Western Australian Numbered Acts

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 34

34 .         Reassessment if option exercised or not renewed

        (1)         If —

            (a)         after a dutiable transaction that —

                  (i)         confers on a person the right of an option to acquire dutiable property; and

                  (ii)         provides for the renewal of that right on one, or more than one, occasion specified in an instrument effecting or evidencing the transaction,

                is duty endorsed based on the consideration for the transaction which includes the sum of the amounts paid by way of consideration for the right of the option and the amount or amounts, as the case may be, payable for the renewal or renewals of the option; and

            (b)         the person on whom the right of the option was conferred under the transaction, before the occurrence of the final occasion specified in an instrument effecting or evidencing the transaction —

                  (i)         exercised the option; or

                  (ii)         failed to renew the right of option,

                the Commissioner, on the application of the taxpayer, is to reassess the liability to duty of the transaction as if the consideration was an amount equal to the amount paid or payable in respect of any occasion or occasions specified in an instrument effecting or evidencing the transaction that have occurred before the person exercised the option, or failed to renew the right of option.

        (2)         For the purposes of this section, the Taxation Administration Act section 17 applies as if the original assessment had been made when the person exercised the option, or failed to renew the right of option.