Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Where
section 76ATH(1) applies, duty is chargeable in accordance with this
section on the basis of the value free of encumbrances (the dutiable value )
of the land and chattels situated in Western Australia to which the
corporation is entitled.
(2) The method of
determining the dutiable value depends on the nature of a relevant acquisition
by which a person acquires an interest in a corporation.
(3) Where the relevant
acquisition is within section 76ATJ(1)(a)(i) the dutiable value is the
same proportion of the value of the land and chattels situated in Western
Australia to which the corporation is entitled, as provided by
subsection (7), at the time of the acquisition, as the proportion of the
property of the corporation to which the person, or the person and any related
person, would be entitled, as provided in subsection (8), after the
acquisition.
(4) Where the relevant
acquisition is within section 76ATJ(1)(a)(ii) the dutiable
value —
(a) for
the purposes of section 76ATH(1)(b)(i), is the same proportion of the
value of the land and chattels situated in Western Australia to which the
corporation is entitled, as provided by subsection (7), at the time of
the acquisition, as the proportion of the property of the corporation to which
the person, or the person and a related person, would be entitled, as provided
in subsection (8), after the acquisition of the controlling interest;
(b) for
the purposes of section 76ATH(1)(b)(ii), is the same proportion of the
value of the land and chattels situated in Western Australia to which the
corporation is entitled, as provided by subsection (7), at the time of
the acquisition, as the proportion of the property of the corporation to which
the person, or the person and a related person, would have been entitled, as
provided in subsection (8), before the day that is 3 years before
the day of the acquisition of the controlling interest.
(5) Unless
subsection (6) applies, where the relevant acquisition is within
section 76ATJ(1)(b) the dutiable value —
(a) for
the purposes of section 76ATH(1)(c)(i), is the same proportion of the
value of the land and chattels situated in Western Australia to which the
corporation was entitled, as provided by subsection (7), at the time the
controlling interest was acquired, as the proportion of the property of the
corporation to which the person, or the person and a related person, would be
entitled, as provided in subsection (8), after the acquisition of the
additional interest;
(b) for
the purposes of section 76ATH(1)(c)(ii), is the same proportion of the
value of the land and chattels situated in Western Australia to which the
corporation was entitled, as provided by subsection (7), at the time the
controlling interest was acquired, as the proportion of the property of the
corporation to which the person, or the person and a related person, would
have been entitled, as provided in subsection (8), at the time of the
immediately preceding relevant acquisition by that person, or a related
person.
(6) Where approval has
been granted under section 76ATG(4) the dutiable value —
(a) for
the purposes of section 76ATH(1)(d)(i), is the same proportion of the
value of the land and chattels situated in Western Australia to which the
corporation was entitled, as provided by subsection (7), at the time the
controlling interest was acquired, as the proportion of the property of the
corporation to which the person, or the person and a related person, would be
entitled, as provided in subsection (8), at the end of the relevant
period to which the section 76ATG statement relates;
(b) for
the purposes of section 76ATH(1)(d)(ii), is the same proportion of the
value of the land and chattels situated in Western Australia to which the
corporation was entitled, as provided by subsection (7), at the time the
controlling interest was acquired, as the proportion of the property of the
corporation to which the person, or the person and a related person, would
have been entitled, as provided in subsection (8), before the beginning
of the relevant period to which the section 76ATG statement relates.
(7) For the purposes
of subsections (3), (4), (5) and (6) the unencumbered value of the land
and chattels to which a corporation is entitled at any time is the sum
of —
(a) in
the case of land and chattels to which the corporation is entitled without
reference to subsection (6) of section 76ATI, the unencumbered value
of the land and chattels at that time; and
(b) in
the case of land and chattels to which a trustee or a corporation is entitled
as mentioned in that subsection, the amount to which, if the property of a
trust or corporation referred to in that subsection or all such trusts and
corporations in the chain of relationships were to be distributed at that time
(in the case of a corporation, on the basis of a winding up), without having
regard to any liabilities of the same, the corporation would be entitled in
respect of the unencumbered value at that time of land and chattels to which
all such trusts and corporations are entitled.
(8) For the purposes
of subsections (3), (4), (5) and (6), the property of a corporation to
which a person, or the person and any related person, would be entitled is the
property to which the person, or the person and any related person, would be
entitled if the property of the corporation and all holding corporations, as
defined in section 76ATK(4), in the chain of relationships were to be
distributed after the acquisition (in the case of a corporation, on the basis
of a winding up), without having regard to any liabilities of the same.
(9) If the day of the
acquisition of the controlling interest is 30 June 2007 or earlier,
the reference in subsection (4)(b) to the day that is 3 years before
the day of the acquisition of the controlling interest is taken to be a
reference to 1 July 2004.
[Section 76ATL inserted by No. 11 of
2004 s. 29.]
[Heading inserted by No. 60 of 2000
s. 19.]