Western Australian Consolidated Acts

STAMP ACT 1921 - SECT 75JD

75JD .         Corporate reorganisations: application for exemption

        (1)         An application for an exemption under section 75JA or 75JB must be made in an approved form.

        (2)         An application for an exemption under section 75JA or 75JB as to an instrument or Part IIIBA statement cannot be made more than 12 months after the date of execution of the instrument or the occurrence of the relevant acquisition.

        (2a)         An application for an exemption under section 75JA or 75JB as to an instrument (other than an instrument referred to in section 75JB(2a)) or Part IIIBA statement cannot be made if duty payable on the instrument or statement has been assessed.

        (2b)         An application for an exemption under section 75JB for an instrument referred to in section 75JB(2a) cannot be made if, because of the agreement evidenced by the instrument, an application has been made for the transfer of a licence.

        (2c)         Subsection (2d) applies to an application for the reassessment of duty payable on an instrument or Part IIIBA statement to be made on the basis that, if an application for an exemption under section 75JA or 75JB (as the case requires) had been made before the duty was assessed, an exemption would have been granted.

        (2d)         Despite section 17(1) of the Taxation Administration Act 2003 , an application for reassessment to which this subsection applies cannot be made more than 12 months after the date of execution of the instrument or the occurrence of the relevant acquisition.

        (2e)         Subsection (2f) applies to an application for the reassessment of duty payable on the transfer of a licence to be made on the basis that, if an application for an exemption under section 75JB as to an instrument referred to in section 75JB(2a) had been made before the application for the transfer was made, an exemption certificate would have been issued under section 75JB(3a).

        (2f)         Despite section 17(1) of the Taxation Administration Act 2003 , an application for reassessment to which this subsection applies cannot be made more than 12 months after the date of execution of the instrument.

        (3)         Subject to section 17(2), (3) and (4) of the Taxation Administration Act 2003 , the Commissioner must make any reassessment necessary to give effect to sections 75JA and 75JB.

        (4)         If any information given to the Commissioner in relation to an exempted instrument or Part IIIBA statement is false in a material particular or any material information is not given to the Commissioner the claw-back applies and the penalty tax under section 75JE(b) or 75JF(b) is to be calculated to the date an assessment notice is issued by the Commissioner.

        (5)         In subsection (4) —

        exempted instrument includes an instrument in relation to which an exemption certificate has been issued under section 75JB(3a).

        (6)         Despite an exemption under section 75JA or 75JB being granted in relation to an instrument or Part IIIBA statement, the Commissioner must make an assessment of any penalty tax payable under section 26 of the Taxation Administration Act 2003 on the instrument or statement as if the exemption had not been granted.

        [Section 75JD inserted by No. 48 of 1996 s. 42; amended by No. 2 of 2003 s. 80; No. 66 of 2003 s. 53; No. 11 of 2005 s. 15; No. 12 of 2005 s. 7.]