Western Australian Numbered Acts Western Australian Numbered Acts (1) On revoking an
exemption for a relevant transaction the Commissioner must make an official
assessment for the transaction.
(2) The official
assessment must —
(a)
determine the amount of duty payable on the relevant transaction as at the
date of the transaction; and
(b)
include penalty tax equal to the amount of that duty.
(3) The following
persons are jointly and severally liable to pay the duty chargeable on a
relevant transaction and the penalty tax —
(a) each
member of the transaction group;
(b) each
person liable under subsection (4) or (5).
(4) If a corporation
liable under subsection (3) is voluntarily wound up before the duty and
penalty tax are paid, each person who was a director of the corporation
immediately before it was wound up is liable to pay the amount
unless —
(a) the
winding up was a creditors’ voluntary winding up as defined in the
Corporations Act section 9; and
(b) no
creditor was an associate, as defined in the Corporations Act section 9,
of the corporation.
(5) If a unit trust
scheme liable under subsection (3) is wound up before the duty and
penalty tax are paid, the following persons are liable to pay the
amount —
(a) the
trustee of the scheme;
(b) if
the trustee of the scheme, being a corporation, is wound up — each
person who was a director of the trustee immediately before it was wound up.