Western Australian Numbered Acts Western Australian Numbered Acts (1) If, after an
exempt family farm transaction as a result of which farming property was
acquired by a transferee referred to in section 101(c) has taken place,
any of the following events take place, the event is taken to be a transfer of
farming property —
(a)
during the lifetime of the transferor, a person that is not a family member of
the transferor —
(i)
becomes entitled to a share or interest in the trust
property, whether that share or interest is vested or contingent; or
(ii)
otherwise benefits from the trust;
(b) the
transferor gains control of the trust,
unless —
(c) when
the event took place, the trust did not hold any farming property that was the
subject of an exempt family farm transaction; or
(d) an
event taken to be a transfer of the farming property is already duty endorsed
under this section.
(2) The trustee of the
trust is to lodge a transfer duty statement not later than 2 months after
the day on which an event referred to in subsection (1) takes place.
Penalty: a fine of $20 000.
(3) The person liable
to pay the duty is the trustee.
(4) The dutiable value
of an event subsequent to an exempt family farm transaction, taken to be a
transfer under subsection (1), is the unencumbered value of the farming
property that was the subject of the exempt family farm transaction held by
the trust when the event took place.