Western Australian Current Acts

DUTIES ACT 2008 - SECT 32

32 .         Contingent consideration not paid, consequences of

        (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 —

            (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 —

                  (i)         the event cannot happen in the future; or

                  (ii)         the time specified for the happening of the event in an instrument effecting or evidencing the agreement has passed or expired;

                and

            (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.

        (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.