Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 75AE

75AE .         Concessional rates for certain residential or business property

        (1)         A conveyance or transfer of residential property or business property is chargeable with duty under item 4(5) of the Second Schedule if —

            (a)         duty on the conveyance or transfer would, but for this section, be chargeable under item 4(1) of the Second Schedule;

            (b)         the value of the property does not exceed $200 000; and

            (c)         the property is conveyed or transferred to —

                  (i)         one person who is an eligible purchaser;

                  (ii)         in the case of business property — 2 or more purchasers all of whom are eligible purchasers; or

                  (iii)         in the case of residential property — 2 or more purchasers —

                        (I)         at least one of whom is an eligible purchaser; and

        (II)         all of whom are either eligible purchasers or government bodies.

        (2)         Subject to section 17 of the Taxation Administration Act 2003 , the Commissioner must make any reassessment necessary to give effect to this section.

        (3)         In this section —

        business property means property that is or includes a business undertaking;

        eligible purchaser , in relation to a business property, means a person who —

            (a)         is not a government body;

            (b)         after purchasing the property will carry on the business undertaking that is or is part of the property; and

            (c)         intends to carry on that business for an indefinite period;

        eligible purchaser , in relation to a residential property, means —

            (a)         an individual who —

                  (i)         occupies, or after purchasing the property will occupy, the dwellinghouse on the property as his or her principal place of residence;

                  (ii)         intends to so occupy the dwellinghouse for an indefinite period; and

                  (iii)         is not acquiring, and does not intend to hold, the property as agent, trustee or otherwise on behalf of another person;

                or

            (b)         a trustee who is acquiring, and intends to hold, the property in trust for one or more disabled beneficiaries, if at least one disabled beneficiary of the trust uses, or after the property is purchased will use, the property as his or her principal place of residence;

        residential property means property that includes a dwellinghouse.

        (4)         In paragraph (b) of the definition of “eligible purchaser”, as defined in relation to residential property —

        disabled beneficiary has the meaning given to that term in clause 1 of the Glossary at the end of the Land Tax Assessment Act 2002 ;

        trustee has the meaning given to that term in clause 1 of the Glossary at the end of the Land Tax Assessment Act 2002 .

        (5)         In the case of the definition of “trustee”, subsection (4) has effect despite section 63.

        [Section 75AE inserted by No. 2 of 2003 s. 64; amended by No. 12 of 2004 s. 26; No. 11 of 2005 s. 9.]