Western Australian Numbered Acts Western Australian Numbered Acts (1) A reference in
this Subdivision to an exempt family farm transaction is to a
dutiable transaction to the extent to which the subject of the transaction is
farming property which, as a result of the transaction is, or is to be,
acquired by a transferee or transferees.
(2) A transaction is
an exempt family farm transaction only if —
(a) each
transferor was using the farming property in the business of primary
production immediately before the transaction took place; and
(b) when
liability to duty on the transaction arose, each transferee intends to
continue to use the farming property in the business of primary production.
(3) It is irrelevant
for the purposes of subsection (2) whether a transferor was using, or a
transferee intends to continue to use, the farming property in the business of
primary production —
(a)
personally; or
(b)
through a trust, corporation or partnership (an
"entity") to which the transferor or transferee, as is relevant, is related;
or
(c)
through a combination of entities to which the transferor or transferee, as is
relevant, is related.
(4) In
subsection (3), a transferor is related to an entity if —
(a) the
transferor is a beneficiary of a trust —
(i)
other than a unit trust scheme or a discretionary trust;
and
(ii)
in which every other beneficiary is a family member of
the transferor;
or
(b) the
transferor has a share or interest in trust property, whether vested or
contingent, held by the trustee of a discretionary trust and every other
person who holds such a share or interest in that property, or who may benefit
from that trust, is a family member of the transferor; or
(c) the
transferor holds units in a unit trust scheme and every other person who holds
a unit in that unit trust scheme is a family member of the transferor; or
(d) the
transferor is a shareholder in a corporation in which every other shareholder
is a family member of the transferor; or
(e) the
transferor is a partner in a partnership in which every other partner is a
family member of the transferor.
(5) In
subsection (3), a transferee is related to an entity if —
(a) the
transferee is a beneficiary of a trust —
(i)
other than a unit trust scheme or a discretionary trust;
and
(ii)
in which every other beneficiary is a family member of
the transferor;
or
(b) the
transferee has a share or interest in trust property, whether vested or
contingent, held by the trustee of a discretionary trust and —
(i)
every other person who holds such a share or interest in
that property, or who may benefit from that trust, is a family member of the
transferor; and
(ii)
the transferor does not control the trust;
or
(c) the
transferee holds units in a unit trust scheme and every other person who holds
a unit in that unit trust scheme is a family member of the transferor; or
(d) the
transferee is a shareholder in a corporation in which every other shareholder
is a family member of the transferor; or
(e) the
transferee is a partner in a partnership in which every other partner is a
family member of the transferor.
(6) For the purposes
of subsection (2), a farming property is being used in the business of
primary production even if —
(a)
some, but not all, of the farming land of that property is leased to another
person; and
(b)
under the lease, the lessee is using the leased land solely or dominantly for
the purposes of silviculture or reafforestation.