Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 112LD

112LD .         Annual reconciliation

        (1)         If the sum of all assessable amounts of a registered commercial hire business in a financial year does not exceed the annual duty-free threshold, the commercial hire business is entitled to a refund or rebate of all duty paid or payable in respect of those assessable amounts.

        (2)         If —

            (a)         the sum of all assessable amounts of a registered commercial hire business in a financial year exceeds the annual duty-free threshold;

            (b)         the assessable amount for one or more return periods of the commercial hire business in the year consists of or includes an amount of hiring charges attributable to ordinary hiring arrangements (an attributable amount ); and

            (c)         the sum of all attributable amounts in the year does not exceed the annual duty-free threshold,

                the commercial hire business is entitled to a refund or rebate of all duty paid or payable in respect of the attributable amounts.

        (3)         If —

            (a)         the sum of all assessable amounts of a registered commercial hire business in a financial year exceeds the annual duty-free threshold;

            (b)         the assessable amount for one or more return periods of the commercial hire business in the year consists of or includes an amount of hiring charges attributable to ordinary hiring arrangements (an attributable amount );

            (c)         the sum of all attributable amounts of the year exceeds the annual duty-free threshold; and

            (d)         the sum of the amounts of duty paid by the commercial hire business in respect of the attributable amounts in the financial year exceeds 1.5% of the dutiable amount,

                then the commercial hire business is entitled to a rebate equal to the difference between the total amount of duty paid in respect of the attributable amounts and 1.5% of the dutiable amount.

        (4)         In subsection (3)(d) —

        dutiable amount means the amount by which the sum of the attributable amounts in the financial year exceeds the annual duty-free threshold for the financial year.

        (5)         If a commercial hire business is registered for a part of a financial year, then, in applying subsection (1), (2) or (3), the annual duty-free threshold for the commercial hire business is reduced as follows —

        (6)         Subject to section 17(4) of the Taxation Administration Act 2003 , the Commissioner must make any assessment necessary to give effect to this section.

        [Section 112LD inserted by No. 66 of 2003 s. 85.]

        [Heading inserted by No. 66 of 2003 s. 85.]