Western Australian Numbered Acts

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 174

174 .         No exemption where interest transferred within 5 years

        (1)         This section applies if —

            (a)         an acquisition of an interest in a corporation (the "first acquisition” ) was exempt under section 171; and

            (b)         a further acquisition of an interest in the corporation occurs within 5 years after the day on which the first acquisition occurred; and

            (c)         at the time when the further acquisition occurs the corporation, or a linked entity in respect of the corporation, is using solely or dominantly in the business of primary production any of the land to which it was entitled when the first acquisition occurred; and

            (d)         in the opinion of the Commissioner the further acquisition is by way of a transfer of an interest, or part of an interest, in the corporation that was acquired under the first acquisition.

        (2)         The further acquisition is not exempt under section 171 even if it comes within the provisions of that section.