Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Where an
instrument confers on any person the right of an option to purchase any
property or an estate or interest in property and provides for the renewal of
that right on such occasion or occasions as is or are specified therein the
instrument is chargeable with ad valorem duty on the sum of the amounts paid
by way of consideration for the right of the option and the amount or amounts,
as the case may be, payable for the renewal or renewals of the option.
(2) The person on whom
the right of the option is conferred by an instrument referred to in
subsection (1) is liable to pay the duty with which it is chargeable.
(3) When, after ad
valorem duty has been duly paid in conformity with subsection (1), the
Commissioner is satisfied that the person on whom the right of the option was
conferred by the instrument —
(a)
exercised the option; or
(b)
failed to renew the right of option,
before the occurrence
of the final occasion referred to in the instrument the amount of duty payable
on the instrument is reduced to the amount of duty that would have been
payable if the consideration had been equal to the amount paid or payable in
respect of any occasion or occasions referred to in the instrument that have
occurred before the person exercised the option or failed to renew the right
of option.
(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
person exercised the option or failed to renew the right of option.
[Section 73C inserted by No. 93 of 1982
s. 5; amended by No. 81 of 1984 s. 19; No. 2 of 2003
s. 53.]