Western Australian Numbered Acts Western Australian Numbered Acts (1) A reassessment of
duty in respect of a relevant acquisition is required if —
(a) for
the purposes of an assessment, the acquisition was treated as having been made
under an agreement of the kind referred to in section 176(2); and
(b)
since that assessment —
(i)
the agreement has been rescinded, annulled or otherwise
terminated without being completed; or
(ii)
subsection (2) has become applicable to the
agreement;
and
(c) had
the acquisition not been treated as mentioned in paragraph (a) the
liability for duty in respect of the relevant acquisition would not have
arisen.
(2) This subsection
has become applicable to an agreement that is taken to exist under
section 177(2) or (3) if —
(a) the
call option and the put option of the simultaneous put and call option
referred to in section 177(2) or (3) —
(i)
both expire without being exercised; or
(ii)
are rescinded or cancelled by agreement, or either is
rescinded or cancelled and the other expires without being exercised;
and
(b) the
call option has not been assigned or further assigned as referred to in
section 177(3).
(3) On application
made by a person that has paid or is liable to pay the duty, if
subsection (1) applies, the Commissioner is to make a reassessment of the
duty disregarding the agreement referred to in subsection (1)(a).
(4) If a reassessment
is required under subsection (1)(b)(ii), the Taxation Administration Act
section 17 applies as if the original assessment had been made as soon as
subsection (2) became applicable to the agreement that was taken to exist
under section 177(2) or (3).