Western Australian Consolidated Regulations Western Australian Consolidated Regulations (1) In this
regulation —
lot has the meaning given in the
Land Tax Assessment Act 2002 Glossary clause 2;
profit à prendre means a profit à
prendre created under a timber sharefarming agreement under the
Conservation and Land Management Act 1984 or the Forest Products
Act 2000 .
(2) For the purposes
of section 140 of the Act, the following dutiable transactions are
prescribed —
(a) the
surrender of a profit à prendre in relation to a lot (the old profit
à prendre ) in the following circumstances —
(i)
the benefit of the old profit à prendre is in
relation to a portion of the lot;
(ii)
the surrender is part of replacing the old profit à
prendre with another profit à prendre in relation to the lot (the new
profit à prendre ) that is limited to that portion of the lot;
(iii)
the same person who has, or persons who have, the benefit
of the old profit à prendre will have the benefit of the new profit
à prendre;
(iv)
no consideration is provided in relation to the
surrender;
(b) the
acquisition of new dutiable property by the creation of a profit à
prendre in the following circumstances —
(i)
the profit à prendre is a new profit à prendre
as defined in paragraph (a)(ii);
(ii)
the circumstances described in paragraph (a)(ii) and
(iii) apply in relation to the new profit à prendre;
(iii)
no consideration is provided in relation to the
acquisition.
(3) This regulation
does not have the effect of making the surrender of a profit à prendre
before 16 May 2009 dutiable.
[Regulation 5B inserted in Gazette
15 Nov 2011 p. 4795‑6.]