Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Private
residential property ( property A ) is exempt for an assessment year
if —
(a) at
midnight on 30 June in the previous financial year, the owner owned
property A and another private residential property ( property B ); and
(b)
property B is exempt for the assessment year because of its use by an
individual at midnight on 30 June in the previous financial year as the
individual’s primary residence; and
(c)
property A would have been exempt for the assessment year if, at midnight on
30 June in the previous financial year, the individual had used property
A as the individual’s private residence instead of property B; and
(d) the
property the owner acquired second was acquired in the previous financial
year; and
(e) the
individual used property A as the individual’s primary
residence —
(i)
in the previous financial year before using property B
for that purpose; or
(ii)
in the assessment year after using property B for that
purpose;
and
(f)
during the assessment year, the owner —
(i)
sold or otherwise disposed of the property the owner
acquired first; and
(ii)
delivered possession of that property to the new owner.
(2) However, property
A is not exempt if, while the owner owned both properties, the owner or any
other person derived income from the property that was not being used as the
individual’s primary residence.
(3) The owner must
notify the Commissioner in the approved form of when the disposal and delivery
of possession of the property acquired first occurs.
(4) The Commissioner
is to make any reassessment necessary to give effect to this section.
[Section 27 inserted by No. 31 of 2006
s. 23.]