Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Where by a
relevant acquisition a person acquires a controlling interest in —
(a) a
listed land-holder WA company; or
(b) a WA
company that would be a listed land-holder WA company if the reference to
the value of land in section 76ATB(2)(b) were a reference to the value of
land, goods, wares and merchandise,
the person shall,
within 2 months after the acquisition, lodge a statement with the
Commissioner in respect of that acquisition.
(2) Subject to
subsections (4)(d) and (5)(c), where by a relevant acquisition a person
acquires an additional interest in a WA company the person shall, within
2 months after the acquisition, lodge a statement with the Commissioner
in respect of that acquisition.
(3) Within
2 months after a relevant acquisition referred to in subsection (2)
( acquisition A ) the person referred to in subsection (2) may apply to
the Commissioner in an approved form for approval to lodge periodical
statements for the purposes of this section in respect of periods approved by
the Commissioner (each of which is referred to in this Division as a relevant
period ).
(4) If the
Commissioner approves the application —
(a) the
Commissioner is to notify the person accordingly specifying —
(i)
the day on which each relevant period ends; and
(ii)
any conditions to which the approval is subject;
(b) the
first relevant period is taken to have begun on the day of acquisition A and a
subsequent relevant period begins on the day after the day on which the
immediately preceding relevant period ends;
(c) the
person shall —
(i)
within 14 days after the first relevant period ends,
lodge a statement with the Commissioner in respect of acquisition A and any
other relevant acquisitions by which the person acquired additional interests
in the WA company during that relevant period; and
(ii)
within 14 days after each subsequent relevant period
ends, lodge a statement with the Commissioner in respect of any relevant
acquisitions by which the person acquired additional interests in the WA
company during that relevant period;
and
(d)
subsection (2) does not apply to acquisition A or any other relevant
acquisition referred to in paragraph (c).
(5) If the
Commissioner does not approve the application —
(a) the
Commissioner is to notify the person accordingly giving reasons for the
decision;
(b) the
person shall, within 2 months after the notification is given, lodge
statements with the Commissioner in respect of acquisition A and each other
relevant acquisition (if any) by which the person acquired an additional
interest in the WA company after acquisition A and before the
notification is given; and
(c)
subsection (2) does not apply to acquisition A or any other relevant
acquisition referred to in paragraph (b).
(6) If a requirement
under this section arises in circumstances where a person acquires a
controlling interest or an additional interest by reason of acquisitions by
the person and a related person or related persons being aggregated, one of
such persons shall comply with this section on behalf of all such persons by
including all the acquisitions in a dutiable statement lodged under this
section.
(7) A dutiable
statement must be prepared in an approved form.
(8) A dutiable
statement under subsection (1) shall include the following
information —
(a) the
name and address of the person who has acquired the controlling interest and
of any related person referred to in subsection (6);
(b) the
date of the acquisition;
(c)
particulars of the interest acquired and all interests previously acquired by
the person or a related person in the WA company;
(d) the
person’s estimate of the unencumbered value of all land and chattels in
Western Australia to which the WA company is entitled as at the date of
the acquisition;
(e)
particulars of any chattels, whether situated in Western Australia or not, to
which the WA company was entitled in the 12 months preceding the date of
the acquisition and acquired, directly or indirectly, by the person or a
related person in that period;
(f) the
person’s estimate of the unencumbered value of those chattels;
(g) the
person’s estimate of the unencumbered value of the property of the WA
company as at the date of the acquisition;
(h) if
the dutiable statement is lodged because of subsection (1)(b), a notation
to that effect and such information relating to the goods, wares and
merchandise referred to in subsection (1)(b), and their ownership and
acquisition, as the approved form requires to be provided.
(9) A dutiable
statement under subsection (2) or (5)(b) shall include the following
information —
(a) the
name and address of the person who has acquired the additional interest and of
any related person referred to in subsection (6);
(b) the
date of the acquisition;
(c)
particulars of the interest acquired and all interests previously acquired by
the person or a related person in the WA company.
(10) A dutiable
statement under subsection (4)(c) in respect of a relevant period shall
include the following information —
(a) the
name and address of the person who acquired the additional interest or
additional interests during the relevant period and of any related person
referred to in subsection (6);
(b) in
relation to each additional interest acquired during the relevant
period —
(i)
the date of the acquisition; and
(ii)
particulars of the interest;
(c)
particulars of all interests acquired by the person or a related person in the
WA company before the relevant period.
(11) A dutiable
statement lodged under this section is taken to be an instrument evidencing
the relevant acquisition or relevant acquisitions and is chargeable with duty
accordingly.
(12) If, in the case
of a dutiable statement lodged because of subsection (1)(b), the
Commissioner is satisfied that the entitlement to, and valuation of, the
goods, wares and merchandise referred to in subsection (1)(b) were not
part of an arrangement or scheme having as its purpose, or one of its
purposes, the defeat of the object of this Division, the Commissioner may
determine that subsection (11) does not apply to the dutiable statement.
(13) In deciding
whether or not to make a determination under subsection (12) the
Commissioner may have regard to —
(a) the
source of the goods, wares and merchandise and the source of funding for their
acquisition;
(b)
their nature and their relevance to any business carried on by the WA company
or any subsidiary;
(c) the
period for which they have been and are likely to remain the property of the
WA company or any subsidiary; and
(d) any
other matter that the Commissioner considers relevant.
(14) A determination
made under subsection (12) has effect according to its terms and the
Commissioner is to give notice of it to the person who lodged the dutiable
statement.
(15) If the person who
lodged the dutiable statement requests the Commissioner to give reasons why
the Commissioner has not made a determination under subsection (12), the
Commissioner is to give reasons to the person.
(16) A person who
fails to comply with subsection (1), (2), (4)(c) or (5)(b) commits
an offence.
Penalty: $20 000.
[Section 76AT inserted by No. 11 of 2004
s. 29.]