Western Australian Consolidated Acts

FIRST HOME OWNER GRANT ACT 2000 - SECT 14AE

14AE .         Term used: unencumbered value

        (1)         The unencumbered value of property is the value of the property determined without regard to —

            (a)         any encumbrance to which the property is subject, whether contingently or otherwise; or

            (b)         any arrangement —

                  (i)         the parties to which are not dealing with each other at arm’s length; and

                  (ii)         that results in the reduction of the value of the property;

                or

            (c)         any scheme or arrangement for which a significant purpose of any party to the scheme or arrangement was, in the opinion of the Commissioner, the reduction of the value of the property; or

            (d)         where the property is held by a person on trust as guardian for another person who is under a legal disability — the liabilities of the trust, including the liability to indemnify the trustee.

        (2)         For the purposes of subsection (1)(c), the Commissioner may have regard to —

            (a)         the duration of the scheme or arrangement before the commencement date of the transaction to which the property relates; and

            (b)         whether there is any commercial efficacy to the making of the scheme or arrangement other than to reduce the value of the property; and

            (c)         any other matters the Commissioner considers relevant.

        [Section 14AE inserted by No. 27 of 2009 s. 10.]

        [Heading inserted by No. 14 of 2001 s. 5.]