Western Australian Numbered Acts

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 61

61 .         Value of a taker in default’s interest in a discretionary trust

                For the purposes of section 59(b), the value of the taker in default’s interest in a discretionary trust is the total of the following amounts —

            (a)         in respect of the dutiable property held by the discretionary trust — an amount determined by applying the interest in the discretionary trust of the taker in default to the unencumbered value, when liability for duty on the transaction arises, of the dutiable property;

            (b)         in respect of the dutiable property to which an entity linked to the trustee of the discretionary trust is entitled — an amount determined by applying the interest in the discretionary trust of the taker in default to an amount determined by applying section 157 as if a reference in that section —

                  (i)         to land were a reference to dutiable property; and

                  (ii)         to the main entity were a reference to the trustee of the discretionary trust.

        Note:         For example, if the taker in default had a 50% interest in the trust and the trust held dutiable property of $1 000 000, the value of the taker in default’s interest would be $500 000.