Duties Amendment Regulations (No. 2) 2011 (WA)

15 November 2011 GOVERNMENT GAZETTE, WA 4795

TREASURY AND FINANCE

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Duties Act 2008

Duties Amendment Regulations (No. 2) 2011

Made by the Governor in Executive Council.

1.            Citation

These regulations are the Duties Amendment Regulations
(No. 2) 2011.

2.            Commencement

These regulations come into operation as follows —

(a)	regulations 1 and 2 come into operation on the day on which these regulations are published in the Gazette;
(b)	the rest of the regulations are deemed to have come into operation on 1 July 2008.

Act 2002 Glossary clause 2;

3.            Regulations amended

These regulations amend the Duties Regulations 2008.

4.            Regulation 5B inserted

After regulation 5A insert:

5B. Nominal duty in relation to certain profits
prendre (s. 140)

(1) In this regulation —

lot has the meaning given in the Land Tax Assessment

4796 GOVERNMENT GAZETTE, WA 15 November 2011

profit a prendre means a profit a prendre created under
a timber sharefarming agreement under the
Conservation and Land Management Act 1984 or the

Forest Products Act 2000.

(2) For the purposes of section 140 of the Act, the

following dutiable transactions are prescribed -

(a) the surrender of a profit a prendre in relation to a lot (the old profit àprendre) in the following circumstances -

(i)     the benefit of the old profit a prendre is in relation to a portion of the lot;

(ii)     the surrender is part of replacing the old profit a prendre with another profit a prendre in relation to the lot (the new profit a prendre) that is limited to that portion of the lot;

(iii)     the same person who has, or persons who have, the benefit of the old profit a prendre will have the benefit of the new profit a prendre;

(iv)     no consideration is provided in relation to the surrender;

(b) the acquisition of new dutiable property by the

creation of a profit a prendre in the following
circumstances -

(i)     the profit a prendre is a new profit a prendre as defined in paragraph (a)(ii);

(ii)

the circumstances described in relation to the new profit a prendre;

(iii)      no consideration is provided in relation

(3) This regulation does not have the effect of making the to the acquisition.

surrender of a profit a prendre before 16 May 2009

dutiable.

By Command of the Governor,

N. HAGLEY, Clerk of the Executive Council.