Western Australian Consolidated Acts Western Australian Consolidated Acts (1) If payment of any
part of the consideration (the contingent consideration ) in respect of which
a contract or agreement for the sale of any estate or interest in any property
(the contract ) was charged with ad valorem duty was dependent on the
happening of a future event, then if, on an application under
subsection (2), it is shown to the satisfaction of the Commissioner
that —
(a) the
contract was executed on or after the day on which this section came into
operation;
(b) the
contingent consideration has not been paid;
(c) the
event did not happen, or did not happen within the time specified in the
contract for the happening of the event; and
(d)
either —
(i)
the event cannot happen in the future; or
(ii)
the time specified in the contract for the happening of
the event has passed or expired,
then the contingent
consideration is taken not to be, and never to have been, part of the
consideration in respect of which the contract is chargeable and the
Commissioner must reassess the duty payable on the contract accordingly.
(2) An application for
the purposes of this section —
(a) is
to be made in an approved form by the person liable to pay the duty; and
(b)
cannot be made more than 5 years after the contract was executed.
(3) In this
section, a reference to the happening of an event includes a reference to an
event not happening.
[Section 75CA inserted by No. 66 of 2003
s. 41.]
[Heading inserted by No. 79 of 1994
s. 4(1).]