Western Australian Numbered Acts Western Australian Numbered Acts (1) In this
section —
“corporation” means a corporation that
is a landholder.
(2) An acquisition by
a person (the "acquirer") is exempt if it is an acquisition from another
person of an interest in a corporation which, or a linked entity in respect of
which, uses land solely or dominantly in the business of primary production
and —
(a) it
would have been an exempt transaction under section 102(1)
if —
(i)
it had been a transfer, from that other person to the
acquirer, of land to which the corporation or a linked entity in respect of
the corporation is entitled; and
(ii)
section 102(2), (3), (5) and (6) had
not been enacted;
and
(b)
immediately after the acquisition the corporation, or a linked entity in
respect of the corporation, intends to continue to use the land solely or
dominantly in the business of primary production.
(3) For the purposes
of subsection (2), land is being used in the business of primary
production even if —
(a)
some, but not all, of the land 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.
(4) This section has
effect subject to Subdivision 4.
Subdivision 4 — Further provisions in respect of
exemptions under section 171