Western Australian Consolidated Acts Western Australian Consolidated Acts (1) When any property
or estate or interest therein ( the property ) is agreed to be conveyed or
transferred to any person —
(a)
wholly or partly in consideration of the making by that person of 2 or more
payments at intervals specified in that agreement; and
(b)
subject to the right of that person to determine that agreement at any time on
making such of the payments referred to in paragraph (a) as may have
become due and payable under that agreement at the time of that determination,
that agreement is
chargeable with duty as a conveyance or transfer of the property and the
consideration for that agreement shall be deemed to be an amount equal to the
sum of both or all, as the case may be, of the payments referred to in
paragraph (a).
(2) The person to whom
property is to be conveyed or transferred under an agreement referred to in
subsection (1) is liable to pay the duty with which the agreement is
chargeable.
(3) When, after ad
valorem duty has been duly paid in conformity with subsection (1), the
Commissioner is satisfied that the person referred to in that
subsection ( the determiner ) determined the agreement concerned before
the final payment had become due and payable under that agreement, the amount
of duty payable on the agreement is reduced to the amount of duty that would
have been payable if the consideration had been equal to the amount of the
payment or payments paid or due and payable by the determiner when the
determination was made.
(4) Subject to
section 17 of the Taxation Administration Act 2003 , the
Commissioner must make any reassessment necessary to give effect to this
section.
(5) For the purposes
of subsection (4), section 17 of the Taxation Administration
Act 2003 applies as if the original assessment had been made when the
determination was made.
[Section 73B inserted by No. 37 of 1979
s. 49; amended by No. 81 of 1984 s. 18; No. 2 of 2003
s. 52.]