Western Australian Current Acts

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DUTIES ACT 2008 - SECT 52

52 .         Assigned call option not exercised or further assigned, consequences of

        (1)         If, in relation to an assignment of a call option taken to be an 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

                  (ii)         are rescinded or cancelled by agreement, or either is rescinded or cancelled and the other expires without being exercised;

                and

            (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 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17 applies as if the original assessment had been when the call option and the put option had both expired or were rescinded or cancelled.



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