Western Australian Numbered Acts Western Australian Numbered Acts Sections 76AU to
76AY are repealed and the following section is inserted instead —
“
76AU. Reassessment where
deeming provision applied
(1) If, on the
application of a person who has paid, or is liable to pay, duty on a
Part IIIBA statement, the Commissioner is satisfied that —
(a) but
for the operation of a deeming provision in relation to a contract or
agreement —
(i)
the duty would not have been chargeable; or
(ii)
the amount of the duty would have been less;
and
(b) the
contract or agreement has been —
(i)
if a deeming-in provision applied — rescinded,
annulled or otherwise terminated without being completed; or
(ii)
if a deeming-out provision applied —completed,
the duty chargeable on
the Part IIIBA statement is the duty that would have been payable had the
deeming provision not applied to the contract or agreement.
(2) In a case where a
deeming-in provision applied, subsection (1) does not apply if the
Commissioner is not satisfied that the rescission, annulment or other
termination of the contract or agreement was not part of a scheme or
arrangement under which the object of the contract or agreement has been or
may be achieved in another way.
(3) This section is in
addition to the provisions of the Taxation Administration Act 2003
relating to the reassessment of duty and does not affect the operation of
those provisions.
(4) In this
section —
"deeming-in provision" means
section 76AI(5)(a), 76AI(6)(a), 76AP(5)(a) or 76AP(6)(a);
"deeming-out provision" means
section 76AI(5)(b), 76AI(6)(b), 76AP(5)(b) or 76AP(6)(b);
"deeming provision" means a deeming-in provision
or a deeming-out provision.
”.