Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 112UE

112UE .         Duty on certain instruments for the purpose of managed investment schemes

        (1)         In this section —

        old public unit trust means an undertaking, together with the prescribed interests to which it relates and the trustee or representative and the management company in relation to those interests, to which Division 11 (sections 1451 to 1465) of Part 11.2 of the Corporations Law applied by reason of section 1452 of that Law.

        (2)         Upon application the Commissioner may authorise duty at the rate specified in item 6 of the Second Schedule to be charged on —

            (a)         a conveyance or transfer;

            (b)         a deed of settlement or deed of gift; or

            (c)         the transfer of a licence for a vehicle,

                in respect of which ad valorem duty would otherwise be payable if the Commissioner is satisfied that it is one to which subsection (4) applies.

        (3)         Upon application the Commissioner may authorise duty at the rate specified in item 6 of the Second Schedule to be charged on an instrument in respect of which ad valorem duty would otherwise be payable, other than one referred to in subsection (2), if the Commissioner is satisfied that —

            (a)         the instrument is one to which subsection (4) applies;

            (b)         the instrument replaces another instrument; and

            (c)         the terms and conditions of the instrument are the same as the instrument it replaces.

        (4)         This subsection applies to an instrument described in subsection (2) or (3) —

            (a)         if the instrument is entered into on or after 6 April 1999 for the purpose of, or as a consequence of, an old public unit trust becoming, in accordance with Division 11 (sections 1451 to 1465) of Part 11.2 of the Corporations Law, a managed investment scheme that is registered under section 601EB of that Law; and

            (b)         if, after the instrument is executed, the members of the managed investment scheme have the same beneficial interests in the scheme’s property as they had in the old public unit trust’s property before the instrument was executed.

        (5)         An application is to be made to the Commissioner in an approved form.

        [Section 112UE inserted by No. 24 of 1999 s. 6; amended by No. 10 of 2001 s. 186; No. 2 of 2003 s. 136.]

[ 112V.         Deleted by No. 2 of 2003 s. 137.]

[ 112W.         Deleted by No. 37 of 1979 s. 99.]