Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The amount of duty
payable on an instrument is reduced by the amount of the full duty payable in
respect of a matter included in the instrument if the Commissioner is
satisfied that —
(a) the
matter has not been, and will not be, carried into effect;
(b) the
taxpayer has not received, and will not receive, a benefit in respect of the
matter; and
(c) the
reason the matter was not, and will not be, carried into effect is not merely
to enable a replacement transaction to be entered into.
(2) The amount of duty
payable on an instrument is reduced in accordance with subsection (3) if
the Commissioner is satisfied that —
(a) a
matter included in an instrument has not been, and will not be, carried into
effect;
(b) the
taxpayer has received, or will receive, a benefit in respect of the matter;
(c) the
value of the benefit is less than the full duty payable in respect of the
matter; and
(d) the
reason the matter was not, and will not be, carried into effect is not merely
to enable a replacement transaction to be entered into.
(3) The amount of duty
payable on the instrument is reduced by the amount of the difference between
the value of the benefit referred to in subsection (2)(b) and the amount
of the full duty payable in respect of the matter.
(4) A taxpayer
receives a benefit in respect of a matter included in an instrument if, as a
result of the matter not being carried into effect, an amount of money, or a
right, property or service, is received —
(a) by
the taxpayer; or
(b) with
the consent, or at the direction of, the taxpayer, by an independent person.
(5) A taxpayer
receives a benefit in respect of a matter contained in an instrument
chargeable as a conveyance or transfer of property if —
(a) the
instrument provides for or contemplates the conveyance or transfer of the
property to an independent person;
(b)
under an agreement, arrangement or understanding between the taxpayer and
another party, the property has been or is to be conveyed or transferred to
that other party or to another person; or
(c) the
taxpayer obtains exclusive use or control of the property under a term
contract (however described), whether or not the contract is for any reason
not fully carried into effect.
(6) Where a taxpayer
receives a benefit of the kind described in subsection (5) the value of
the benefit is the amount of the full duty payable in respect of the matter.
(7) For the purpose of
calculating the value of a benefit received by a taxpayer in respect of a
matter (other than a benefit of the kind described in subsection (5)), an
amount equal to the amount (if any) required to restore the taxpayer to the
position the taxpayer would have been in if the matter had not been included
in the instrument, is not to be taken into account.
(8) Subject to
section 17 of the Taxation Administration Act 2003 , the
Commissioner must make any reassessment necessary to give effect to this
section.
(9) In this
section —
full duty , in relation to a matter, means the
amount of duty that would, but for this section, be payable in respect of the
matter;
independent person , in relation to a matter,
means a person who is not a party to the instrument that includes the matter;
party , in relation to a matter, means a person
who is a party to the instrument that includes the matter;
replacement transaction , in relation to a matter,
means a transaction between the taxpayer and an independent person that is
substantially similar in effect to the transaction that was to have been
effected by the instrument that includes the matter.
[Section 20 inserted by No. 2 of 2003
s. 12.]
[ 21. Deleted by No. 2 of 2003 s. 12.]
[ 22. Deleted by No. 37 of 1979 s. 18.]
[ 23. Deleted by No. 2 of 2003 s. 12.]
[ 24, 25. Deleted by No. 37 of 1979
s. 20.]