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Corporation or Managed Investment Scheme

By Cathy Holmes,2014-08-12 01:11
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Corporation or Managed Investment Scheme

    DUTY NOT CHARGEABLE ON TRANSFER TO CORPORATION OR

    MANAGED INVESTMENT SCHEME

    SECTION 42 OF THE DUTIES ACT 2008

     APPLICATION FORM

This application form is only to be used in respect of an agreement to transfer dutiable property to a

    corporation which was intended to be incorporated, a dormant corporation whose shares were intended to be

    acquired, or to a purchaser on behalf of a managed investment scheme.

    Both the person named as the purchaser in the agreement to transfer dutiable property (‘Purchaser’) and the

    person named as the transferee, in the transfer of dutiable property (‘Transferee’) must complete this

    application. The application must be lodged together with relevant supporting evidence (see pages 3 and 4),

    the original agreement to transfer e.g. Offer and Acceptance / Contract for Sale, and the Transfer of Land.

    Certain phrases are defined on page 3.

1. Purchaser named in the agreement for the transfer of dutiable property:

     %

    (Surname) (Given Names) (Share)

2. Transferee named in the transfer of the dutiable property:

     %

    (Share)

     If the transferee is acting on behalf of a managed investment scheme, provide the name of the scheme:

3. Details of Property

    Street No. Street Suburb

Lot No. Plan/Diagram/Strata Plan No. Certificate of Title No. [Vol/Fol]

     Volume: Folio:

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    Answer Q.4, 5 or 6 as applicable, providing supporting evidence, then go to the Declaration on page 3. See page 4 for details as to the supporting evidence required.

    4. Corporation intended to be incorporated:

     (a) Did the Purchaser enter into the agreement for the transfer of dutiable property with

    the intention that the property would be transferred to a corporation that they intended Yes/No to be incorporated?

     (b) Was action being taken to incorporate the corporation at the time the agreement was

    entered into? Yes/No

     (c) When was incorporation action completed? day of 20

5. Dormant Corporation:

     (a) Did the Purchaser enter into the agreement for the transfer of dutiable property with

    the intention that the property would be transferred to a dormant corporation, the Yes/No shares in which they intended to acquire?

     (b) Was action being taken to acquire the shares at the time the agreement to transfer was

    entered into? Yes/No

     (c) When was acquisition of the shares completed? day of 20

     (d) Will the property be held by the corporation as trustee of a trust?

    Yes/No

6. Managed Investment Scheme:

     (a) Has there been, or will there be, a managed investment scheme (‘scheme’)

    established by means of an offer to subscribe to the scheme made to the public? Yes/No

     Answer (i) or (ii) below as applicable.

     (i) Did the Purchaser enter into the agreement for the transfer of dutiable property with

    the intention that the property would become scheme property? Yes/No

    OR

     (ii) Did the person promoting the scheme arrange for the agreement to transfer to be

    entered into by the person named in the agreement, with the intention that the Yes/No property would become scheme property?

     (b) Did the agreement or arrangement referred to in Q.6 (a)(i) or (ii) respectively, occur

    prior to the establishment of the scheme? Yes/No

     (c) Does the agreement contain a condition that it will be terminated if the scheme is not

    established? Yes/No

     (d) Will the transfer result in the property becoming scheme property?

    Yes/No

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    IMPORTANT

    A person who provides information to the Commissioner knowing it to be false or misleading in a material particular commits an offence under the Taxation Administration Act 2003. The penalty for the offence is:

    a) $20,000 and

    b) three times the amount of duty that was avoided or might have been avoided if the false or

    misleading information had been accepted as true.

DECLARATION

    WE DO SOLEMNLY AND SINCERELY DECLARE THAT THE ANSWERS AND INFORMATION WHICH WE HAVE GIVEN IN THIS APPLICATION ARE TRUE, COMPLETE AND CORRECT IN EVERY PARTICULAR.

    PURCHASER:

    Name / authorised corporate signatory:

    Signature: Date / /

TRANSFEREE:

    Name / authorised corporate signatory:

    Signature: Date / /

DEFINITIONS:

‘dormant corporation’ has the meaning given by section 42(6) of the Duties Act 2008;

    ‘managed investment scheme’ has the same meaning as it has in section 9 of the Corporations Act 2001

    (Commonwealth) (‘Corporations Act’);

    ‘scheme property’, in relation to a managed investment scheme, has the same meaning as it has in the Corporations Act in relation to a managed investment scheme that is registered under section 601EB of that Act.

    SUPPORTING EVIDENCE:

    Question 4 Corporation intended to be incorporated:

    (a) Dated copy of any instructions given by the Purchaser to an Australian company registration service

    provider requesting that they arrange registration of the corporation on their behalf;

    (b) Dated copies of the written approvals given by those people who agreed to fill the roles of director(s),

    member(s) and secretary of the corporation;

    (c) Extracts from Australian Securities and Investments Commission (‘ASIC’) records showing the Application

    for Reservation of a Name (form 410)(if applicable) and the Application for Registration as an Australian

    Company (form 201);

    (d) Copy of the Certificate of Registration;

    (e) Any other written evidence supporting the Purchaser’s intentions at the time of entering into the

    agreement.

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Question 5 Dormant Corporation:

    (a) Dated copy of the request made by the Purchaser to a shelf company service provider in relation to the

    acquisition of a dormant corporation;

    (b) Extracts from ASIC records showing the Application for Registration as an Australian Company (form 201)

    and the Change to Company Details (form 484) confirming acquisition of the shares in the corporation by

    the Purchaser;

    (c) Copies of all financial statements (e.g. trial balance sheet, journals, profit & loss), details of all activities

    and copies of lodgements with ASIC, minutes, agreements, resolutions and all other documents relating

    to or evidencing the activities of the corporation since its incorporation;

    (d) Any other written evidence supporting the Purchaser’s intentions at the time of entering into the

    agreement.

    Question 6 Managed Investment Scheme:

    (a) Copy of the prospectus whereby an offer to subscribe to the scheme was made to the public;

    (b) Extracts from ASIC records showing the Application for Registration of a Managed Investment Scheme

    (form 5100) and the approval of that application;

    (c) Evidence to confirm that the Transferee is acting in the capacity of trustee of the scheme;

    (d) Other written evidence supporting the Purchaser’s or the scheme promoter’s intentions at the time of

    entering into the agreement.

Delivery to: Enquiries:

    Telephone: Office Office of State Revenue (08) 9262 1100

    Plaza Level 1300 368 364

    200 St Georges Terrace (WA country STD callers only

    PERTH WA 6000 local call charge)

    Postal address: Office of State Revenue Facsimile: (08) 9226 0834

    GPO Box T1600 E-mail: duties@dtf.wa.gov.au PERTH WA 6845

    Website: www.osr.wa.gov.au

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