TABLE OF PROVISIONS Preamble CHAPTER 1 -- Preliminary 1. Short title 2. Commencement 3. Terms used in this Act 4. Relationship with Taxation Administration Act 2003 5. GST and value or consideration 6. Family relationships 7. The term “wound up” 8. Notes in the text CHAPTER 2 -- Transfer duty PART 1 -- Preliminary 9. Terms used in this Chapter PART 2 -- Imposition of transfer duty 10. Transfer duty imposed PART 3 -- Dutiable transactions and dutiable property Division 1 -- Dutiable transactions 11. The term “dutiable transaction” 12. Vesting of property in Western Australia by statute law -- section 11(1)(d)(i) 13. The term “farm-in agreement” -- section 11(1)(j) 14. Transactions for chattels alone not usually dutiable transactions Division 2 -- Dutiable property 15. The term “dutiable property” 16. The term “right” 17. The term “new dutiable property” 18. The term “special dutiable property” PART 4 -- Collection of transfer duty Division 1 -- Liability for transfer duty 19. When liability for duty arises 20. Person liable to pay duty 21. Joint tenants to be treated as tenants in common in equal shares Division 2 -- Lodging transaction records 22. Transfer duty statement to be made if no instrument 23. Lodging instrument or statement 24. Form of a dutiable transaction Division 3 -- Payment of transfer duty 25. Payment of duty Division 4 -- Rate of transfer duty 26. Rate of transfer duty Division 5 -- Dutiable value 27. Dutiable value of dutiable transactions, unless otherwise provided 28. Dutiable value of certain dutiable transactions 29. Dutiable value of certain dutiable transactions relating to corporation or unit trust scheme property on winding up 30. Consideration for a dutiable transaction 31. Assessment or reassessment if consideration is altered 32. Reassessment if contingent consideration is not paid 33. Reassessment if agreement determined with consideration only partly paid 34. Reassessment if option exercised or not renewed 35. Credit for duty already paid on option to acquire dutiable property 36. Unencumbered value of property 37. Aggregation of dutiable transactions 38. Apportionment 39. Partitions 40. Exchanges Division 6 -- No double duty 41. No double duty -- general 42. No double duty -- particular dutiable transactions 43. Purchaser and transferee related for the purpose of section 42(2)(a) PART 5 -- Application of this Chapter to certain transactions Division 1 -- Simultaneous put and call options 44. Terms used in this Division 45. Call option of simultaneous put and call option to be taken to be an agreement for the transfer of the option property 46. Dutiable value of simultaneous put and call option 47. Credit if duty paid on a dutiable transaction referred to in section 45 48. Assessment or reassessment if simultaneous put and call option not exercised or assigned 49. Assignment of call option to be taken to be an agreement for the transfer of the option property 50. Dutiable value of assignment of call option 51. Credit if duty paid on a dutiable transaction referred to in section 49 52. Assessment or reassessment if assigned call option not exercised or further assigned Division 2 -- Discretionary trust acquisitions and surrenders 53. Property held by a partnership or trust 54. The term “taker in default” 55. The term “trust acquisition” 56. The term “trust surrender” 57. When a discretionary trust holds an indirect interest in dutiable property 58. Acquiring an interest in a discretionary trust 59. Dutiable value of a trust acquisition or trust surrender 60. Interest in a discretionary trust of a taker in default 61. Value of a taker in default’s interest in a discretionary trust 62. When a trust acquisition or trust surrender is not a dutiable transaction Division 3 -- Corporate trustees 63. Terms used in this Division 64. Reference to property held by trustees 65. The term “corporate trustee” 66. When a corporate trustee holds an indirect interest in dutiable property 67. Share disposition taken to be an agreement for the transfer of trust property 68. Dutiable value of a transaction referred to in section 67 69. Person liable to pay duty on a disposition of a share Division 4 -- Partnerships 70. The term “dutiable property” 71. References to property held by a partnership or trust 72. The term “partnership acquisition” 73. When a partnership holds an indirect interest in land in Western Australia 74. Partner’s partnership interest 75. Acquiring a partnership interest 76. Dutiable value of a partnership acquisition 77. Value of a partnership interest 78. Dutiable value of a transaction reduced for transfer of dutiable property to a partner on retirement or dissolution 79. Terms used in this Division 80. Transactions involving business licences that are to be taken to be an agreement to transfer a Western Australian business asset 81. Transactions for particular Western Australian business assets that are not dutiable transactions 82. Dutiable value of dutiable transactions for business assets 83. Dutiable value of certain business licences required by a law of the Commonwealth 84. Dutiable value of business licences required by a law of Western Australia 85. Head office or principal place of business in Western Australia 86. Head office or principal place of business in another State 87. Conditional agreements 88. The term “farming land conditional agreement” 89. The term “mining tenement conditional agreement” 90. The term “off-the-plan conditional agreement” 91. The term “subdivision conditional agreement” PART 6 -- Exemptions, nominal duty and concessions Division 1 -- Exemptions 92. Declaration of public authorities as exempt bodies 93. No duty if an exempt body would be solely liable 94. Duty reduction and liability if an exempt body and another party would be liable 95. Transactions for charitable or similar public purposes are exempt transactions 96. Terms used in this Subdivision 97. Transactions between spouses or de facto partners that are exempt transactions 98. Application for exemption under this Subdivision 99. Terms used in this Subdivision 100. The term “family member” 101. The term “transferee” 102. Transactions between family members for farming property that are exempt family farm transactions 103. No duty on exempt family farm transactions 104. No exemption for subsequent transactions for the same farming property within 5 years 105. Subsequent liability to duty in certain circumstances 106. Application for an exemption under this Subdivision 107. Cancelled transactions 108. Bankruptcy transactions 109. Transactions involving representatives of another country 110. Financial Sector (Transfers of Business) Act 1999 PART 4 transactions 111. Special disability trust transactions 112. Transactions under other Acts 113. Transactions effected by a matrimonial instrument or a de facto relationship instrument 114. Certain dutiable transactions on vesting or termination of discretionary trust 115. Certain dutiable transactions on exercise of power of appointment by trustee of discretionary trust 116. Transfer of, or agreement for the transfer of, dutiable property to a beneficiary 117. Property vested in an apparent purchaser 118. Transfer to and from a trustee 119. Dutiable transactions related to changes in trustees and managed investment schemes 120. Transfer by way of security 121. Terms used in this Subdivision 122. Transfer of, or agreement for the transfer of, dutiable property to a superannuation fund for consideration 123. Subsequent liability in certain circumstances 124. Transfer of, or agreement for the transfer of, dutiable property to a superannuation fund without consideration 125. Transfer from one superannuation fund to another 126. Transfer of, or agreement for the transfer of, dutiable property between trustees and custodians of superannuation funds 127. Transfer of, or agreement for the transfer of, dutiable property from superannuation fund to member 128. Terms used in this Subdivision 129. The term “matrimonial instrument” 130. The term “de facto relationship instrument” 131. Transactions effected by or in accordance with a matrimonial instrument or a de facto relationship instrument 132. Reassessment on application 133. Evidence as to marriage or de facto relationship 134. Transfer of, or agreement for the transfer of, certain lots under a planning scheme 135. Farm-in agreements 136. Business licences held under the Fish Resources Management Act 1994 137. Change of tenure 138. Correction of clerical errors in previous dutiable transactions 139. Deceased estates 140. Other dutiable transactions prescribed 141. Terms used in this Division 142. Transactions by first home owners that are concessional transactions 143. Concessions for first home owners 144. Application for concession under this Division 145. Subsequent liability in certain circumstances 146. Other provisions about first home owner concessions 147. Concessional rates for transactions referred to in Stamp Act 1921 section 75AE CHAPTER 3 -- Landholder Duty 148. Terms used in this Chapter 149. Entitlement to land: effect of uncompleted agreements; fixtures 150. Meaning of “unencumbered value” of land or chattels 151. Landholder duty imposed 152. The term “entity” 153. Meaning of “interest” in a landholder or other entity 154. Determination of interests 155. Entities that are landholders 156. Entities that are linked 157. Value of land of linked entity 158. Extent of interest in discretionary trust 159. Extent of interest in partnership Division 1 -- Means by which interest acquired 160. Acquisition of an interest in an entity Division 2 -- Relevant acquisitions of interests in landholders 161. Terms used in this Division 162. Persons that are related 163. Acquisition of significant interest in a landholder 164. Acquisition of further interest by holder of significant interest 165. Meaning of “acquisition” in this Subdivision 166. Effect of acquisition being exempt 167. Exemption if nominal duty would be chargeable on transfer 168. Exemption if transfer duty would not be chargeable 169. Exemption if acquisition is dutiable under section 67 170. Exemption relating to approved arrangements with creditors under the Corporations Act 171. Exemption of acquisition by family member of interest in corporation engaged in primary production 172. Calculation of duty where some land of corporation not used for primary production 173. Reversal of exemption where certain changes made to discretionary trust 174. No exemption where interest transferred within 5 years Division 1 -- Preliminary 175. The term “acquirer” 176. When an acquisition occurs 177. Certain transactions to be treated as agreements 178. Exceptions to section 177 Division 2 -- Liability 179. Person liable to pay duty 180. Application to Commissioner for determination of liability 181. Determination of application 182. Powers of Commissioner where further information required for determination of application Division 3 -- Payment of landholder duty 183. Payment of landholder duty Division 4 -- Rates of landholder duty 184. Rates of landholder duty Division 5 -- Calculation of landholder duty 185. The term “interest of the acquirer” 186. Value of landholder 187. Time of determination of the value of further interests for calculation of duty 188. Calculation of duty 189. Reduction where significant interest acquired in a landholder 190. Meaning of “excluded interest” for section 189 191. Reduction where further interest acquired in a landholder 192. Meaning of “excluded interest” for section 191 193. Calculation of duty where statement lodged under section 201 194. Calculation of duty in respect of certain acquisitions on winding up of corporation or unit trust scheme Division 6 -- Reassessment of liability for landholder duty 195. Reassessment of duty where section 149 was applied 196. Reassessment of duty where section 176(2) was applied 197. Further matter to be considered by the Commissioner 198. Taxation Administration Act not affected Division 7 -- Lodgment of statements 199. The term “acquisition statement” 200. Acquisition statement to be lodged 201. Acquisition of further interests in landholder: lodgment of periodical statements may be approved 202. Lodgment obligations where application under section 201 refused 203. Form and content of acquisition statements 204. Failure to lodge acquisition statement Division 8 -- Information to be provided to Parliament 205. Minister to inform Parliament of amounts of duty assessed and duty paid during 3 years following commencement of this Chapter CHAPTER 4 -- Insurance duty 206. Terms used in this Chapter 207. Insurance duty imposed 208. Contracts of insurance 209. General insurance and connection to the State 210. Additional insurance -- life riders 211. The term “premium” 212. When a premium is paid Division 1 -- Liability 213. Person liable to pay duty 214. The term “general insurer” 215. Amount of duty payable 216. Apportionment of premiums and instalments Division 3 -- Insurers 217. Insurers to be registered 218. Registration of insurers 219. Return period of an insurer 220. Insurers to lodge returns 221. Time for payment of duty by insurers 222. Cancelling registration of insurers 223. Insured persons to lodge statements 224. Time for payment of duty by insured persons 225. Insurer and intermediary to notify Commissioner of contracts of insurance 226. Refunds 227. Records CHAPTER 5 -- Vehicle licence duty 228. Terms used in this Chapter 229. Vehicle licence duty imposed 230. Vehicles and their licences Division 1 -- Preliminary 231. Terms used in this Part Division 2 -- Liability 232. Person liable to pay duty 233. Assessment of duty 234. Applicant’s statement of value in application 235. Payment of duty 236. Amount of duty payable 237. Dutiable value of certain new vehicles 238. Dutiable value of certain other vehicles 239. Dutiable value of specialised vehicles 240. If no vehicle licence fee payable under Road Traffic Act 241. Reconstruction exemption 242. Previous licence or registration 243. Certain heavy vehicles 244. Prescribed class of person or vehicle or prescribed purpose 245. Minor incidental purposes 246. Exempt use of a vehicle -- trading stock 247. Exempt use of a vehicle -- charitable and other purposes 248. Change of exempt use of a vehicle 249. Change to non-exempt use of a vehicle 250. Transactions for which nominal duty is chargeable 251. Failure to apply for transfer of licence 252. Seller’s obligation to notify purchase price 253. Functions of Director General and Commissioner 254. Form of certain declarations 255. Duty to be credited to Commissioner 256. Records CHAPTER 6 -- Certain exemptions for connected entities 257. Terms used in this Chapter 258. The term “family” 259. The term “relevant consolidation transaction” 260. The term “relevant reconstruction transaction” 261. Pre-determining certain questions 262. Application for exemption 263. Grant of exemption 264. Commissioner to be notified of certain events after an exempt relevant transaction 265. Revoking an exemption 266. Liability for duty and tax if exemption revoked CHAPTER 7 -- General anti-avoidance provisions 267. Schemes affected by this Chapter 268. The term “tax avoidance scheme” 269. Tax avoidance scheme -- pre-determination of section 270 decision 270. Decision of Commissioner about tax avoidance scheme 271. Statement in relation to determination CHAPTER 8 -- Other general provisions 272. The term “duty endorsed” 273. Endorsement of duty or exemption from duty 274. Endorsement of duty that depends on duty paid on another transaction 275. Duty endorsement as evidence 276. Registration or recording of dutiable transactions 277. Functions as to business licences 278. Lodgment of certain caveats 279. Receipt of transaction records in evidence 280. Obligations relating to unlodged instruments 281. Destruction of transaction records and relevant material 282. Correction of errors 283. Amounts expressed in foreign currency 284. Application of Corporations Act section 1070A(1)(a) limited 285. Regulations 286. Transitional provisions SCHEDULE[Assented to 14 April 2008]