Western Australian Numbered Acts

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 120

120 .         Transfer by way of security

        (1)         Nominal duty is chargeable on a transfer of dutiable property if —

            (a)         there has been a dutiable transaction that is a transfer of the dutiable property by way of security (the "original transfer” ); and

            (b)         the original transfer is duty endorsed; and

            (c)         the property is transferred back to the person that transferred it by way of security or is transferred to a person to whom the property has been transmitted by death or bankruptcy.

        (2)         If nominal duty is chargeable on a transfer under subsection (1), nominal duty is also chargeable on the original transfer.

        (3)         The Commissioner, on the application of the taxpayer, is to reassess the liability to duty of the original transfer under subsection (2).

        (4)         The limitations as to time in the Taxation Administration Act section 17 do not apply in respect of a reassessment under subsection (3).

Subdivision 2 — Certain superannuation transactions