1)     The dutiable value of a vehicle that is not a vehicle to which
20              section 237 applies is the amount for which the vehicle might
                reasonably be sold, free of encumbrances, in the open market.
        (2)     This section has effect subject to section 239.
     239.       Dutiable value of specialised vehicles
        (1)     Section 237 or 238 (whichever is relevant) applies in respect of
25              a vehicle that is a specialised vehicle ("vehicle B"), as if the
                specialised equipment attached to it at the time of the
                application for the grant or transfer of the licence for the vehicle
                were not attached to it, if --
                  (a) the applicant holds, or previously held, the licence for
30                      another specialised vehicle ("vehicle A"); and


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                                                                              s. 239



             (b)    the applicant is the last person to hold a licence for
                    vehicle A; and
             (c)    the duty paid by the applicant on the grant or transfer of
                    the licence for vehicle A was assessed on the dutiable
 5                  value of vehicle A including the value of the specialised
                    equipment that was then attached to it; and
             (d)    the specialised equipment referred to in paragraph (c)
                    has been removed from vehicle A and attached to
                    vehicle B; and
10           (e)    the application for the grant or transfer of the licence for
                    vehicle B is accompanied by, or includes, a declaration
                    in the approved form to the effect that, in the applicant's
                    opinion, the circumstances in paragraphs (a) to (d) apply
                    and that the applicant understands the effect of
15                  subsections (2) and (3).
     (2)   If --
              (a)   duty on the grant or transfer of a licence for a
                    specialised vehicle to a person was assessed on a
                    dutiable value worked out under subsection (1); and
20           (b)    while that person holds the licence for that vehicle it is
                    used with specialised equipment other than the
                    equipment that was attached to it at the time the
                    application for the grant or transfer of the licence was
                    made (the "original equipment"),
25         the person must not attach the original equipment to any other
           vehicle for which the licensee intends to become the licence
           holder.
           Penalty: a fine of $20 000.
     (3)   If a person contravenes subsection (2) --
30            (a) subsection (1) is taken not to have applied in respect of
                   the vehicle at the time of the grant or transfer of the
                   licence for the vehicle; and



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                 (b)    penalty tax is imposed on the grant or transfer of the
                        licence of an amount equal to the difference between --
                           (i) the amount of duty that was originally payable
                                on the grant or transfer; and
 5                        (ii) the amount of duty payable because of
                                paragraph (a);
                        and
                  (c)   the penalty tax and the unpaid amount of the duty
                        payable because of paragraph (a) is due for payment
10                      within one month after the date of an assessment notice
                        issued in relation to an assessment of the duty and
                        penalty tax.

                   Part 4 -- Exemptions and nominal duty
                        Division 1 -- Exemptions -- general
15   240.       If no vehicle licence fee payable under Road Traffic Act
        (1)     Duty is not chargeable on the grant of a licence for a vehicle if
                no fee is payable under the Road Traffic Act section 19(3).
        (2)     Duty is not chargeable on the transfer of a licence for a vehicle
                if no fee would have been payable under the Road Traffic Act
20              section 19(3) for the grant of a licence to the transferee for the
                vehicle on the day of the transfer.
     241.       Reconstruction exemption
                Duty is not chargeable on the transfer of a licence for a vehicle
                if an exemption certificate issued under section 263(3)(a) in
25              respect of the transfer is given to the Director General.

     242.       Previous licence or registration
        (1)     Duty is not chargeable on the grant of a licence for a vehicle to
                a person if the vehicle was, before the grant of that licence, last
                licensed or registered in that person's name under --
30                 (a) the Road Traffic Act; or


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               (b)    a corresponding State law; or
               (c)    a law of a country other than Australia that corresponds
                      to the Road Traffic Act.
        (2)   Subsection (1) does not apply to the grant of a licence to a
 5            person for a heavy vehicle that was, before the grant of that
              licence, last licensed or registered in the person's name under a
              corresponding State law if the vehicle was registered in that
              person's name under the Interstate Road Transport Act 1985
              (Commonwealth) on or after 16 January 1997.
10      (3)   Subsection (1) does not apply to the grant of a licence for a
              vehicle, or is taken not to have applied to the grant of a licence
              for a vehicle at the time of the grant, if the Commissioner is
              satisfied, or becomes satisfied after the grant of the licence, that
              the vehicle was licensed or registered outside of Western
15            Australia as part of a course of action or conduct having the sole
              or dominant purpose of avoiding or reducing duty.
        (4)   The duty chargeable because of subsection (3) is due for
              payment within one month after the date of an assessment
              notice issued in relation to an assessment of that duty.
20      (5)   In this section, a reference to a vehicle includes a reference to a
              vehicle that was modified or that was part of a vehicle that was
              modified, whether or not the vehicle that resulted from the
              modification needed to meet a standard or requirement before it
              could be licensed that was different to the one that the original
25            vehicle had to meet.

     243.     Certain heavy vehicles
              Duty is not chargeable on the grant of a licence for a heavy
              vehicle to a person if --
                (a) the vehicle was, immediately before 16 January 1997,
30                    registered in that person's name under the Interstate
                      Road Transport Act 1985 (Commonwealth); and
                (b) since 16 January 1997, no licence or registration has
                      been granted under the Road Traffic Act or a

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                       corresponding State law for the vehicle in any other
                       person's name.

     244.       Prescribed class of person or vehicle or prescribed purpose
                Duty is not chargeable on the grant of a licence for a vehicle to
 5              a person if --
                  (a) the vehicle is in a prescribed class of vehicle; and
                  (b) the person is in a prescribed class of person; and
                  (c) the vehicle is used, or to be used, for a prescribed
                        purpose.

10            Division 2 -- Exemptions -- motor vehicle dealers
     245.       Minor incidental purposes
                A reference in this Division to the use of a vehicle for a purpose
                referred to in section 246(1) or (2) or 247(1) includes a
                reference to its use for that purpose and for minor incidental
15              purposes.

     246.       Exempt use of a vehicle -- trading stock
        (1)     Duty is not chargeable on the grant of a licence for a vehicle to
                a dealer if --
                  (a) the dealer acquired the vehicle solely for the purpose
20                      of --
                           (i) selling it to another person in the ordinary course
                               of the dealer's business; or
                          (ii) demonstrating it to prospective purchasers;
                        and
25                (b) the application for the grant of the licence is
                        accompanied by, or includes, a declaration in the
                        approved form to the effect that --
                           (i) while the dealer holds the licence the vehicle will
                               not be used for any purpose other than a purpose


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                              referred to in paragraph (a) or section 247(1)(a);
                              and
                       (ii)   the dealer understands the effect of sections 248
                              and 249.
 5      (2)   Duty is not chargeable on the transfer of a licence for a vehicle
              to a dealer, if --
                (a) the dealer has acquired the vehicle solely for the purpose
                      of reselling it to another person in the ordinary course of
                      the dealer's business; and
10              (b) the application for the transfer of the licence is
                      accompanied by, or includes, a declaration in the
                      approved form to the effect that --
                         (i) while the dealer holds the licence the vehicle will
                               not be used for any purpose other than a purpose
15                             referred to in paragraph (a) or section 247(1)(a);
                               and
                        (ii) the dealer understands the effect of sections 248
                               and 249.

     247.     Exempt use of a vehicle -- charitable and other purposes
20      (1)   Duty is not chargeable on the grant or transfer of a licence for a
              vehicle to a dealer if --
                (a) the vehicle is to be loaned by the dealer --
                         (i) to a charitable organisation to be used solely for
                              providing assistance to underprivileged or
25                            disadvantaged persons; or
                        (ii) to a charitable organisation to be used solely for
                              providing emergency assistance; or
                       (iii) to a school (within the meaning given in the
                              School Education Act 1999) to be used solely for
30                            student driver training; or
                       (iv) to an individual solely for a philanthropic
                              purpose approved by the Commissioner; or


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                          (v) solely for a prescribed purpose;
                        and
                 (b)    the application for the grant or transfer of the licence is
                        accompanied by, or includes, a declaration in the
 5                      approved form to the effect that --
                           (i) while the dealer holds the licence the vehicle will
                               not be used for any purpose other than a purpose
                               referred to in paragraph (a) or section 246(1)
                               or (2); and
10                        (ii) the dealer understands the effect of sections 248
                               and 249.
        (2)     The Commissioner may approve a philanthropic purpose for the
                purposes of subsection (1)(a)(iv) for a particular dealer or class
                of dealer, and the approval may take effect from a day that is
15              earlier than the day on which the Commissioner grants the
                approval.
        (3)     Subject to the Taxation Administration Act section 17, the
                Commissioner must make any reassessment necessary to give
                effect to subsection (2).

20   248.       Change of exempt use of a vehicle
                If, under section 246(1) or (2) or 247(1), no duty was chargeable
                on the grant or transfer of a licence for a vehicle to a dealer and
                the dealer uses, or allows another person to use, the vehicle for a
                different purpose referred to in section 246(1) or (2) or 247(1),
25              the dealer must notify the Commissioner, in the approved form,
                of the change in use within one month after the day on which
                the use of the vehicle changed.
                Penalty: a fine of $5 000.

     249.       Change to non-exempt use of a vehicle
30      (1)     If, under section 246(1) or (2) or 247(1), no duty was chargeable
                on the grant or transfer of a licence for a vehicle to a person that
                is or was a dealer, then while the person remains the licensee of

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           the vehicle the person must not use, or allow any other person to
           use, the vehicle for a purpose other than a purpose referred to in
           section 246(1) or (2) or 247(1) unless the person notifies the
           Commissioner, in the approved form, of the change in use
 5         within one month after the day on which the use of the vehicle
           changed.
           Penalty: a fine of $20 000.
     (2)   If a person notifies the Commissioner as required under
           subsection (1) --
10            (a) section 246 or 247 (whichever is relevant) is taken not to
                   have applied to the grant or transfer of the licence at the
                   time of the grant or transfer of the licence; and
             (b) the duty chargeable on the grant or transfer of the
                   licence because of paragraph (a) is due for payment
15                 within one month after the date of an assessment notice
                   issued in relation to an assessment of that duty.
     (3)   If duty is chargeable on the grant or transfer of the licence
           because of subsection (2)(a), then, for the purposes of working
           out the amount of duty payable, the dutiable value of the vehicle
20         is to be determined as at the time of the change in use.
     (4)   If a person contravenes subsection (1) --
              (a) section 246 or 247 (whichever is relevant) is taken not to
                   have applied to the grant or transfer of the licence at the
                   time of the grant or transfer of the licence; and
25           (b) penalty tax is imposed on the grant or transfer of the
                   licence of an amount equal to the amount of duty
                   payable on the grant or transfer of the licence because of
                   paragraph (a); and
              (c) the duty and penalty tax is due for payment within one
30                 month after the date of an assessment notice issued in
                   relation to an assessment of the duty and penalty tax.




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                             Division 3 -- Nominal duty
     250.       Transactions for which nominal duty is chargeable
        (1)     This section applies to the transfer of a licence for a vehicle that
                is the result of a transfer of the vehicle within the meaning of
 5              Chapter 2.
        (2)     If, on application, the Commissioner is satisfied that --
                  (a) if the transfer of the vehicle were to be treated as a
                        dutiable transaction -- section 29, 114, 115, 116 or 119
                        would apply to the transfer; and
10                (b) nominal duty would be chargeable under that section as
                        so applying,
                nominal duty is chargeable on the transfer of the licence and the
                Commissioner may issue a certificate under this section to that
                effect.
15      (3)     If, on application, the Commissioner is satisfied that --
                  (a) the transfer of the vehicle is of a class prescribed for the
                        purposes of this subsection; and
                  (b) the transfer does not pass, or is not part of a scheme or
                        arrangement that passes, a beneficial interest in the
20                      vehicle,
                nominal duty is chargeable on the transfer of the licence and the
                Commissioner may issue a certificate under this section to that
                effect.
        (4)     An application for a certificate must be in the approved form.
25      (5)     If the transfer of the vehicle were to be treated as a dutiable
                transaction and nominal duty would be chargeable on the
                transfer under section 131 or 139, nominal duty is payable on
                the transfer of the licence.
        (6)     If --
30                 (a)   the transfer of the licence was chargeable with duty
                         other than nominal duty; and

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               (b)    the transfer of the vehicle was effected by or is in
                      accordance with --
                         (i) a matrimonial instrument or de facto relationship
                               instrument that came into existence; or
 5                      (ii) an instrument that became a matrimonial
                               instrument or de facto relationship instrument,
                      within the period of 12 months after the day on which
                      liability to duty arose,
              the Commissioner, on the application of the taxpayer, is to
10            reassess the liability to duty of the transfer of the licence under
              subsection (5) as if the transfer of the vehicle were treated as a
              dutiable transaction.
        (7)   For the purposes of subsection (6), the Taxation Administration
              Act section 17 applies as if references in subsections (1) and (4)
15            of that section to when the original assessment was made were
              references to --
                (a) the day on which the matrimonial instrument or de facto
                       relationship instrument came into existence; or
                (b) the day on which the instrument became a matrimonial
20                     instrument or de facto relationship instrument,
              as the case may be.
        (8)   If this section uses a term that is used in Chapter 2, the term has
              the same meaning in this section as it has in Chapter 2 unless
              the contrary intention appears in this section.

25      Part 5 -- General provisions as to vehicle licence duty
     251.     Failure to apply for transfer of licence
        (1)   If a person fails to apply for the transfer of a licence for a
              vehicle when required to do so by the Road Traffic Act then, for
              the purposes of assessing duty --
30               (a) the transfer of the licence is taken to have occurred on
                      the day chosen by the Commissioner; and

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     Part 5           General provisions as to vehicle licence duty
     s. 252



                 (b)   the failure is taken to be a contravention of a taxation
                       Act for the purposes of the Taxation Administration Act
                       section 26.
        (2)     In choosing a day under subsection (1)(a), the Commissioner is
 5              to choose a day on which, in the ordinary course of events, the
                transfer would have been likely to have occurred if the person
                had complied with the person's obligations under the Road
                Traffic Act and this Act.

     252.       Seller's obligation to notify purchase price
10      (1)     A person that ceases to be the owner of a vehicle and is required
                under the Road Traffic Act to notify the Director General of the
                new owner must include in that notice a statement signed by the
                person setting out --
                  (a) the purchase price (if any) of the vehicle; and
15                (b) the person's estimate of the dutiable value of the vehicle
                        at the time the person ceased to be the owner of it.
                Penalty: a fine of $20 000.
        (2)     Subsection (1) does not apply to a person if --
                 (a) under Part 4 Division 1 or 2 -- duty is not chargeable on
20                     the grant or transfer of a licence for the vehicle; or
                 (b) under Part 4 Division 3 -- nominal duty is chargeable
                       on the grant or transfer of a licence for the vehicle.
        (3)     A dealer that sells a new vehicle must, within 7 days after the
                day of the sale, give to the Director General a statement signed
25              by the dealer setting out --
                  (a) the purchase price of the vehicle; and
                  (b) the dealer's estimate of the dutiable value of the vehicle
                        at the time the vehicle was sold.
                Penalty: a fine of $20 000.




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                                                                                 s. 253



        (4)   If --
                 (a)   a person understates, in a statement under this section,
                       the purchase price or estimated dutiable value of a
                       vehicle; and
 5              (b)    duty payable on the grant or transfer of the licence for
                       that vehicle is initially assessed on a value of the vehicle
                       that is less than the proper dutiable value,
              the person is jointly and severally liable with the purchaser to
              pay the difference between the amount of duty as initially
10            assessed and the amount of duty assessed on the vehicle's
              proper dutiable value.

     253.     Functions of Director General and Commissioner
        (1)   For the purposes of this Chapter the Director General has the
              functions of the Commissioner under the Taxation
15            Administration Act sections 26 and 29, which are modified to
              the extent necessary to give effect to this subsection.
        (2)   For the purposes of the Taxation Administration Act anything
              done by the Director General in the exercise of a function
              conferred by subsection (1) is taken to have been done by the
20            Commissioner.
        (3)   The Commissioner has all of the functions of the Director
              General under this Chapter, which is modified to the extent
              necessary to give effect to this subsection.

     254.     Form of certain declarations
25            A declaration for the purposes of section 239(1)(e), 246(1)(b)
              or (2)(b) or 247(1)(b) must be signed by the person making the
              application for the grant or transfer of the licence.




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     Part 5           General provisions as to vehicle licence duty
     s. 255



     255.       Duty to be credited to Commissioner
                The Director General must, in accordance with any agreement
                between the Director General and the Commissioner --
                  (a) give to the Commissioner details of licences granted or
 5                     transferred and the duty and any penalty tax paid in
                       respect of them; and
                  (b) credit that duty and penalty tax to the Commissioner.

     256.       Records
                A dealer must keep --
10                (a) the records that are prescribed for the purposes of this
                       Chapter (if any); and
                 (b) any other records necessary to enable the Commissioner
                       to determine the dealer's liability to pay duty.
                Penalty: a fine of $20 000.




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                                                                             s. 257



               Chapter 6 -- Certain exemptions for
                        connected entities
     257.     Terms used in this Chapter
        (1)   In this Chapter, unless the contrary intention appears --
 5            "entity" means --
                   (a) a corporation; or
                   (b) a unit trust scheme;
              "exemption" means an exemption granted under
                   section 263(1);
10            "family" has the meaning given in section 258;
              "parent entity" has the meaning given in subsection (2);
              "relevant consolidation transaction" has the meaning given in
                   section 259;
              "relevant reconstruction transaction" has the meaning given
15                 in section 260;
              "relevant transaction" means --
                   (a) a relevant consolidation transaction; or
                   (b) a relevant reconstruction transaction;
              "security", of an entity, means --
20                 (a) if the entity is a corporation, an issued share of the
                         corporation; or
                   (b) if the entity is a unit trust scheme, a unit issued under
                         the scheme;
              "subsidiary" has the meaning given in subsection (2);
25            "transaction group" for a relevant consolidation transaction
                   means the head entity and the affected entity;
              "transaction group" for a relevant reconstruction transaction
                   means --
                   (a) those members of the family that are parties to the
30                       transaction; and

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                     (b)   any other member of the family whose holdings of
                           securities and control of votes mean, under
                           subsection (2) --
                             (i) that the relationship between the parties to the
 5                                 transaction is that of a parent entity and a
                                   subsidiary; or
                            (ii) if the parties are not so related, that the parties
                                   are subsidiaries of the same parent entity.
        (2)     If a corporation, or the trustee of a unit trust scheme as trustee,
10              ("A") directly or indirectly --
                   (a) holds at least 90% of the securities of another entity
                        ("B"); and
                  (b) controls (either by being able to cast or to control the
                        casting of) at least 90% of the maximum number of
15                      votes that may be cast at a general meeting of B,
                then, for the purposes of this Chapter, A is the parent entity of B
                and B is a subsidiary of A.

     258.       The term "family"
        (1)     A parent entity and its subsidiaries are members of a family.
20      (2)     If all of the securities of an entity are stapled to the securities of
                one or more other entities, all of the entities and their
                subsidiaries are members of a family.

     259.       The term "relevant consolidation transaction"
        (1)     In this section --
25              "corporate consolidation" means the formation of a family by
                     the interposition of an entity (the "head entity") between
                     another entity (the "affected entity") and the holders of the
                     affected entity's securities.
        (2)     Subject to this section, a "relevant consolidation transaction"
30              is any acquisition on which landholder duty is chargeable that is


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                                                                              s. 260



              made solely for the purposes of a corporate consolidation and
              that is --
                (a) an acquisition of securities of the affected entity by the
                      head entity for which the only consideration given by
 5                    the head entity is the issue or transfer of its securities to
                      the person from whom the affected entity's securities
                      were acquired; or
                (b) an acquisition of securities of the head entity by a holder
                      of securities of the affected entity.
10      (3)   An acquisition is not a "relevant consolidation transaction" if,
              immediately before the acquisition, the head entity held dutiable
              property or a vehicle or an interest in an entity.
        (4)   An acquisition is not a "relevant consolidation transaction"
              unless, immediately after the issue or transfer of the head
15            entity's securities --
                (a) each person that holds those securities (a "security
                      holder") is a person that held securities of the affected
                      entity immediately before the securities of the affected
                      entity were acquired by the head entity; and
20              (b) the proportion of those securities that each security
                      holder holds is the same proportion as that security
                      holder held of the securities of the affected entity.

     260.     The term "relevant reconstruction transaction"
        (1)   Subject to this section, any of the following is a "relevant
25            reconstruction transaction" --
                (a) any of the following dutiable transactions, if transfer
                     duty is chargeable --
                        (i) an agreement, whether conditional or not, for the
                              transfer of dutiable property from one member of
30                            a family to another member of the family;
                       (ii) a transfer of dutiable property from one member
                              of a family to another member of the family;


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                         (iii)  a declaration of trust over dutiable property
                                under which one member of a family holds the
                                property on trust for another member of the
                                family;
 5                       (iv) a vesting of dutiable property held by one
                                member of a family in another member of the
                                family;
                          (v) a surrender of special dutiable property, within
                                the meaning of section 18, if the special dutiable
10                              property is surrendered by one member of a
                                family to another member of the family;
                 (b)    a transfer of a licence for a vehicle from one member of
                        a family to another member of the family, if vehicle
                        licence duty is chargeable;
15                (c)   an acquisition by one member of a family of an interest
                        in another member of the family, if landholder duty is
                        chargeable;
                 (d)    an acquisition by one member of a family from another
                        member of the family of an interest in an entity, if
20                      landholder duty is chargeable.
        (2)     A transaction referred to in subsection (1)(a) is not a "relevant
                reconstruction transaction" if, immediately before the
                transaction, the dutiable property is held, or the transaction
                results in the property being held, subject to a discretionary
25              trust.
        (3)     A transfer referred to in subsection (1)(b) is not a "relevant
                reconstruction transaction" if, immediately before or
                immediately after the transfer, the vehicle is held subject to a
                discretionary trust.
30      (4)     An acquisition referred to in subsection (1)(c) or (d) is not a
                "relevant reconstruction transaction" if, immediately before
                the acquisition, the interest is held, or the acquisition results in
                the interest being held, subject to a discretionary trust.


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                                                                             s. 261



     261.     Pre-determining certain questions
        (1)   In this section --
              "pre-transaction decision request" means a request made
                   under subsection (2), (3) or (4).
 5      (2)   A person proposing to enter into a relevant transaction may ask
              the Commissioner to decide whether, if the transaction were
              entered into, it would be exempted.
        (3)   A person proposing to enter into a relevant transaction may ask
              the Commissioner to decide whether, if the transaction were
10            entered into and exempted, the Commissioner, under
              section 265, would revoke the exemption.
        (4)   A person proposing to enter into a transaction may ask the
              Commissioner to decide whether, if the transaction were entered
              into, the Commissioner, under section 265, would revoke the
15            exemption granted for a relevant transaction.
        (5)   A pre-transaction decision request must be made in the
              approved form.
        (6)   The Commissioner may, as often as the Commissioner thinks
              fit, ask a person that has made a pre-transaction decision request
20            for any information the Commissioner needs to make the
              decision requested.
        (7)   The Commissioner may refuse a pre-transaction decision
              request if --
                (a) the transaction to which the request relates has been
25                    entered into; or
                (b) the request does not differ materially from another
                      pre-transaction decision request that was made
                      previously; or
                (c) a request made by the Commissioner under
30                    subsection (6) is not satisfied.




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        (8)     If the Commissioner is given the information needed to make
                the decision requested in a pre-transaction decision request, the
                Commissioner must make the decision and give written notice
                of it to the person that made the request.
 5      (9)     In making a decision requested in a pre-transaction decision
                request, the Commissioner may have regard to --
                  (a) information provided by the person that made the
                        request; and
                  (b) any other matter the Commissioner considers relevant.
10     (10)     If the Commissioner makes a decision on a pre-transaction
                decision request in relation to a transaction, and the transaction
                is subsequently entered into, the Commissioner is bound by the
                decision in respect of the transaction unless --
                   (a) the transaction, or any circumstance relating to it, differs
15                      materially from the transaction or circumstances to
                        which the request related; or
                  (b) any information relevant to the transaction, or to any
                        circumstance relating to it, differs materially from the
                        information given to the Commissioner in relation to the
20                      request; or
                   (c) the Commissioner considers that there was not a full and
                        true disclosure to the Commissioner of information in
                        relation to the request.

     262.       Application for exemption
25      (1)     In this section --
                "exemption application" means an application for an
                     exemption.
        (2)     An exemption application for a relevant transaction cannot be
                made by applying under the Taxation Administration Act for a
30              reassessment for the transaction.




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                                                                             s. 263



        (3)   An exemption application for a relevant transaction must be
              made --
               (a) within 12 months after the date of the transaction; and
               (b) by lodging an application in the approved form.

 5   263.     Grant of exemption
        (1)   If, on an exemption application made in accordance with
              section 262, it is shown to the satisfaction of the Commissioner
              that --
                 (a) there has been a relevant transaction; or
10              (b) a relevant reconstruction transaction referred to in
                      section 260(1)(b) will occur,
              the Commissioner must exempt the transaction from the duty
              that would otherwise be chargeable unless subsection (4)
              applies.
15      (2)   If an assessment for a relevant transaction was made before it is
              exempted, the Commissioner must reassess the transaction.
        (3)   If an assessment for a relevant transaction was not made before
              it is exempted, the Commissioner must --
                 (a) if the transaction is one referred to in
20                     section 260(1)(b) -- issue a certificate of the exemption
                       to the applicant; or
                 (b) otherwise -- make an official assessment of the
                       transaction determining that it is exempt from duty.
        (4)   An exemption cannot be granted in relation to a relevant
25            transaction if any member of the family has an outstanding tax
              liability.




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     s. 264



     264.       Commissioner to be notified of certain events after an
                exempt relevant transaction
        (1)     In this section --
                "controlling entity", in relation to a relevant consolidation
 5                   transaction, means the head entity;
                "controlling entity", in relation to a relevant reconstruction
                     transaction, means the member of the transaction group for
                     the transaction that is a parent entity of the group
                     immediately before or immediately after the transaction;
10              "major holder" of an entity, means a person that, directly or
                     indirectly, holds at least 90% of the securities of the entity;
                "notifiable event" has the meaning given by subsections (2)
                     and (3);
                "responsible person" means --
15                   (a) for a notifiable event that occurs in relation to a
                            relevant transaction as described in
                            subsection (2)(a) --
                               (i) if the controlling entity is a corporation --
                                   each person who is a director of the entity
20                                 when the winding up begins; or
                              (ii) if the controlling entity is a unit trust
                                   scheme -- the trustee of the entity when the
                                   winding up begins; or
                             (iii) if the controlling entity is a unit trust scheme
25                                 and the trustee of the entity, being a
                                   corporation, is wound up -- each person who
                                   is a director of the trustee when the winding
                                   up begins;
                             or




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                                                                           s. 264



               (b)    for a notifiable event that occurs in relation to a
                      relevant transaction as described in
                      subsection (2)(b) --
                         (i) the controlling entity or, if the controlling
 5                            entity is wound up, the major holder (if any)
                              of the controlling entity when the winding up
                              begins; and
                        (ii) the member of the transaction group referred
                              to in subsection (2)(b);
10                     or
                (c)   for a notifiable event that occurs in relation to a
                      relevant transaction as described in
                      subsection (2)(c) -- the entities whose securities
                      cease to be stapled.
15   (2)   Subject to subsection (3), a "notifiable event" occurs in
           relation to a relevant transaction if --
             (a) the controlling entity is wound up and does not have a
                   major holder when the winding up begins; or
             (b) the controlling entity or, if the controlling entity is
20                 wound up and has a major holder when the winding up
                   begins, the major holder, ceases to directly or
                   indirectly --
                      (i) hold more than 50% of the securities of a
                            member of the transaction group; or
25                   (ii) control (either by being able to cast or to control
                            the casting of) more than 50% of the maximum
                            number of votes that may be cast at a general
                            meeting of a member of the transaction group;
                   or
30           (c) in a case where entities are members of a family because
                   of section 258(2) -- securities of the first entity
                   mentioned in section 258(2) cease to be stapled to the
                   securities of another of the entities.


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        (3)     A cessation referred to in subsection (2)(b) is not a "notifiable
                event" if it results from --
                  (a) the winding up of a member of the transaction group,
                       other than the controlling entity; or
 5                (b) a relevant transaction that is the subject of an application
                       made under section 262 for an exemption; or
                  (c) an acquisition that is the subject of --
                          (i) an application made under section 180; or
                         (ii) a statement lodged under section 200;
10                     or
                  (d) a prescribed event.
        (4)     If a notifiable event occurs in relation to an exempt relevant
                transaction within 3 years after the date of the transaction, the
                responsible person for the event must lodge a notice of the event
15              in the approved form within 2 months after the date of the event.
                Penalty: a fine of $20 000.
        (5)     It is a defence to a charge of an offence under subsection (4) to
                prove that a notice of the event in the approved form was lodged
                before the alleged date of the offence.

20   265.       Revoking an exemption
                If the Commissioner determines that an exempt relevant
                transaction is part of a scheme or arrangement entered into, or
                carried out, by a person --
                   (a) for a purpose of avoiding or reducing duty on a
25                      transaction, transfer of licence or acquisition; or
                  (b) for the sole or dominant purpose of avoiding or reducing
                        tax other than duty,
                the Commissioner may revoke the exemption for the
                transaction.




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                                                                             s. 266



     266.     Liability for duty and tax if exemption revoked
        (1)   On revoking an exemption for a relevant transaction the
              Commissioner must make an official assessment for the
              transaction.
 5      (2)   The official assessment must --
               (a) determine the amount of duty payable on the relevant
                     transaction as at the date of the transaction; and
               (b) include penalty tax equal to the amount of that duty.
        (3)   The following persons are jointly and severally liable to pay the
10            duty chargeable on a relevant transaction and the penalty tax --
                (a) each member of the transaction group;
               (b) each person liable under subsection (4) or (5).
        (4)   If a corporation liable under subsection (3) is voluntarily wound
              up before the duty and penalty tax are paid, each person who
15            was a director of the corporation immediately before it was
              wound up is liable to pay the amount unless --
                 (a) the winding up was a creditors' voluntary winding up as
                      defined in the Corporations Act section 9; and
                (b) no creditor was an associate, as defined in the
20                    Corporations Act section 9, of the corporation.
        (5)   If a unit trust scheme liable under subsection (3) is wound up
              before the duty and penalty tax are paid, the following persons
              are liable to pay the amount --
                 (a) the trustee of the scheme;
25              (b) if the trustee of the scheme, being a corporation, is
                       wound up -- each person who was a director of the
                       trustee immediately before it was wound up.




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     s. 267




        Chapter 7 -- General anti-avoidance provisions
     267.       Schemes affected by this Chapter
        (1)     In this Chapter --
                "scheme" includes the whole or any part of --
 5                   (a) a trust, contract, agreement, arrangement,
                           understanding, promise or undertaking (including all
                           steps and transactions by which it is carried into
                           effect) --
                              (i) whether made or entered into orally or in
10                                 writing; and
                             (ii) whether express or implied; and
                            (iii) whether or not it is, or is intended to be,
                                   enforceable;
                           and
15                   (b) a plan, proposal, action, course of action or course of
                           conduct.
        (2)     This Chapter applies in relation to a scheme even if it is a
                unilateral scheme.

     268.       The term "tax avoidance scheme"
20      (1)     In this section --
                "foreign tax" means a tax, duty or impost imposed under a law
                     of the Commonwealth, another State, a Territory or a
                     country other than Australia.
        (2)     For the purposes of this Chapter a "tax avoidance scheme" is a
25              scheme that a person enters into or carries out --
                  (a) for the sole or dominant purpose of enabling --
                          (i) an elimination or reduction in the liability of a
                               person for duty; or



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                                                                             s. 269



                       (ii)   a postponement in the liability of a person for
                              duty;
                     or
               (b)   when any purpose relating to the elimination, reduction
 5                   or postponement in the liability of a person for foreign
                     tax is disregarded, for the sole or dominant purpose of
                     enabling --
                        (i) an elimination or reduction in the liability of a
                             person for duty; or
10                     (ii) a postponement in the liability of a person for
                             duty.
        (3)   It does not matter --
                 (a) whether the scheme is entered into or carried out in or
                      outside Western Australia or partly in Western Australia
15                    and partly outside Western Australia; or
                 (b) whether a person that enters into or carries out the
                      scheme is a person that is liable to pay duty.

     269.     Tax avoidance scheme -- pre-determination of section 270
              decision
20      (1)   In this section --
              "pre-section 270 decision request" means a request made
                   under subsection (2);
              "section 270 decision" means a decision of the Commissioner
                   under section 270 that --
25                 (a) a person has entered into or carried out a tax
                          avoidance scheme that is of a blatant, artificial or
                          contrived nature; and
                   (b) the scheme is to be disregarded.
        (2)   A person proposing to enter into or carry out a scheme which
30            will relate to a transaction or acquisition or a series of
              transactions or acquisitions may ask the Commissioner to
              decide whether the Commissioner would make a section 270

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                decision in relation to the scheme if it were entered into or
                carried out by that person.
        (3)     A pre-section 270 decision request must be made in the
                approved form and must specify each transaction and
 5              acquisition to which the scheme in respect of which the request
                is made will relate.
        (4)     The Commissioner may, as often as the Commissioner thinks
                fit, ask a person that has made a pre-section 270 decision
                request for --
10                 (a) any information the Commissioner needs to be fully
                         informed in relation to each transaction and acquisition
                         to which the scheme in respect of which the request is
                         made will relate; or
                  (b) any other information the Commissioner needs to make
15                       the decision requested.
        (5)     The Commissioner may refuse a pre-section 270 decision
                request if --
                  (a) the scheme to which the request relates has been entered
                        into or carried out; or
20                (b) the Commissioner has already made a decision on a
                        pre-section 270 decision request, or a section 270
                        decision, in relation to the same or a similar scheme or a
                        scheme relating to the same or similar transactions or
                        acquisitions; or
25                (c) the Commissioner has already refused a pre-section 270
                        decision request under this section made by the same
                        person in relation to the same or a similar scheme or a
                        scheme relating to the same or similar transactions or
                        acquisitions; or
30                (d) a request made by the Commissioner under
                        subsection (4) is not satisfied.
        (6)     If the Commissioner is given the information needed to make
                the decision requested in a pre-section 270 decision request, the

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                                                                             s. 270



              Commissioner must make the decision and give written notice
              of it to the person that made the request.
        (7)   In making a determination requested in a pre-section 270
              decision request the Commissioner may have regard to --
 5              (a) information provided by the person that made the
                     request; and
                (b) any other matter the Commissioner considers relevant.
        (8)   If the Commissioner decides on a pre-section 270 decision
              request that the Commissioner would not make a section 270
10            decision in relation to the scheme set out in the request, and the
              scheme is subsequently entered into or carried out, the
              Commissioner must not make a section 270 decision in relation
              to the scheme unless --
                 (a) the scheme that is entered into or carried out, or any
15                    circumstance relating to it, differs materially from the
                      scheme or circumstances to which the request related; or
                (b) any information relevant to the scheme that is entered
                      into or carried out, or to any circumstance relating to it,
                      differs materially from the information given to the
20                    Commissioner in relation to the request; or
                 (c) the Commissioner considers that there was not a full and
                      true disclosure to the Commissioner of information in
                      relation to the request.

     270.     Decision of Commissioner about tax avoidance scheme
25      (1)   If the Commissioner decides that a person has entered into or
              carried out a tax avoidance scheme that is of a blatant, artificial
              or contrived nature, the Commissioner may disregard the
              scheme.
        (2)   If a tax avoidance scheme is disregarded under subsection (1),
30            the Commissioner must --
                 (a) determine the duty which would have been payable, or
                       could reasonably have been expected to be payable, by


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                       any person that entered into or carried out the scheme,
                       or any other person, but for the scheme; and
                 (b)   give effect to that determination by making --
                         (i) an official assessment under the Taxation
 5                             Administration Act section 15; and
                        (ii) any reassessment the Commissioner considers
                               necessary.
        (3)     The Commissioner must have regard to the following matters
                when making a decision under subsection (1) --
10               (a) the way in which the scheme was entered into or carried
                      out;
                 (b) the form and substance of the scheme, including --
                         (i) the legal rights and obligations involved in the
                              scheme; and
15                      (ii) the economic and commercial substance of the
                              scheme;
                 (c) when the scheme was entered into and the length of the
                      period during which the scheme was, or is to be, carried
                      out;
20               (d) any change to a person's financial position, or any other
                      consequence, that has resulted, will result or may
                      reasonably be expected to result from the scheme having
                      been entered into or carried out;
                 (e) the nature of the connection, whether of a business,
25                    family or other nature, between the person that has
                      entered into or carried out the scheme and any person
                      mentioned in paragraph (d);
                  (f) the circumstances surrounding the scheme.

     271.       Statement in relation to determination
30              The assessment notice issued under the Taxation Administration
                Act section 23 in respect of a determination made under


     page 200
                                                        Duties Bill 2007
                    General anti-avoidance provisions         Chapter 7

                                                                 s. 271



    section 270(2)(a) must contain or be accompanied by a
    statement of --
      (a) the Commissioner's reasons for the relevant decision
            under section 270(1); and
5     (b) the grounds on which the determination under
            section 270(2)(a) is made.




                                                              page 201
     Duties Bill 2007
     Chapter 8        Other general provisions
     Part 1           Duty endorsement
     s. 272



                Chapter 8 -- Other general provisions
                          Part 1 -- Duty endorsement
     272.       The term "duty endorsed"
        (1)     A dutiable transaction is "duty endorsed" if a transaction
 5              record for it is duty endorsed.
        (2)     A transaction record for a dutiable transaction is "duty
                endorsed" if it is --
                  (a) endorsed by the Commissioner under section 273(2), (3)
                       or (4) or 274(2); or
10                (b) endorsed or certified under a special tax return
                       arrangement to indicate that an amount of duty has been
                       paid or is payable or that duty is not chargeable.
        (3)     A duplicate of a transaction record for a dutiable transaction is
                "duty endorsed" if it is endorsed under section 273(5).
15      (4)     If the Commissioner has established procedures for the
                electronic lodgment and recording of data on dutiable
                transactions, a reference in this Act to a transaction record being
                duty endorsed includes a reference to it being certified by the
                Commissioner in accordance with those procedures to indicate
20              that an amount of duty is paid or payable or that duty is not
                chargeable.

     273.       Endorsement of duty or exemption from duty
        (1)     In this section --
                "duty" means transfer duty;
25              "required duty" means --
                     (a) the duty chargeable; and
                     (b) anything relating to the duty that constitutes tax under
                            the Taxation Administration Act section 62; and
                     (c) any penalty tax relating to the dutiable transaction or
30                          the duty.

     page 202
                                                                 Duties Bill 2007
                                      Other general provisions         Chapter 8
                                            Duty endorsement               Part 1
                                                                           s. 273



     (2)   If a transaction record for a dutiable transaction is lodged for
           duty endorsement, the Commissioner must --
              (a) if duty is chargeable on the dutiable transaction and the
                    required duty is paid in full -- endorse the transaction
 5                  record to indicate the amount so paid; or
             (b) if duty is not chargeable on the dutiable transaction
                    because of an exemption under this Act or another
                    written law -- endorse the transaction record to indicate
                    that duty is not chargeable because of the exemption; or
10            (c) if duty is not chargeable on the dutiable transaction
                    other than because of an exemption under this Act or
                    another written law -- endorse the transaction record to
                    indicate that duty is not chargeable.
     (3)   If a transaction record for a dutiable transaction is duty endorsed
15         and another transaction record for the dutiable transaction (the
           "new record") is lodged for duty endorsement, the
           Commissioner may endorse the new record to indicate the
           amount of duty paid or that duty was not chargeable.
     (4)   If under a duties Act a transaction record for a dutiable
20         transaction is in the Commissioner's possession otherwise than
           because of lodgment, the Commissioner may endorse the
           transaction record as if it had been lodged for duty endorsement.
     (5)   A duplicate of a duty endorsed transaction record for a dutiable
           transaction may be --
25           (a) endorsed by the Commissioner; or
             (b) endorsed or certified under a special tax return
                   arrangement,
           to indicate the amount of duty paid or payable or that duty was
           not chargeable.




                                                                       page 203
     Duties Bill 2007
     Chapter 8        Other general provisions
     Part 1           Duty endorsement
     s. 274



     274.       Endorsement of duty that depends on duty paid on another
                transaction
        (1)     This section applies if the amount of duty payable, or whether
                duty is chargeable, on a dutiable transaction (the "dependent
 5              transaction") depends in any way on the payment of duty
                chargeable on another dutiable transaction (the "related
                transaction").
        (2)     The transaction record for the dependent transaction may be --
                 (a) endorsed by the Commissioner; or
10               (b) endorsed or certified under a special tax return
                       arrangement,
                to indicate the amount of duty paid or payable on the related
                transaction.
                Note: For example, duty of $20 700 is paid on an agreement for the transfer
15                    of dutiable property (the "related transaction"). A transfer of the
                      dutiable property (the "dependent transaction") is lodged and is in
                      conformity with the agreement for transfer for the purposes of
                      section 42(1). The transfer will be endorsed to indicate:

                      •     that no duty is chargeable on the transfer; and

20                    •     the duty of $20 700 paid on the agreement for transfer.

     275.       Duty endorsement as evidence
                If a transaction record, or a duplicate of a transaction record, for
                a dutiable transaction is duty endorsed --
                   (a) the duty endorsement is evidence of --
25                          (i) the making of an assessment in relation to the
                                dutiable transaction; and
                           (ii) the amount of transfer duty (if any) paid; and
                          (iii) any other matter indicated in the duty
                                endorsement;
30                       and




     page 204
                                                                     Duties Bill 2007
                                          Other general provisions         Chapter 8
                                                     Enforcement               Part 2
                                                                               s. 276



               (b)    except in proceedings under the Taxation
                      Administration Act Part 4, the duty endorsement is
                      conclusive evidence that the assessment is correct.

                            Part 2 -- Enforcement
 5   276.     Registration or recording of dutiable transactions
        (1)   A registrar must not register or record --
               (a) a dutiable transaction; or
               (b) a transaction record for a dutiable transaction,
              in a register of legal or beneficial interests in dutiable property
10            unless the transaction is duty endorsed.
              Penalty: a fine of $20 000.
        (2)   In subsection (1) --
              "registrar" means a person who has the function of
                   maintaining a register.
15      (3)   If a disposition of a share in a corporate trustee is a dutiable
              transaction because of section 67, a person must not register or
              record --
                 (a) the dutiable transaction; or
                (b) a transaction record for the dutiable transaction,
20            in the books or records of the corporation unless the dutiable
              transaction is duty endorsed.
              Penalty: a fine of $20 000.
        (4)   A contravention of subsection (3) does not invalidate any right
              or obligation arising out of the disposition.
25      (5)   It is a defence to a charge of an offence under subsection (1)
              or (3) to prove that the accused person did not know and could
              not reasonably have been expected to have known that --
                 (a) the transaction was a dutiable transaction; or
                 (b) the transaction was not duty endorsed.

                                                                           page 205
     Duties Bill 2007
     Chapter 8        Other general provisions
     Part 2           Enforcement
     s. 277



     277.       Functions as to business licences
        (1)     In this section --
                "business licence" has the meaning given in section 79.
        (2)     If a business licence is the subject of a dutiable transaction, a
 5              person must not --
                   (a) give effect to, receive, accept, approve or recognise the
                        dutiable transaction under a written law; or
                  (b) register or record --
                           (i) the dutiable transaction; or
10                        (ii) a transaction record for the dutiable transaction,
                        in any register of business licences,
                unless the dutiable transaction is duty endorsed or an instrument
                that effects the dutiable transaction has been lodged for duty
                endorsement in accordance with section 23.
15              Penalty: a fine of $20 000.
        (3)     It is a defence to a charge of an offence under subsection (2) to
                prove that the accused person did not know and could not
                reasonably have been expected to have known that --
                   (a) the business licence was the subject of a dutiable
20                       transaction; or
                   (b) the transaction was not duty endorsed; or
                   (c) an instrument that effects the transaction had not been
                         lodged for duty endorsement.

     278.       Lodgment of certain caveats
25      (1)     In this section --
                "caveat" means a caveat lodged under --
                     (a) the Transfer of Land Act 1893 Part V; or
                     (b) the Mining Act 1978;



     page 206
                                                                       Duties Bill 2007
                                            Other general provisions         Chapter 8
                                                       Enforcement               Part 2
                                                                                 s. 279



              "registrar" means the Registrar of Titles or a mining registrar
                  as defined in the Mining Act 1978 section 8(1) (as the case
                  requires).
        (2)   If a caveat relates to a dutiable transaction, the registrar must
 5            reject the caveat unless the registrar is satisfied, on evidence
              provided by the person lodging the caveat --
                 (a) that the transaction has been duty endorsed; or
                (b) that a transaction record for the transaction has been
                       lodged for duty endorsement in accordance with
10                     section 23.
              Penalty: a fine of $20 000.
        (3)   It is a defence to a charge of an offence under subsection (2) to
              prove that the accused person did not know and could not
              reasonably have been expected to have known that the caveat
15            related to a dutiable transaction.
        (4)   If a caveat relates to a transaction that is not a dutiable
              transaction, the registrar may reject the caveat unless when it is
              lodged it is accompanied by a statutory declaration --
                 (a) stating that the transaction is not a dutiable transaction;
20                    and
                (b) setting out why the transaction is not a dutiable
                      transaction (including reference to any relevant
                      provisions of a duties Act).

     279.     Receipt of transaction records in evidence
25      (1)   A transaction record for a dutiable transaction --
               (a) is not available for use in law or equity for any purpose;
                     and
               (b) cannot be presented in evidence in a court exercising
                     civil jurisdiction,
30            unless it is duty endorsed.



                                                                             page 207
     Duties Bill 2007
     Chapter 8        Other general provisions
     Part 2           Enforcement
     s. 280



        (2)     Despite subsection (1), a court may admit in evidence a
                transaction record that is not duty endorsed --
                  (a) where the person that produces the transaction record is
                        the person liable to pay the duty --
 5                         (i) if the transaction record has been transmitted to
                                the Commissioner; or
                          (ii) if the court is satisfied that the transaction record
                                will, after its admission, be transmitted to the
                                Commissioner in accordance with arrangements
10                              approved by the court;
                        or
                  (b) where the person that produces the transaction record is
                        not the person liable to pay the duty --
                           (i) if the name and address of the person so liable
15                              and the transaction record have been transmitted
                                to the Commissioner; or
                          (ii) if the court is satisfied that the name and address
                                of the person so liable and the transaction record
                                will be transmitted to the Commissioner in
20                              accordance with arrangements approved by the
                                court.
        (3)     A court may admit in evidence a duty endorsed duplicate of a
                transaction record for a dutiable transaction.
        (4)     Despite subsection (1), a court may admit in evidence an
25              unexecuted copy of an instrument that effects a dutiable
                transaction or an instrument that evidences a dutiable
                transaction if the court is satisfied that a transaction record for
                the dutiable transaction is duty endorsed.

     280.       Obligations relating to unlodged instruments
30      (1)     This section applies to an instrument that --
                 (a) effects a dutiable transaction; and
                 (b) is not duty endorsed.

     page 208
                                                                    Duties Bill 2007
                                         Other general provisions         Chapter 8
                                                  Miscellaneous               Part 3
                                                                              s. 281



        (2)   If, after the expiry of the time provided under section 23 within
              which an instrument referred to in subsection (1) is to be lodged
              for duty endorsement, a person who is not a party to the dutiable
              transaction effected by the instrument --
 5               (a) has possession or control of the instrument; or
                (b) acts under the instrument,
              that person must, as soon as practicable, lodge the instrument or
              give notice of the instrument to the Commissioner.
              Penalty: a fine of $20 000.
10      (3)   It is a defence to a charge of an offence under subsection (2) to
              prove that the accused person did not know and could not
              reasonably have been expected to have known that --
                 (a) duty is chargeable on the transaction effected by the
                       instrument; or
15               (b) the instrument was not duty endorsed.

                           Part 3 -- Miscellaneous
     281.     Destruction of transaction records and relevant material
        (1)   If a transaction record is in the Commissioner's possession or
              control, the Commissioner may destroy the record if --
20               (a) 6 years have elapsed since the original assessment of the
                       amount of duty payable on the dutiable transaction was
                       made; and
                (b) any amount that remains unpaid under a duties Act on
                       the dutiable transaction has been written off under
25                     the Taxation Administration Act.
        (2)   Subsection (1) also applies to relevant material relating to the
              dutiable transaction.

     282.     Correction of errors
              The Commissioner may, in a case in which the Commissioner
30            considers that the circumstances so require, permit a clerical

                                                                          page 209
     Duties Bill 2007
     Chapter 8        Other general provisions
     Part 3           Miscellaneous
     s. 283



                error in an instrument that effects or evidences a dutiable
                transaction to be corrected before the transaction is duty
                endorsed.
                Note: The following are examples of clerical errors in an instrument that
 5                     effects or evidences a dutiable transaction --

                      •     an accidental misdescription of property;

                      •     an accidental misdescription of a party to the transaction.

     283.       Amounts expressed in foreign currency
                If an amount by reference to which duty has to be calculated is
10              expressed in a currency other than the currency of Australia, the
                amount is the amount expressed in Australian currency
                according to the buy rate of exchange reported by the Reserve
                Bank of Australia and applicable in Australia on --
                   (a) the day on which liability for duty arose; or
15                (b) if the rate is not obtainable for Australia on that day --
                        the last earlier day on which the rate was obtainable for
                        Australia.

     284.       Application of Corporations Act section 1070A(1)(a) limited
                The following matter is declared to be an excluded matter for
20              the purposes of the Corporations Act section 5F in relation to
                the Corporations Act section 1070A(1)(a) -- interests in
                registered schemes.

     285.       Regulations
        (1)     The Governor may make regulations prescribing all matters that
25              a duties Act requires or permits to be prescribed or are
                necessary or convenient to be prescribed to give effect to a
                duties Act.
        (2)     Without limiting subsection (1), regulations may be made in
                relation to the records to be kept for the purposes of a
30              duties Act.



     page 210
                                                                   Duties Bill 2007
                                        Other general provisions         Chapter 8
                                                 Miscellaneous               Part 3
                                                                             s. 286



        (3)   Regulations may create offences and provide, in respect of an
              offence so created, for the imposition of a fine not exceeding
              $5 000.
        (4)   Regulations may be expressed to apply to an instrument that
 5            was executed before the day on which the regulations come into
              operation, or to a transaction that took place before that day, if
              the application of the regulations to the instrument or
              transaction would not adversely affect a person that is or may
              become liable to pay duty on the instrument or in relation to the
10            transaction, or adversely affect a party to the transaction.

     286.     Transitional provisions
              Schedule 3 sets out transitional provisions.




                                                                         page 211
Duties Bill 2007
Schedule 1       When liability for transfer duty on a dutiable transaction arises
                 and the person liable to pay it




    Schedule 1 -- When liability for transfer duty on a
 dutiable transaction arises and the person liable to pay it
                                                                    [s. 19 and 20]

    Column 1          Column 2              Column 3            Column 4
   Provision of        Dutiable          When liability       Person liable to
    section 11       transaction       for transfer duty     pay transfer duty
                                              arises
  s. 11(1)(a)      Transfer            When the             Transferee
                                       property is
                                       transferred
  s. 11(1)(b)      Agreement for       When the             Purchaser or
                   transfer            agreement is         transferee
                                       made
  s. 11(1)(c)      Declaration of      When the             Person making the
                   trust               declaration is       declaration
                                       made
  s. 11(1)(d)(i)  Vesting by           When the vesting     Person in whom the
                  statute law          takes place          property is vested
  s. 11(1)(d)(ii) Vesting by court     When the order is    Person in whom the
                  order                made                 property is vested
  s. 11(1)(e)     Foreclosure of       When the             Mortgagee
                  mortgage             foreclosure order
                                       is made
  s. 11(1)(f)      Acquisition of      The earlier of the   Person that
                   new dutiable        following --          acquires the
                   property            (a) when the         property
                                           property is
                                           acquired; or
                                       (b) if an
                                           instrument
                                           evidences the
                                           acquisition,
                                           when the
                                           instrument is
                                           executed



page 212
                                                                 Duties Bill 2007
When liability for transfer duty on a dutiable transaction arises    Schedule 1
                                  and the person liable to pay it




  Column 1          Column 2             Column 3             Column 4
 Provision of        Dutiable         When liability        Person liable to
  section 11       transaction       for transfer duty     pay transfer duty
                                           arises
s. 11(1)(g)      Surrender of        When the             Person to whom the
                 special dutiable    surrender takes      interest is
                 property            place                surrendered;
                                                          or
                                                          in the case of a
                                                          surrender referred
                                                          to in section 18(f),
                                                          the person to whom
                                                          the mining
                                                          tenement is granted
                                                          in accordance with
                                                          the agreement; or
                                                          in the case of a
                                                          surrender referred
                                                          to in section 18(g),
                                                          the person that paid
                                                          the consideration
                                                          for the surrender
s. 11(1)(h)      A trust             When the interest    Person that is the
                 acquisition or      in the trust is      trustee of the
                 trust surrender     acquired or          discretionary trust
                                     surrendered




                                                                       page 213
Duties Bill 2007
Schedule 1       When liability for transfer duty on a dutiable transaction arises
                 and the person liable to pay it




    Column 1          Column 2              Column 3            Column 4
   Provision of        Dutiable          When liability       Person liable to
    section 11       transaction       for transfer duty     pay transfer duty
                                               arises
  s. 11(1)(i)      A partnership       The earlier of the   Person that
                   acquisition         following --          acquires the
                                       (a) when the         partnership interest
                                           partnership
                                           interest is
                                           acquired; or
                                       (b) if the
                                           acquisition is
                                           evidenced by
                                           an instrument,
                                           when the
                                           instrument is
                                           executed
  s. 11(1)(j)      A farm-in           When the             Person referred to
                   agreement           agreement is         in section 13(1)(b)
                                       made




page 214
                                                             Duties Bill 2007
                                       Rates of transfer duty    Schedule 2

                                                   General rate       Division 1



             Schedule 2 -- Rates of transfer duty
                         Division 1 -- General rate
                                                                  [s. 26 and 184]

    Dutiable value             General rate of duty
    $ 0 -- $80 000              $1.90 per $100.00 or part of $100.00
    $80 001 -- $100 000         $1 520 + $2.85 per $100.00 or part of
                               $100.00 above $80 000
    $100 001 -- $250 000        $2 090 + $3.80 per $100.00 or part of
                               $100.00 above $100 000
    $250 001 -- $500 000        $7 790 + $4.75 per $100.00 or part of
                               $100.00 above $250 000
    $500 001 and upwards       $19 665 + $5.15 per $100.00 or part of
                               $100.00 above $500 000

                   Division 2 -- Concessional rates
5                                           [Chapter 2 Part 6 Divisions 3 and 4]

    Concessional           Dutiable value            Concessional rate of
    transaction                                      duty
    s. 143
    First home owners
       If the property     $0 -- $500 000             Nil
       includes a home     $500 001 -- $600 000       $24.81 per $100.00 or
                                                     part of $100.00 above
                                                     $500 000
     If the property       $0 -- $300 000             Nil
     does not include      $300 001 -- $400 000       $14.91 per $100.00 or
     a home                                          part of $100.00 above
                                                     $300 000




                                                                       page 215
Duties Bill 2007
Schedule 2       Rates of transfer duty

Division 3        Nominal duty



      Concessional           Dutiable value        Concessional rate of
      transaction                                  duty
      s. 147
      Residential or         $0 -- $100 000         $1.50 per $100.00 or
      business property                            part of $100.00
                             $100 001 -- $200 000   $1 500 + $4.39 per
                                                   $100.00 or part of
                                                   $100.00 above
                                                   $100 000

                          Division 3 -- Nominal duty
           The amount of nominal duty is $20.00.




page 216
                                                                        Duties Bill 2007
                                                 Transitional provisions    Schedule 3
                                         Provisions for Duties Act 2007      Division 1
                                                                                     cl. 1



                     Schedule 3 -- Transitional provisions
                                                                                 [s. 286]

                     Division 1 -- Provisions for Duties Act 2007

                               Subdivision 1 -- Preliminary

 5   1.         Terms used in this Division
          (1)   In this Division --
                "relevant acquisition" has the meaning given in sections 163
                      and 164.
          (2)   A reference in this Division to the time when a transaction takes or
10              took place is a reference to the time that --
                  (a)   is applicable under section 19(1); or
                  (b)   would have been applicable under section 19(1) if the
                        transaction had been chargeable with transfer duty.

                        Subdivision 2 -- Provisions for Chapter 2

15   2.         When Chapter 2 starts to apply
                Subject to this Subdivision, Chapter 2 applies in relation to the
                imposition of transfer duty on a transaction only if that transaction
                takes place on or after 1 July 2008.

     3.         No double duty
20              Without limiting Chapter 2 Part 4 Division 6, transfer duty is not
                chargeable on a dutiable transaction for which there is a transaction
                record chargeable with duty under the Stamp Act 1921.

     4.         Alteration of consideration (section 31)
                Section 31(1) and (3) do not apply if the liability to duty is under the
25              Stamp Act 1921.




                                                                                page 217
     Duties Bill 2007
     Schedule 3       Transitional provisions
     Division 1       Provisions for Duties Act 2007
     cl. 5



     5.         Aggregation (section 37)
          (1)   Two or more transactions are to be aggregated and treated as a single
                dutiable transaction under section 37 as long as the last of the
                transactions takes place on or after 1 July 2008.
 5        (2)   For the purposes of section 37(6)(a), the dutiable value of a
                transaction that took place before 1 July 2008 is --
                  (a)    the unencumbered value under the Stamp Act 1921 of the
                         property the subject of the transaction; or
                  (b)    the consideration for the transaction,
10              whichever is greater.
          (3)   If --
                   (a)   a previous dutiable transaction referred to in section 37(7)
                         took place before 1 July 2008; and
                  (b)    duty under the Stamp Act 1921 ("stamp duty") was paid on
15                       an instrument effecting or evidencing the transaction,
                a reference in section 37(7) to duty paid on the transaction is a
                reference to that stamp duty.

     6.         Exchanges (section 40)
                Without limiting clause 2, if any of the dutiable transactions referred
20              to in section 40 took place before 1 July 2008, transfer duty is not
                chargeable on that transaction.

     7.         Exempt bodies (section 92)
                Any body declared to be an exempt body under the Stamp Act 1921
                section 119 is taken to have been declared to be an exempt body
25              under section 92(1).

     8.         Family farm transactions (sections 104 and 105)
          (1)   Without limiting clause 25(1)(d), a reference to an exempt family
                farm transaction in section 104(a) or 105(1) or (4) includes a
                reference to a farming exemption as defined in the Stamp Act 1921
30              section 75HA(1).



     page 218
                                                                        Duties Bill 2007
                                                 Transitional provisions    Schedule 3
                                         Provisions for Duties Act 2007      Division 1
                                                                                     cl. 9



           (2)   The reference in section 105(1)(d) to an event already duty endorsed
                 under section 105 includes a reference to a taxable event referred to in
                 the Stamp Act 1921 section 75HA(2) if --
                   (a) a statement has been lodged under the Stamp Act 1921
 5                       section 75HA(3) in respect of that event; and
                   (b) duty under the Stamp Act 1921 has been paid in respect of
                         that statement.

     9.          Matrimonial and de facto relationship instruments
                 (sections 129, 130)
10         (1)   Despite clause 25(1)(b), section 132 does not apply to an instrument
                 in respect of which duty under the Stamp Act 1921 has been paid
                 unless the liability to duty arose on or after 28 November 2007.
           (2)   In a case mentioned in subclause (1), section 132 applies even if the
                 day on which the instrument became --
15                 (a)   a matrimonial instrument as defined in section 129; or
                   (b)   a de facto relationship instrument as defined in section 130,
                 was before 1 July 2008.

     10.         First home owners (Part 6 Division 3)
           (1)   In determining the meaning of the term "further FHOG concessional
20               transaction" for the purposes of Chapter 2 Part 6 Division 3, the
                 transaction referred to in section 142(2) as the first FHOG
                 concessional transaction can be a transaction evidenced by an
                 instrument (the "earlier instrument") that was --
                   (a)   executed before 1 July 2008 (but not before 1 July 2004); and
25                 (b)   chargeable with duty under the Stamp Act 1921
                         section 75AG.
           (2)   If the first FHOG concessional transaction is a transaction referred to
                 in subclause (1), the rate and thresholds referred to in section 143(2)
                 are those that applied in relation to the earlier instrument under the
30               Stamp Act 1921 section 75AG.




                                                                               page 219
     Duties Bill 2007
     Schedule 3       Transitional provisions
     Division 1       Provisions for Duties Act 2007
     cl. 11



                             Subdivision 3 -- Provisions for Chapter 3
     11.         When Chapter 3 starts to apply
                 Chapter 3 applies in relation to the imposition of landholder duty in
                 respect of a relevant acquisition only if that acquisition occurs on or
 5               after 1 July 2008.
     12.         Acquisitions under an agreement made before 1 July 2008
           (1)   This clause applies to an acquisition of an interest in an entity --
                   (a) that occurs on or after 1 July 2008; but
                   (b)       is made under an agreement, whether conditional or not, that
10                           was entered into before 1 July 2008.
           (2)   Despite section 176, the acquisition is taken to have occurred when
                 the agreement is completed.
     13.         Meaning of "excluded interest" (sections 190 and 192)
           (1)   Despite section 190(1)(a), if the day that is 3 years before the day on
15               which the relevant acquisition occurred is before 1 July 2008,
                 section 190(1) is to be read as if the following paragraph were
                 inserted instead of paragraph (a) --
                         "
                             (a)   an interest, other than one to which
20                                 subsection (2) applies, that was held by the
                                   person or a related person, or by the person and
                                   a related person, before 1 July 2008; or
                                                                                           ".
           (2)   Despite section 192(a), if the day that is 3 years before the day on
25               which the relevant acquisition occurred is before 1 July 2008,
                 section 192 is to be read as if the following paragraph were inserted
                 instead of paragraph (a) --
                         "
                             (a)   an interest that was held by the person or a
30                                 related person, or by the person and a related
                                   person, before 1 July 2008; or
                                                                                           ".



     page 220
                                                                         Duties Bill 2007
                                                  Transitional provisions    Schedule 3
                                          Provisions for Duties Act 2007      Division 1
                                                                                    cl. 14



                         Subdivision 4 -- Provisions for Chapter 4

     14.         Terms used in this Subdivision
                 When this Subdivision uses a term that is used in Chapter 4, the term
                 has the same meaning in this Subdivision as it has in Chapter 4 unless
 5               the contrary intention appears in this Subdivision.

     15.         When Chapter 4 starts to apply
                 Chapter 4 applies to and in relation to --
                   (a)   premiums, or instalments of premiums, paid on or after
                         1 July 2008; and
10                 (b)   return periods commencing on or after 1 July 2008.

     16.         Registration
           (1)   A person that was, immediately before 1 July 2008, a registered
                 insurer under the Stamp Act 1921 Part IIIF is taken to have been
                 registered under section 218 on 1 July 2008.
15         (2)   If, immediately before 1 July 2008, a notice of cancellation of
                 registration issued under the Stamp Act 1921 section 93B had not
                 come into effect, the notice is taken to have been issued under
                 section 222.

                         Subdivision 5 -- Provisions for Chapter 5

20   17.         Terms used in this Subdivision
                 When this Subdivision uses a term that is used in Chapter 5, the term
                 has the same meaning in this Subdivision as it has in Chapter 5 unless
                 the contrary intention appears in this Subdivision.

     18.         When Chapter 5 starts to apply
25         (1)   Chapter 5 applies to and in relation to the grant or transfer of a licence
                 the application for which was made on or after 1 July 2008.
           (2)   Despite subclause (1), section 242(3) does not apply in respect of the
                 grant of a licence if the vehicle was licensed or registered outside of
                 Western Australia before 1 July 2008.



                                                                                 page 221
     Duties Bill 2007
     Schedule 3       Transitional provisions
     Division 1       Provisions for Duties Act 2007
     cl. 19



     19.         Section 228 -- definition of "new vehicle"
                 In section 228, in the definition of "new vehicle" --
                   (a)    the reference to section 246(1) includes a reference to the
                          Stamp Act 1921 section 76D(5)(a) as in force immediately
 5                        before 1 July 2008; and
                   (b)    the reference to section 246(1)(a)(ii) includes a reference to
                          the Stamp Act 1921 section 76D(5)(a)(ii) as in force
                          immediately before 1 July 2008; and
                   (c)    a reference to section 247(1) includes a reference to the
10                        Stamp Act 1921 section 76D(5a)(a) as in force immediately
                          before 1 July 2008.
     20.         Section 239 -- specialised vehicles
           (1)   In section 239(1)(a), the reference to a specialised vehicle includes a
                 reference to an eligible vehicle within the meaning of the Stamp
15               Act 1921 section 76B as in force immediately before section 239
                 comes into operation.
           (2)   In section 239(1)(c), the reference to dutiable value includes a
                 reference to market value within the meaning of the Stamp Act 1921
                 section 76B as in force immediately before 1 July 2008.
20   21.         Section 247 -- approval of philanthropic purposes
                 In section 247(1)(a)(iv), the reference to a philanthropic purpose
                 approved by the Commissioner includes a reference to a philanthropic
                 purpose approved by the Commissioner under the Stamp Act 1921
                 section 76D(5b).
25   22.         Section 250 -- transfer of vehicles: nominal duty
           (1)   If --
                    (a)   the Commissioner has, before 1 July 2008, granted an
                          authorisation under the Stamp Act 1921 section 76C or
                          112UE in respect of the transfer of a licence; and
30                 (b)    the transfer of the licence occurs within the 12 month period
                          beginning on 1 July 2008,
                 then --
                   (c) nominal duty is chargeable under section 250 on the transfer
                        of the licence; and

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                                                                        Duties Bill 2007
                                                 Transitional provisions    Schedule 3
                                         Provisions for Duties Act 2007      Division 1
                                                                                   cl. 23



                   (d)   either --
                            (i) any document evidencing the authorisation may be
                                 treated as a certificate issued by the Commissioner
                                 under section 250(2); or
 5                         (ii) the Commissioner may issue a certificate under
                                 section 250(2) as if satisfied of the matters in
                                 section 250(2).
           (2)   If --
                   (a)   the transfer of a vehicle (within the meaning of that term in
10                       Chapter 2) occurred before 1 July 2008; and
                   (b)   no application for the transfer of a licence for the vehicle was
                         made before 1 July 2008; and
                   (c)   under the Stamp Act 1921 section 76C or 112UE no
                         authorisation was applied for, or, if applied for, the
15                       application was not dealt with, before 1 July 2008,
                 section 250 applies in respect of the transfer of the vehicle despite the
                 transfer having occurred before 1 July 2008.
           (3)   Section 250(6) does not apply to the transfer of the licence for a
                 vehicle that occurred before 28 November 2007.
20         (4)   If the transfer of the licence for a vehicle occurs on or after
                 28 November 2007, section 250(6) applies to the transfer of the
                 licence even if the day on which the instrument referred to in
                 section 250(6)(b) --
                   (a)   came into existence; or
25                 (b)   became a matrimonial instrument or a de facto relationship
                         instrument,
                 was before 1 July 2008.

     23.         Section 252 -- statements made under the Stamp Act 1921
                 section 76H
30               A statement under or for the purposes of the Stamp Act 1921
                 section 76H(1) or (2) has effect as if given under section 252(1) or (3)
                 (whichever is relevant) to the extent to which it relates to the grant or
                 transfer of a licence the application for which was made after
                 1 July 2008.

                                                                                  page 223
     Duties Bill 2007
     Schedule 3       Transitional provisions
     Division 1       Provisions for Duties Act 2007
     cl. 24



                         Subdivision 6 -- Provisions for Chapter 7

     24.         When Chapter 7 starts to apply
                 Chapter 7 applies in relation to a scheme as defined in section 267(1)
                 only if the scheme, or at least one of the steps or transactions by
 5               which it is carried into effect, occurs on or after 1 July 2008.

                                  Subdivision 7 -- General

     25.         Some references to duty include stamp duty
           (1)   In this Act, where appropriate in the context --
                   (a) a reference to a transaction record that has been duty
10                        endorsed includes a reference to an instrument that --
                           (i)    has been, or is taken to have been, endorsed in
                                  accordance with the Stamp Act 1921 section 17C(1);
                                  or
                           (ii)   has been stamped or endorsed under a special tax
15                                return arrangement to indicate the amount of duty
                                  under the Stamp Act 1921 paid or payable under the
                                  arrangement or that duty under that Act was not
                                  payable in respect of the instrument;
                         and
20                 (b)   a reference to a transaction that has been duty endorsed
                         includes a reference to a transaction to which an instrument
                         referred to in paragraph (a) relates; and
                   (c)   a reference to duty paid or payable, or that has become
                         chargeable, includes a reference to duty paid or payable, or
25                       that has become chargeable, under the Stamp Act 1921; and
                   (d)   a reference to a transaction being or having been an exempt
                         transaction, or not chargeable with duty, includes a reference
                         to a transaction the subject of an instrument exempt from, or
                         not chargeable with, duty under the Stamp Act 1921.
30         (2)   Subclauses (1)(a) and (b) do not apply to a reference to "duty
                 endorsed" in section 31(5), 32(1), 33(2), 34(1) or 280.
           (3)   Without limiting subclause (1)(c), if this Act requires another amount
                 of duty to be taken into account in making an assessment or


     page 224
                                                                              Duties Bill 2007
                                                       Transitional provisions    Schedule 3
                                               Provisions for Duties Act 2007      Division 1
                                                                                         cl. 26



                 reassessment of duty, the reference to that other amount includes,
                 where appropriate in the context, a reference to duty paid or payable
                 under the Stamp Act 1921.
     26.         Application of some Chapter 8 provisions
 5         (1)   Sections 272 and 273 and 275 to 282 apply in relation to a dutiable
                 transaction only if that transaction takes place on or after 1 July 2008.
           (2)   Section 274 applies in relation to a dependent transaction only if that
                 transaction takes place on or after 1 July 2008.
     27.         Regulations
10         (1)   Regulations may be made for any of the following --
                   (a) to resolve any doubts as to which of this Act or the Stamp
                         Act 1921 is applicable to an instrument, transaction or matter;
                   (b)         to clarify, vary or add to the provisions of this Division;
                   (c)         to make further amendments of a transitional nature to the
15                             Stamp Act 1921 in addition to those made by the Duties
                               Legislation Amendment Act 2007 Part 2 Division 1;
                   (d)     to facilitate or clarify the continued operation of the Stamp
                           Act 1921 in relation to instruments, transactions or matters to
                           which it applies;
20                 (e)     generally to ensure that duty on an instrument, transaction or
                           matter is imposed correctly and appropriately under this Act
                           or the Stamp Act 1921, but not under both Acts.
           (2)   Regulations referred to in subclause (1) have effect despite any
                 inconsistency with a taxation Act.
25         (3)   For the purposes of the Interpretation Act 1984 section 41(1)(b) the
                 day specified in regulations referred to in subclause (1) may be
                 1 July 2008 or any later day.
     28.         References to the Stamp Act 1921
           (1)   In this clause --
30               "Stamp Act reference" means a reference to the Stamp Act 1921
                     in --
                         (a)      a written law other than this Act, the Stamp Act 1921 or
                                  the Taxation Administration Act; or


                                                                                      page 225
     Duties Bill 2007
     Schedule 3       Transitional provisions
     Division 2       Provisions for Duties Legislation Amendment Act 2007 Part 2
                      Division 2 Subdivision 2
     cl. 29


                          (b)      an agreement, contract, determination, order or other
                                   document.
           (2)   A Stamp Act reference is to be read as being or including a reference
                 to this Act if it would be appropriate in the context to do so.

 5    Division 2 -- Provisions for Duties Legislation Amendment Act 2007
                       Part 2 Division 2 Subdivision 2

     29.         Vehicle licence duty rate change
           (1)   Section 236, as amended by the Duties Legislation Amendment
                 Act 2007 Part 2 Division 2 Subdivision 2, applies to and in relation to
10               the grant or transfer of a licence the application for which was made
                 on or after 1 January 2009.
           (2)   If --
                    (a)         the application for the grant or transfer of a licence for a
                                vehicle that is not a heavy vehicle is made before
15                              1 January 2009; or
                   (b)          under section 251, the amount of duty payable in respect of
                                the grant or transfer of such a licence is assessed before
                                1 January 2009,
                 this Act applies to and in relation to the grant or transfer of the licence
20               as if the Duties Legislation Amendment Act 2007 Part 2 Division 2
                 Subdivision 2 had not come into operation.
           (3)   When this clause uses a term that is used in Chapter 5, the term has
                 the same meaning in this clause as it has in Chapter 5.

      Division 3 -- Provisions for Duties Legislation Amendment Act 2007
25                     Part 2 Division 2 Subdivision 3

     30.         Residential property and business property and assets
           (1)   A provision of this Act as enacted before being amended or repealed
                 by the Duties Legislation Amendment Act 2007 Part 2 Division 2
                 Subdivision 3 continues to apply in respect of a transaction that takes
30               place before 1 July 2010.




     page 226
                                                                 Duties Bill 2007
                                          Transitional provisions    Schedule 3
    Provisions for Duties Legislation Amendment Act 2007 Part 2       Division 3
                                         Division 2 Subdivision 3
                                                                            cl. 30


     (2)   A reference in this section to the time when a transaction takes place
           is a reference to the time that --
             (a)   is applicable under section 19(1); or
             (b)   would have been applicable under section 19(1) if the
5                  transaction had been chargeable with transfer duty.




                                                                         page 227
Duties Bill 2007



Defined Terms



                                             Defined Terms
            [This is a list of terms defined and the provisions where they are defined.
                                   The list is not part of the law.]
      Defined Term                                                                                               Provision(s)
      A .................................................................................................................... 44(2)
      accident insurance.............................................................................................206
      acquirer ................................................................................................ 171(2), 175
      acquisition.........................................................................................................165
      acquisition statement.........................................................................................199
      additional insurance ..................................................................................... 210(2)
      affected entity .............................................................................................. 259(1)
      agreement by instalments............................................................................... 33(1)
      authorised trustee corporation.............................................................................63
      B..................................................................................................................... 44(2)
      bankruptcy trustee........................................................................................ 108(1)
      beneficiary ..................................................................................................... 43(4)
      business asset ......................................................................................................79
      business identity..................................................................................................79
      business licence...................................................................................... 79, 277(1)
      C..................................................................................................................... 49(1)
      call option ......................................................................................... 44(1), 177(1)
      cancelled transaction.................................................................................... 107(1)
      caravan ..............................................................................................................228
      caveat ........................................................................................................... 278(1)
      charitable organisation ......................................................................................228
      chattel....................................................................................................................3
      child ............................................................................................................. 128(1)
      chosen entity ................................................................................................ 125(2)
      circuit layout right...............................................................................................79
      commodities........................................................................................................79
      Commonwealth Act ..........................................................................................121
      company A..................................................................................................... 12(3)
      company B ..................................................................................................... 12(3)
      company C ..................................................................................................... 12(4)
      complying approved deposit fund.....................................................................121
      complying superannuation fund........................................................................121
      concessional rate ...................................................................................................9
      concessional transaction............................................................................... 147(1)
      conditional agreement...........................................................................................9
      consideration........................................................................................ 3, 9, 135(3)
      contingent consideration ................................................................................ 32(1)
      continuing proprietor or proprietors.................................................. 45(1), 178(3)
      contract of insurance .................................................................................206, 208


page 228
                                                                                                 Duties Bill 2007



                                                                                                  Defined Terms



controlling entity.......................................................................................... 264(1)
corporate consolidation................................................................................ 259(1)
corporate trustee....................................................................................................3
corporation ............................................................................................... 3, 171(1)
Corporations Act...................................................................................................3
corresponding State law....................................................................................228
court ......................................................................................................................3
de facto partner of 2 years.....................................................................................9
de facto partners of 2 years ...................................................................................9
de facto relationship.......................................................................... 62(2), 128(1)
de facto relationship instrument................................................................... 128(1)
de facto relationship property ...................................................................... 128(1)
dealer.................................................................................................................228
declaration of trust ................................................................................................9
dependent transaction................................................................................... 274(1)
director..................................................................................................................3
Director General ...............................................................................................228
discretionary trust .................................................................................................3
disposition.......................................................................................................9, 63
distributed value........................................................................................... 194(4)
distribution ................................................................................................... 139(1)
dormant corporation....................................................................................... 42(6)
duplicate................................................................................................................3
dutiable property .......................................................................................3, 15, 70
dutiable transaction .................................................................................... 3, 11(1)
dutiable transactions....................................................................................... 11(2)
dutiable value................................................................................................9, 231
duties Act ..............................................................................................................3
duty .............................................................................. 3, 9, 148, 206, 228, 273(1)
duty endorsed..................................................................3, 272(1), 272(2), 272(3)
earlier acquisition......................................................................................... 190(2)
earlier instrument .......................................................................... Sch. 3, cl. 10(1)
eligible rollover fund.........................................................................................121
entitled ..................................................................................................................3
entitlement value.......................................................................................... 194(4)
entity ....................................................................................9, 102(3), 148, 257(1)
exempt body..........................................................................................................3
exempt family farm transaction ..................................................................... 99(1)
exempt transaction ................................................................................................9
exemption .................................................................................................... 257(1)
exemption application.................................................................................. 262(1)
exploration amount ...............................................................................................9
family........................................................................................................... 257(1)
Family Court Act ..................................................................................................9
Family Law Act ........................................................................................... 128(1)

                                                                                                             page 229
Duties Bill 2007



Defined Terms



      family member ............................................................................................... 99(1)
      farm-in agreement.................................................................................................9
      farming land ................................................................................................... 99(1)
      farming land conditional agreement .....................................................................9
      farming property ............................................................................................ 99(1)
      FHOG Act.................................................................................................... 141(1)
      FHOG concessional transaction................................................................... 141(1)
      financial services licensee.................................................................................206
      first acquisition ............................................................................................ 174(1)
      first agreement ............................................................................................... 42(8)
      first business .................................................................................................. 81(5)
      first dutiable transaction..........................................................................35, 47, 51
      first FHOG concessional transaction .............................................. 141(1), 142(2)
      first transaction .................................................................................................104
      flag lifting agreement................................................................................... 128(1)
      foreign tax .................................................................................................... 268(1)
      franchise arrangement.........................................................................................79
      franchisee ............................................................................................................79
      franchisor ............................................................................................................79
      further FHOG concessional transaction ....................................................... 141(1)
      general conditional agreement ..............................................................................9
      general insurance ..............................................................................................206
      General insurance ........................................................................... 209(1), 209(2)
      general insurer...........................................................................................206, 214
      general rate............................................................................................................3
      grant ..................................................................................................................228
      GST.......................................................................................................................3
      head entity.................................................................................................... 259(1)
      heavy vehicle ....................................................................................................228
      insured person .............................................................................................. 223(1)
      insurer ...............................................................................................................206
      intellectual property ............................................................................................79
      interest...............................................................................................................148
      interest in a discretionary trust ..............................................................................9
      intermediary ......................................................................................................206
      interstate duty....................................................................................................206
      intervening transactions ................................................................................. 42(8)
      land ...............................................................................................................3, 148
      landholder .........................................................................................................148
      landholder duty .....................................................................................................3
      licence ..................................................................................... 228, 230(2), 230(3)
      life insurance.....................................................................................................206
      linked entity ......................................................................................... 148, 156(2)
      listed corporation ..............................................................................................148
      listed landholder................................................................................................148

page 230
                                                                                                 Duties Bill 2007



                                                                                                   Defined Terms



listed unit trust scheme......................................................................................148
local government...................................................................................................3
lodge .....................................................................................................................3
lot ........................................................................................................................96
main entity ................................................................................................... 156(1)
major holder................................................................................................. 264(1)
majority shareholder .............................................................................................3
managed investment scheme.................................................................................9
matrimonial instrument................................................................................ 128(1)
matrimonial property ................................................................................... 128(1)
merging corporations .......................................................................... 12(4), 12(5)
mining tenement ...................................................................................................3
mining tenement conditional agreement ...............................................................9
motor vehicle ....................................................................................................228
new dutiable property ..................................................................... 9, 17(1), 17(2)
new record ................................................................................................... 273(3)
new transaction .............................................................................................. 25(2)
new trustee ................................................................................................... 119(1)
new vehicle .......................................................................................................228
nominal duty .........................................................................................................3
notifiable event ...................................................................264(1), 264(2), 264(3)
offshore risk insurance......................................................................................206
off-the-plan conditional agreement .......................................................................9
old partnership ............................................................................................... 77(4)
old public unit trust ...................................................................................... 119(1)
option property............................................................................................... 44(1)
optional feature .................................................................................................231
order......................................................................................................................3
original agreement ......................................................................................... 25(2)
original equipment ....................................................................................... 239(2)
original transfer............................................................................................ 120(1)
parent entity ................................................................................................. 257(1)
partially exempt acquisition ......................................................................... 172(2)
partnership ............................................................................................................3
partnership acquisition ..........................................................................................9
partnership interest................................................................................................9
person........................................................................................................... 154(1)
person liable to pay duty .......................................................................................9
plant breeder right ...............................................................................................79
pooled superannuation trust ..............................................................................121
premium ....................................................................................................206, 211
prescribed..............................................................................................................3
prescribed financial market...................................................................................3
pre-section 270 decision request .................................................................. 269(1)
pre-transaction decision request................................................................... 261(1)

                                                                                                              page 231
Duties Bill 2007



Defined Terms



      primary production ...............................................................................................3
      property........................................................................................................ 122(2)
      proprietor ....................................................................................................... 45(2)
      proprietor of a business................................................................................ 178(1)
      public authority .....................................................................................................3
      purchase price ...................................................................................................231
      put option .......................................................................................... 44(1), 177(1)
      registered insurer...............................................................................................206
      registered scheme..................................................................................................3
      registrar ........................................................................................... 276(2), 278(1)
      related corporation ................................................................................................3
      related person................................................................................. 79, 161, 201(1)
      related transaction ........................................................................................ 274(1)
      relevant acquisition ................................................. 148, 163, 164, Sch. 3, cl. 1(1)
      relevant consolidation transaction.......................... 257(1), 259(2), 259(3), 259(4)
      relevant entity .............................................................................................. 126(1)
      relevant interest............................................................................................ 177(1)
      relevant period ......................................................... 29(3), 193(1), 194(6), 201(2)
      relevant person ............................................................................................. 154(2)
      relevant reconstruction transaction ............257(1), 260(1), 260(2), 260(3), 260(4)
      relevant transaction ...................................................................................... 257(1)
      relevant transfer ........................................................................................... 125(1)
      replacement transaction ............................................................................... 107(1)
      representative ....................................................................................................206
      required duty ................................................................................................ 273(1)
      residence .............................................................................................................96
      responsible entity ......................................................................................... 119(1)
      responsible person........................................................................................ 264(1)
      restraint of trade arrangement .............................................................................79
      retiring partner ............................................................................................... 78(1)
      right.......................................................................................................................9
      Road Traffic Act ...............................................................................................228
      scheme ......................................................................................................... 267(1)
      scheme property....................................................................................................9
      second dutiable transaction .....................................................................35, 47, 51
      section 270 decision..................................................................................... 269(1)
      security......................................................................................................... 257(1)
      security holder.............................................................................................. 259(4)
      security interest .....................................................................................................3
      share................................................................................................................3, 63
      significant interest.............................................................................................161
      simultaneous put and call option.............................................................. 9, 177(1)
      special dutiable property .................................................................................9, 18
      specialised equipment .......................................................................................231
      specialised vehicle ............................................................................................231

page 232
                                                                                                Duties Bill 2007



                                                                                                  Defined Terms



splitting agreement....................................................................................... 128(1)
Stamp Act reference...................................................................... Sch. 3, cl. 28(1)
stamp duty....................................................................................... Sch. 3, cl. 5(3)
subdivision conditional agreement........................................................................9
subsale transaction ....................................................................................... 107(1)
subsequent transaction ......................................................................................104
subsidiary ..................................................................................................... 257(1)
superannuation agreement ........................................................................... 128(1)
superannuation fund................................................................ 121, 125(1), 128(1)
superannuation interest ................................................................................ 128(1)
supply....................................................................................................................3
surplus property ................................................................................................148
surrender ...............................................................................................................9
taker in default ......................................................................................................9
tax avoidance scheme .................................................................................. 268(2)
Taxation Administration Act ................................................................................3
terminated on relevant grounds.............................................................................9
trailer.................................................................................................................228
transaction.............................................................................................................3
transaction group.......................................................................................... 257(1)
transaction record..................................................................................................3
transfer ..................................................................................................................9
transfer duty ..........................................................................................................3
transfer duty statement..........................................................................................3
transferee........................................................................................... 99(1), 141(1)
transferor...............................................................................99(1), 122(1), 173(1)
transfers.......................................................................................................... 42(8)
trust acquisition.....................................................................................................9
trust surrender .......................................................................................................9
trustee.............................................................................................. 118(1), 122(1)
unconditional ........................................................................................................9
unencumbered value .......................................................................... 9, 36(1), 148
unlisted corporation ............................................................................................63
vehicle.................................................................................................. 228, 230(1)
vehicle licence duty...............................................................................................3
vehicle A...................................................................................................... 239(1)
vehicle B ...................................................................................................... 239(1)
Western Australian business ...........................................................................9, 79
Western Australian business asset ..................................................................9, 79
wound up ..............................................................................................................3




 


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