Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 75JA

75JA .         Corporate reconstructions: exemptions

        (1)         This section applies if in connection with a scheme for the reconstruction of a body corporate or the amalgamation of bodies corporate —

            (a)         a body corporate ( the transferee ) acquires at least 90% of the issued share capital of —

                  (i)         a body corporate; or

                  (ii)         each of 2 or more bodies corporate that were associated with one another immediately prior to the acquisition,

                ( the target );

            (b)         the transferee is incorporated in Australia and has been dormant from when it was incorporated until it resolves to make the acquisition;

            (c)         at least 90% of the consideration for the acquisition of the target, or if there are 2 or more targets, each target, consists of the issue of shares in the transferee to the holders of shares in the target or targets in exchange for those shares;

            (d)         each holder of shares in the target or targets whose shares are acquired receives consideration equal in value to the value of those shares; and

            (e)         immediately after the acquisition at least 90% of the issued share capital of the transferee consists of shares issued in consideration for the acquisition of shares in the target or, if there are 2 or more targets, for the acquisition of shares in all the targets.

        (2)         If, on an application under section 75JD, it is shown to the satisfaction of the Commissioner that this section applies because of subsection (1) and the acquisition is a relevant acquisition under Division 2 or 3 of Part IIIBA, the Commissioner shall exempt a Part IIIBA statement lodged in respect of the acquisition from duty chargeable under section 76AH or 76AO.

        (3)         If a Part IIIBA statement is exempted under subsection (2) and within 5 years after the date of the occurrence of the relevant acquisition to which the Part IIIBA statement relates —

            (a)         the transferee issues or cancels any shares or varies the rights of any of its shares; or

            (b)         the beneficial interest in any share in the transferee issued in the circumstances described in subsection (1)(c) is transferred from the person to whom the share was issued,

                then —

            (c)         the transferee shall notify the Commissioner in an approved form within one month after the relevant event; and

            (d)         if the relevant event occurred before 1 July 2008, the claw-back applies unless, in a case where paragraph (b) applies, the Commissioner is satisfied that the transfer is in connection with a scheme for the reconstruction of a body corporate or the amalgamation of bodies corporate.

        (4)         If the relevant event occurs on or after 1 July 2008, subsection (3)(c) does not apply if the event is the subject of —

            (a)         an application made under the Duties Act 2008 section 262 for an exemption; or

            (b)         an application made under the Duties Act 2008 section 180; or

            (c)         a statement lodged under the Duties Act 2008 section 200.

        [Section 75JA inserted by No. 48 of 1996 s. 42; amended by No. 51 of 1997 s. 6; No. 53 of 1999 s. 22; No. 2 of 2003 s. 76; No. 21 of 2003 s. 28(1); No. 66 of 2003 s. 49; No. 11 of 2004 s. 13; No. 12 of 2004 s. 30; No. 11 of 2005 s. 12; No. 12 of 2008 s. 15.]