Western Australian Consolidated Acts Western Australian Consolidated Acts (1) For the purposes
of section 73DC, a person acquires a majority interest in a registered
unit trust scheme if a disposition of a unit in the scheme results in the
person, or the person and a related person, acquiring an interest in the
scheme (the relevant interest ) such that having acquired —
(a) the
relevant interest itself; or
(b) the
relevant interest when taken with each interest in the scheme
that —
(i)
is held by the person or by a related person immediately
before the relevant interest was acquired; and
(ii)
was acquired within 3 years before the relevant
interest was acquired (whether or not the scheme was a registered unit trust
scheme at the time of the acquisition),
the person, or the
person and the related person, would be beneficially entitled, if the property
of the scheme were to be distributed, to participate in a distribution of the
property of the scheme to an extent of 50% or more of the value of the
distributable property.
(2) The acquisition of
the relevant interest or another interest referred to in paragraph (b) of
subsection (1) is to be taken into account for the purposes of that
subsection only if, at the time of the acquisition, the property of the
registered unit trust scheme included land (as defined in section 76)
situated in Western Australia.
(3) If on the first
day on which a unit trust scheme is registered under section 63AA(2) a
majority interest is held in the scheme, an interest acquired in the scheme as
a result of one or more dispositions made during a period that the scheme was
granted interim registration under section 63AC(2) is taken to have been
acquired as a result of a disposition made on that day.
(4) For the purposes
of section 73DC, a person acquires a further interest in a registered
unit trust scheme if —
(a) the
person holds, or the person and a related person hold, a majority interest in
the scheme;
(b) the
acquisition of that majority interest gave rise to a liability for duty under
section 73D because of section 73DC; and
(c) a
disposition of a unit in the scheme results in the person acquiring, or the
person and a related person acquiring, an interest in the scheme such that
having acquired that interest the person, or the person and the related
person, would be beneficially entitled, if the property of the scheme were
distributed, to participate further in a distribution of the property of the
scheme.
(5) For the purposes
of this section, if —
(a) the
registration of a unit trust scheme is cancelled under section 63AD; and
(b) a
disposition of a unit in the scheme (the relevant disposition ) is made within
12 months after that registration is cancelled,
the scheme is to be
treated as if it is still a registered unit trust scheme when the relevant
disposition is made.
(6)
Subsection (5) does not apply if the Commissioner is satisfied that the
relevant disposition is not made with the collateral purpose of avoiding or
reducing the duty that otherwise would be or might become payable if the
registration of the unit trust scheme had not been cancelled.
(7) For the purpose of
being satisfied as to a matter referred to in subsection (6), the
Commissioner may take into account any matter that the Commissioner considers
to be relevant.
(8) For the purposes
of this section, a reference to the entitlement to participate in a
distribution of the property of a unit trust scheme is a reference to that
entitlement otherwise than as a creditor or other person to whom the scheme is
liable, and a reference to distributable property is a reference to property
distributable to persons otherwise than as creditors or other persons to whom
the scheme is liable.
(9) For the purposes
of this section, the entitlement of a person on the distribution of the
property of a unit trust scheme is to be determined as the greatest
entitlement that the person could derive at any time from the scheme whether
by the fulfilment of any condition, the outcome of any contingency or the
exercise of any power or discretion or otherwise, and in particular a person
that may benefit from a discretionary trust is to be deemed to be entitled
to —
(a) the
property subject to the discretionary trust, unless the Commissioner
determines otherwise; or
(b) such
part of that property as the Commissioner determines.
[Section 73DD inserted by No. 66 of 2003
s. 33.]