Western Australian Numbered Acts Western Australian Numbered Acts (1) In this section
and in section 178 —
" call option", "put option" and
"simultaneous put and call option" have the meanings those terms would have
under section 44 if references in that section to dutiable property were
references to a relevant interest;
“relevant interest” means an interest
in a landholder or other entity.
(2) For the purposes
of section 176, where a simultaneous put and call option that applies to
a relevant interest comes into existence —
(a)
subject to section 178, the call option is taken to be an agreement for
the making of an acquisition of the relevant interest by the holder of the
call option rights; and
(b)
paragraph (a) applies even if the call option is assigned as mentioned in
subsection (3).
(3) If, in respect of
a simultaneous put and call option that applies to a relevant interest —
(a) the
call option has been assigned to another person so that the other person has a
right to require the sale of the relevant interest —
(i)
to the other person; or
(ii)
to a person that has an agreement, arrangement or
understanding with the other person relating to the interest;
and
(b) the
put option obligations have passed to any person referred to in
paragraph (a),
the assignment of the
call option to the other person is taken, for the purposes of
section 176, to be an agreement for the acquisition of the relevant
interest by that person.
(4) If
subsection (3) applies, subsection (2) does not apply to the right
referred to in subsection (3)(a) or the rights under the put option
referred to in subsection (3)(b).
Note: Section 196
provides for the reassessment of duty if a deemed agreement is not completed.