Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 65

65 .         How ad valorem duty to be calculated in respect of securities and periodical payments

        (1)         When the consideration or any part of the consideration for a conveyance on sale consists of money payable periodically —

            (a)         for a definite period so that the total amount to be paid can be ascertained prior to the commencement of that period;

            (b)         in perpetuity or for any indefinite period not terminable with life; or

            (c)         during any life or lives,

                the conveyance on sale is to be charged with ad valorem duty on the value of the ascertainable consideration or on the value of the property concerned, whichever is the greater.

        (2)         Notwithstanding anything in subsection (1), a conveyance on sale chargeable with ad valorem duty in respect of, and containing provision for securing, any periodical payments is not to be charged with any duty whatsoever in respect of that provision.

        [Section 65 inserted by No. 37 of 1979 s. 42; amended by No. 2 of 2003 s. 40.]