Western Australian Consolidated Acts Western Australian Consolidated Acts (1) A unit trustee may
apply to the Commissioner in an approved form for registration of a unit trust
scheme as a provisional public trust if the application is made before the end
of the start up period.
(2) The Commissioner
may register the unit trust scheme as a provisional public trust for the start
up period if satisfied that —
(a) it
is intended that, by the end of the start up period, the unit trust scheme
will no longer be a private unit trust scheme within the meaning in
section 63(2); and
(b)
registration is not being used and is not likely to be used as part of a
scheme or arrangement with the collateral purpose of avoiding or reducing the
duty that otherwise would be or might become payable on the conveyance or
transfer of trust property.
(3) For the purpose of
being satisfied as to a matter referred to in subsection (2)(b), the
Commissioner may take into account any matter that the Commissioner considers
to be relevant.
(4) The
Commissioner —
(a) must
advise the unit trustee as to whether or not the Commissioner has registered
the unit trust scheme as a provisional public trust; and
(b) if
the Commissioner decides not to register a unit trust scheme as a provisional
public trust, must give the unit trustee reasons for that decision.
(5) Subject to
section 17 of the Taxation Administration Act 2003 , if the
Commissioner registers a unit trust scheme as a provisional public trust, then
the Commissioner must make any reassessment necessary to give effect to that
registration.
(6) If the
Commissioner decides not to register a unit trust scheme as a provisional
public trust, the unit trustee may challenge the validity or correctness of
that decision in accordance with Part 4 of the Taxation
Administration Act 2003 as if the unit trustee were a taxpayer and the
decision were a decision affecting the trustee’s liability to pay duty.
[Section 63ADA inserted by No. 66 of
2003 s. 22.]