Stamp Act 1921 (WA)

Western Australia Stamp Act 1921 Western Australia Stamp Act 1921 Contents Part I — Preliminary 1. Short title and commencement 1 2. Expiry of Act 1 4. Terms used in this Act M, MC 1 4A. Treatment of amounts payable for GST 1 Part II — Conditional contracts (interpretation) 6. Meaning of "eligible conditional contract" 1 7. Persons who are "related" for the purposes of this Part 1 8. Meaning of "general conditional contract" 1 9. Meaning of "farming land conditional contract" 1 10. Meaning of "off‑the‑plan conditional contract" 1 11. Meaning of "mining tenement conditional contract" 1 12. Meaning of "subdivision conditional contract" 1 13. When a conditional contract becomes unconditional 1 14. Termination of conditional contracts on relevant grounds 1 Part III — General provisions 16. Charge of duties on instruments MC 1 17. Liability to pay duty 1 17A. Time for payment of duty 1 17AA. Time for payment on certain conditional contracts 1 17B. Requirement to lodge instrument 1 17BA. Time for lodging certain conditional contracts 1 17C. Instrument to be endorsed when duty paid etc. 1 18. How instruments to be written 1 19. Instruments to be separately charged with duty in certain cases 1 20. Reduction of duty if matter not carried into effect 1 26. Facts and circumstances affecting duty to be set forth in instrument MC 1 27. Instruments not stamped inadmissible except in criminal proceedings 1 28. No instrument to be registered etc. unless stamped 1 29. Production of instruments as evidence 1 30. Secondary evidence 1 31. Stamped instruments as evidence 1 31B. Payment of duty on statements in absence of dutiable instrument 1 31C. Preparation of dutiable statement about voluntary transfers under the Financial Sector (Transfers of Business) Act 1999 of the Commonwealth 1 33. Valuation of land or other property 1 34. Duplicates and counterparts 1 35. Unlodged transfers — independent person's obligations 1 36. Mode of calculating ad valorem duty in certain cases 1 38. Instruments held in escrow 1 39. Determining whether securities are situated in Western Australia 1 40. Valuing a marketable security or right in respect of shares 1 Part IIIB — Conveyances and transfers 63. Terms used in this Part 1 63AA. Registered unit trust schemes 1 63AB. Criteria for registration of a unit trust scheme 1 63AC. Interim registration 1 63AD. Cancellation of registration or interim registration 1 63ADA. Registration of private unit trust scheme as provisional public trust 1 63ADB. Cancellation of registration of provisional public trust 1 63AE. Dutiable statement about disqualifying event and subsequent transfers or dispositions 1 63AF. Duty chargeable on the dutiable statement 1 63AG. When unit trust scheme becomes private unit trust scheme 1 63AH. Liability for duty on aggregated dispositions 1 63AI. Interstate security duty 1 63AJ. Dutiable statement to be lodged 1 63A. Duty on certain decrees and orders 1 64. How ad valorem duty to be calculated in respect of stock and securities 1 65. How ad valorem duty to be calculated in respect of securities and periodical payments 1 66. How conveyances in consideration of a debt or subject to future payment etc. to be charged 1 67. Duty where conveyance is partly in consideration of improvements made or to be made on property 1 69. Conveyance duty in cases where conveyance made at request or by direction of intermediary 1 70. Certain transfers of chattels dutiable 1 71. Duty charged for 2 or more instruments of conveyance 1 72. Transfer or assignment of mortgages for value 1 73. As to conveyances on any occasion except sale or mortgage 1 73A. Conveyance subject to an option 1 73AA. Duty on conveyance not passing a beneficial interest 1 73AB. Duty on conveyance to correct error 1 73B. Conveyance agreement subject to unilateral determination 1 73C. Option to purchase with right to renew 1 73CA. Effect of Duties Act 2008 on sections 73D, 73DAA, 73DE and 73E 1 73D. Disposition of units in unit trust schemes 1 73DAA. Dutiable statement required if transfer or instrument not lodged 1 73DA. Holdings of majority interest unit trustee 1 73DB. Terms used in sections 73DC, 73DD and 73DE 1 73DC. Acquisition of majority interest or further interest in pooled investment trust 1 73DD. Meaning of "majority interest" and "further interest" 1 73DE. Dutiable statement to be lodged 1 73E. Disposition of shares in discretionary trustee companies 1 73F. Acquisition of a licence to carry on a business activity 1 73G. Farm‑in agreements relating to mining tenements 1 74. Certain contracts to be chargeable as conveyances on sale 1 74A. Duty chargeable on certain conveyances of corporation property 1 74B. Transactions involving a call option and a put option 1 74C. Acquisition of certain business assets 1 75. Duty chargeable on conveyance for less than full consideration 1 75A. Power to exempt instruments made for charitable or similar purposes 1 75AB. Power to exempt instruments made in respect of certain funds or schemes 1 75ABA. Power to exempt transfers by bankruptcy trustee to bankrupt 1 75AC. Exchange of property 1 75AD. Duty chargeable on partition of property 1 75AE. Concessional rates for certain residential or business property 1 75AF. Computation of duty for 2 or more instruments 1 75AG. Reduction of duty or refund for first home owner 1 75AH. Further transfer to person who was first home owner 1 75C. Power to exempt for certain conveyances between spouses 1 75CA. Refund where contingent consideration is not paid 1 Part IIIBAA — Certain transfers of farming property 75D. Terms used in this Part 1 75E. Application of this Part 1 75F. Power to exempt for farming property 1 75G. Partial exemption of duty 1 75H. Application for exemption 1 75HA. Subsequent liability for duty in certain circumstances 1 75I. Part IIIBA companies 1 Part IIIBAAA — Exemptions for corporate reconstructions 75J. Terms used in this Part 1 75JAA. When a body corporate is dormant 1 75JA. Corporate reconstructions: exemptions 1 75JB. Corporate reorganisations: exemption from duty on conveyances between associated bodies corporate 1 75JBA. Operation of claw‑back: application for pre‑determination in certain cases 1 75JC. Corporate reorganisations: application for pre‑determination 1 75JD. Corporate reorganisations: application for exemption 1 75JDA. Exemption may be withheld in certain cases 1 75JE. Claw‑back (instruments) 1 75JF. Claw‑back (Part IIIBA statements) 1 75JG. Offences and recovery of duty etc. 1 75JH. Revoking an exemption 1 Part IIIBA — Duty on change of control of certain land‑owning corporations Division 1 — Provisions applicable to this Part 75K. Effect of Duties Act 2008 on this Part 1 76. Terms used in this Part 1 76A. Relevant acquisitions by trustees 1 76AA. Assessment in the absence of a dutiable statement 1 76AB. Request that Commissioner determine whether dutiable statement is required to be lodged 1 Division 2 — Companies taken to be registered in Western Australia 76AG. Preparation of dutiable statement 1 76AH. Statement chargeable with duty 1 76AI. Companies to which this Division applies 1 76AJ. Meaning of "relevant acquisition" 1 76AK. Meaning of "interest", "majority interest" and "further interest" 1 76AL. How dutiable value is determined 1 76AM. Liability for duty 1 Division 3 — Corporations incorporated, or taken to be registered, outside Western Australia, and certain other companies not within Division 2 76AN. Preparation of dutiable statement 1 76AO. Statement chargeable with duty 1 76AP. Corporations to which this Division applies 1 76AQ. Meaning of "relevant acquisition" 1 76AR. Meaning of "interest", "majority interest" and "further interest" 1 76AS. How dutiable value is determined 1 Division 3a — Listed companies taken to be registered in Western Australia 76AT. Preparation of dutiable statement 1 76ATA. Statement chargeable with duty 1 76ATB. Meaning of "listed land‑holder WA company" 1 76ATC. Meaning of "relevant acquisition" 1 76ATD. Meaning of "interest", "controlling interest" and "additional interest" 1 76ATE. How dutiable value is determined 1 76ATF. Liability for duty 1 Division 3b — Listed corporations incorporated, or taken to be registered, outside Western Australia, and certain other companies not within Division 3a 76ATG. Preparation of dutiable statement 1 76ATH. Statement chargeable with duty 1 76ATI. Meaning of "listed land‑holder corporation" 1 76ATJ. Meaning of "relevant acquisition" 1 76ATK. Meaning of "interest", "controlling interest" and "additional interest" 1 76ATL. How dutiable value is determined 1 Division 4 — Reassessment of liability for duty 76AU. Reassessment where deeming provision applied 1 Division 5 — Avoidance of duty 76AV. Commissioner may determine that an obligation to lodge a statement has been avoided 1 76AW. Liability to pay duty that has been avoided 1 76AX. Reasons for determination that duty has been avoided 1 Part IIIC — Vehicle licences 76AY. Effect of Duties Act 2008 on this Part 1 76B. Terms used in this Part 1 76C. Non‑beneficial change of ownership 1 76D. Duty on the grant or transfer of a vehicle licence 1 76E. Determination of value and assessment of duty 1 76F. Payment of duty 1 76G. Applicant's statement of value in application 1 76H. Seller's obligation to notify purchase price 1 76I. Use of dealer registered vehicle for other purposes 1 76J. Use of specialised equipment on another vehicle 1 76K. Failure to apply for transfer of licence 1 76L. Powers of Director General and Commissioner 1 76M. Duty to be remitted to Commissioner 1 76N. Records 1 Part IIID — Leases 77. Agreement for any lease to be charged as a lease 1 77A. Offer to lease 1 78. Leases: how to be charged in respect of produce etc. 1 79. Directions as to duty in certain cases 1 80A. Power to exempt instruments made for charitable or similar purposes 1 Part IIIE — Mortgage duty Division 1 — Interpretation for this Part 81. Terms used in this Part M, MC 1 82. Meaning of "mortgage" 1 83. Meaning of "advance" 1 84. Meaning of "loan" 1 85. Meaning of "home mortgage" 1 Division 2 — Liability for mortgage duty 85A. Mortgage duty abolished from 1 July 2008 1 86. Assessing mortgage duty 1 86A. Exemption — refinancing home loans 1 86B. Exemption — refinancing small business loans 1 87. Liability dates 1 88. Stamping before advance 1 Division 3 — Amount secured by a mortgage 89. The secured amount 1 90. Contingent liabilities 1 91. Mortgage over property partly outside WA 1 91A. Mortgage packages 1 91B. Collateral mortgages 1 91C. Extent to which mortgage can be enforced 1 91D. Use of stamped and collateral mortgages as security 1 91E. Multi‑jurisdictional statement 1 91F. Exemptions for charitable or public purposes 1 Part IIIF — Insurance Division 1 — Interpretation in Part IIIF and connection to the State 91G. Effect of Duties Act 2008 on this Part 1 92. Terms used in this Part 1 92A. Meaning of "general insurance" and connection to the State 1 92B. Additional insurance — life riders 1 92C. Payment of premiums 1 Division 2 — Registration of insurers 93. Insurers to be registered 1 93A. Registration of insurers 1 93B. Cancelling registration of insurers 1 Division 3 — Duty payable by insurers 94. Lodging returns and paying duty 1 94A. Calculating the amount of duty payable on a return 1 94B. Return period of an insurer 1 Division 4 — Duty payable by insured persons 95. Meaning of "Division 4 insurer" 1 95A. Insured person to lodge statement and pay duty 1 95B. Insurer and intermediary to notify Commissioner of contracts of insurance 1 Division 5 — General provisions 96. Apportionment of premiums and instalments 1 96A. Refunds 1 96B. Records 1 Part IVB — Hire of goods Division 1A — Abolition of duty 112. Hire of goods duty abolished from 1 January 2007 1 Division 1 — Interpretation in Part IVB 112I. Meaning of "commercial hire business" 1 112IA. Meaning of "goods" 1 112IB. Meaning of "hire of goods" 1 112IC. Meaning of "State hire of goods" 1 112ID. Meaning of "equipment financing arrangement" and "hire purchase agreement" 1 112IE. Meaning of "hiring charges" 1 112IF. Terms used in this Part 1 Division 2 — Registration of commercial hire businesses 112J. Commercial hire businesses to be registered 1 112JA. Registration of commercial hire businesses 1 112JB. Cancelling registration of commercial hire businesses 1 Division 3 — Connection to the State 112K. Connection to the State — hire of goods and persons to which this Part applies 1 Division 4 — Commercial hire businesses 112L. Lodging returns and paying duty 1 112LA. Calculating the assessable amount for a return period 1 112LB. Calculating the amount of duty payable on a return 1 112LC. Return period for a commercial hire business 1 112LD. Annual reconciliation 1 Division 5 — Persons other than commercial hire businesses 112M. Statement of transaction 1 112MA. Lodging statements and paying duty 1 112MB. Method of calculating total hiring charges if they are not readily ascertainable 1 Division 6 — General provisions 112N. Credit for duty paid in another Australian jurisdiction 1 112NA. Splitting or redirecting hiring charges — anti‑avoidance provision 1 112NB. Ascertainment and disclosure of place of use of goods 1 112NC. Records 1 Part IVC — Exemptions in relation to aged or disabled persons 112Q. Certain residential agreements with charitable bodies exempt 1 112R. Certain aged care agreements exempt 1 112S. Instruments not required to be lodged 1 Part IVD — Maintenance agreements and orders 112UA. Terms used in this Part 1 112UB. Application of Part IVD 1 112UC. Duty on maintenance agreements and orders 1 112UD. Duty on conveyance or transfer under maintenance agreement or order 1 Part IVE — Managed investment schemes 112UE. Duty on certain instruments for the purpose of managed investment schemes 1 Part V — Miscellaneous 113. Commissioner may impound unstamped documents 1 114. Commissioner may destroy instruments 1 119. Certain exemptions where the State of Western Australia etc. is a party M 1 120. Regulations 1 121. Application of section 1070A of the Corporations Act limited 1 122. Transitional provisions 1 Second Schedule — Duties payable on instruments Third Schedule — Exemptions from duty Schedule 4 — Transitional provisions Division 1 — Provisions for Revenue Laws Amendment Act 2006 1. Application of old Part IVB 1 2. Applications under section 75AH 1 3. Application of Act to certain mortgages and advances 1 4. Application of Act to certain instruments referred to in the Second Schedule item 19 1 Division 2 — Provisions for Revenue Laws Amendment (Taxation) Act 2007 1. Application of Act in relation to certain first home owners 1 2. Application of Act in relation to certain motor vehicles — 1 July 2007 1 4. Reassessments 1 Notes Compilation table 1 Other notes 1 Defined terms Western Australia Stamp Act 1921 An Act to amend and consolidate the law relating to stamp duties upon instruments and to impose certain stamp duties, and for other relative purposes. Part I — Preliminary 1. Short title and commencement This Act may be cited as the Stamp Act 1921, and shall come into operation on a day to be fixed by proclamation. [2.1M Modification, to insert section 2, to have effect under the Commonwealth Places (Mirror Taxes Administration) Act 1999 s. 7, see Commonwealth Places (Mirror Taxes Administration) Regulations 2007 r. 38 and endnote 1M.] [2.1MC Modification, to insert section 2, to have effect under the Commonwealth Places (Mirror Taxes) Act 1998 (Commonwealth) s. 8, see Commonwealth Places (Mirror Taxes) (Modification of Applied Laws (WA)) Notice 2007 cl. 40 and endnote 1MC.] 2. Expiry of Act (1) This Act expires on a day fixed by proclamation. (2) A proclamation is not to be made under subsection (1) unless, after 1 July 2008, the Commissioner has given the Minister a certificate signed by the Commissioner stating that the operation of this Act is no longer necessary. [Section 2 inserted: No. 12 of 2008 s. 4.] [2A, 3. Deleted: No. 2 of 2003 s. 4.] 4. Terms used in this Act 1M, 1MC (1aa) The Taxation Administration Act 2003 is to be read with this Act as if they formed a single Act. (1ab) The Glossary at the end of the Taxation Administration Act 2003 defines or affects the meaning of some of the words and expressions used in this Act and also affects the operation of other provisions. (1) In this Act, except so far as the context otherwise requires — corporation has the same definition as in section 9 of the Corporations Act; Corporations Act means the Corporations Act 2001 of the Commonwealth; de facto partner of 2 years, in relation to a person, means a person who is living in a de facto relationship with the person and has lived on that basis with the person for at least 2 years; de facto partners of 2 years means 2 de facto partners of 2 years who are living in a de facto relationship with each other; director has the same definition as in section 9 of the Corporations Act; dutiable statement means a statement required to be lodged under section 31B, 31C, 63AE, 63AJ, 73DAA(1), 73DE, 75HA, 76AG, 76AN, 76AT, 76ATG, 77A, or 92A; duty means duty payable under this Act; dwellinghouse includes flat, apartment or other residential unit; eligible conditional contract has the definition it is given in section 6; endorse has a meaning affected by section 17C(7); farming land conditional contract has the definition it is given in section 9; financial institution means — (a) an institution that is a "financial institution" for the purposes of the Cheques Act 1986 of the Commonwealth; or (b) any other person who is, or who is in a class of persons that is, prescribed for the purposes of this definition; financial market has the same definition as in Chapter 7 of the Corporations Act; foreign company has the same definition as in section 9 of the Corporations Act; former de facto partner of 2 years, in relation to a person, means a person who has lived in a de facto relationship with that person for at least 2 years, but no longer lives with that person on that basis; general conditional contract has the definition it is given in section 8(1) as modified by section 8(2); government body means an agent or instrumentality of the State, or an SES organisation as defined in the Public Sector Management Act 1994; GST has the same meaning as it has in the Commonwealth A New Tax System (Goods and Services Tax) Act 1999 except that it includes notional GST of the kind for which payments may be made under the State Entities (Payments) Act 1999 by a person that is a State entity as defined in that Act; instrument does not include a return; interstate duty means duty of a similar nature to the duty payable under this Act that is payable in another State or Territory; local government means a local government, regional local government, regional subsidiary or one of the associations constituted under section 9.58 of the Local Government Act 1995; marketable security means — (a) any stock or share of any corporation or local government or company or society; (b) any debenture, debenture stock, bond, note or other security of a Government or of any corporation or local government or company or society, whether or not constituting a charge on the assets of the Government, local government, corporation, company or society; (c) any right or interest, whether described as a unit or otherwise, of a beneficiary under a unit trust scheme — (i) any of the units of which is quoted on a recognised financial market; or (ii) that is not a private unit trust scheme within the meaning in section 63(2) or that is a unit trust scheme registered under section 63AA(2) or granted interim registration under section 63AC(2) or registered as a provisional public trust under section 63ADA(2); mining tenement conditional contract has the definition it is given in section 11; money includes a bill of exchange, a promissory note and all sums expressed in the currency of Australia or in any other currency; mortgage has the definition it is given in section 82; off‑the‑plan conditional contract has the definition it is given in section 10; Part IIIBA statement means — (a) a section 76AG statement; (b) a section 76AN statement; (c) a section 76AT statement; or (d) a section 76ATG statement; payment includes payment in money or by bill of exchange or promissory note; primary produce contract has the definition it is given in section 9(2); recognised financial market means a financial market prescribed for the purposes of this definition; related, in relation to a general conditional contract, has the definition it is given in section 7; related corporation means a related body corporate (as defined in section 9 of the Corporations Act); right in respect of shares means a security, however described, that is or represents a right, whether actual, prospective or contingent, to be allotted or issued with an unissued marketable security, whether or not any money or other consideration is to be payable for the issue; section 76AG statement means a dutiable statement lodged under section 76AG in relation to which the Commissioner has not made a determination under section 76AG(5a); section 76AN statement means a dutiable statement lodged under section 76AN in relation to which the Commissioner has not made a determination under section 76AN(4a); section 76AT statement means a dutiable statement lodged under section 76AT in relation to which the Commissioner has not made a determination under section 76AT(12); section 76ATG statement means a dutiable statement lodged under section 76ATG in relation to which the Commissioner has not made a determination under section 76ATG(11); stamp, when used as a verb in relation to an instrument, means to endorse the instrument in accordance with section 17C; stamp Act means this Act or the Taxation Administration Act 2003; subdivision conditional contract has the meaning it is given in section 12; supply, in relation to an amount of GST, has the same meaning as it has in the Commonwealth A New Tax System (Goods and Services Tax) Act 1999; surviving de facto partner of 2 years, in relation to a person who has died, means a person who, immediately before the person's death was living in a de facto relationship with that person and had lived with the person on that basis for at least 2 years; terminated on relevant grounds, in relation to a general conditional contract, has the definition it is given in section 14; unconditional, in relation to a general conditional contract, has a meaning affected by section 13; unencumbered value has a meaning affected by section 33; unit, in Parts II and IIIB, has the definition it is given in section 63(1); WA company means a company within the meaning of the Corporations Act that is taken, for the purposes of the Corporations Act, to be registered in Western Australia. (2) Whenever a word or expression is defined in any Part, so that the word or expression bears the defined meaning when used in that Part, the word or expression shall, when used in the Second Schedule or the Third Schedule, be given the same meaning as it bears in that Part unless the context in which it is used in that Schedule otherwise requires. [Section 4 inserted: No. 37 of 1979 s. 4; amended: No. 10 of 1982 s. 28; No. 81 of 1984 s. 3; No. 84 of 1985 s. 3; No. 33 of 1987 s. 5; No. 3 of 1989 s. 4; No. 41 of 1989 s. 4; No. 52 of 1991 s. 7; No. 39 of 1994 s. 15 and 21; No. 14 of 1996 s. 4; No. 48 of 1996 s. 31(1); No. 57 of 1996 s. 4; No. 13 of 1997 s. 21 and 35; No. 22 of 1998 s. 50; No. 53 of 1999 s. 17; No. 10 of 2001 s. 166; No. 36 of 2001 s. 24; No. 2 of 2003 s. 5; No. 21 of 2003 s. 25; No. 28 of 2003 s. 187; No. 66 of 2003 s. 4 and 107(2); No. 11 of 2004 s. 9; No. 12 of 2004 s. 14 and 21; No. 26 of 2016 s. 91.] [Modification, to section 4, to have effect under the Commonwealth Places (Mirror Taxes Administration) Act 1999 s. 7, see Commonwealth Places (Mirror Taxes Administration) Regulations 2007 r. 39 and endnote 1M.] [Modification, to section 4, to have effect under the Commonwealth Places (Mirror Taxes) Act 1998 (Commonwealth) s. 8, see Commonwealth Places (Mirror Taxes) (Modification of Applied Laws (WA)) Notice 2007 cl. 41 and endnote 1MC.] [4AA.1M Modification, to insert section 4AA, to have effect under the Commonwealth Places (Mirror Taxes Administration) Act 1999 s. 7, see Commonwealth Places (Mirror Taxes Administration) Regulations 2007 r. 40 and endnote 1M.] [4AA.1MC Modification, to insert section 4AA, to have effect under the Commonwealth Places (Mirror Taxes) Act 1998 (Commonwealth) s. 8, see Commonwealth Places (Mirror Taxes) (Modification of Applied Laws (WA)) Notice 2007 cl. 42 and endnote 1MC.] 4A. Treatment of amounts payable for GST (1) In ascertaining the value of anything or the consideration for anything, there is to be no discount for the amount of GST (if any) payable on the supply of that thing. (2) A reference in Part IIIC to purchase price means the purchase price without any discount for the amount of GST (if any) payable on the supply of the vehicle. [Section 4A inserted: No. 53 of 1999 s. 33; amended: No. 2 of 2003 s. 6; No. 66 of 2003 s. 5.] [5. Deleted: No. 2 of 2003 s. 7.] Part II — Conditional contracts (interpretation) [Heading inserted: No. 12 of 2004 s. 15.] 6. Meaning of "eligible conditional contract" (1) An eligible conditional contract is a contract for the sale of property where — (a) completion of the contract is conditional on the happening of an event; (b) the parties to the contract do not have control over the happening of the event, except to the extent that they are required under the contract to use their best endeavours to secure the happening of the event; and (c) no other person who is related to a party to the contract has control over the happening of the event. (2) However, none of the following is an eligible conditional contract — (a) a put option and a call option (as defined in section 74B(1)) to which section 74B(6) applies; (b) a contract for the sale of a unit in a unit trust scheme as defined in section 63(1); (c) a contract that is subject to a condition which, in the opinion of the Commissioner, constitutes an arrangement or part of an arrangement to avoid or defer the payment of duty. [Section 6 inserted: No. 12 of 2004 s. 15.] 7. Persons who are "related" for the purposes of this Part (1) For the purposes of sections 6(1)(c), 14(a) and 17BA(3), persons are related if they are — (a) joint owners of property; (b) individuals who are in partnership with each other; (c) participants in the same joint venture; (d) family members; (e) related corporations; (f) a trustee and another trustee if there is any beneficiary common to the trusts of which they are trustees, whether the beneficiary has a vested share or is contingently entitled or may benefit from a discretionary trust; (g) an individual and a corporation, if the individual is a majority shareholder, director or secretary of the corporation or a related corporation; (h) an individual and a trustee, if the individual is a beneficiary under the trust of which the trustee is a trustee, whether the beneficiary has a vested share or is contingently entitled or may benefit from a discretionary trust; (i) a corporation and a trustee, if — (i) the corporation, or a majority shareholder, director or secretary of the corporation, is a beneficiary of the trust of which the trustee is a trustee; or (ii) a related corporation to the corporation is a beneficiary of the trust of which the trustee is a trustee, whether (in either case) the beneficiary has a vested share or is contingently entitled or may benefit from a discretionary trust. (2) For the purposes of subsection (1) — (a) an illegitimate person shall be treated as the legitimate child of that person's parents; (b) it is irrelevant whether a relationship is of the whole or half‑blood, or whether it is a natural relationship or a relationship established by a written law; and (c) a majority shareholder in relation to a corporation is a person who would have a substantial holding in the corporation under the definition of "substantial holding" in section 9 of the Corporations Act even if the reference in that definition to 5% were a reference to 50%. (3) For the purposes of subsection (1)(d), 2 persons are family members if, in relation to one person, the other person is — (a) a child or remoter lineal descendant of the person; (b) a parent or remoter lineal ancestor of the person; (c) a brother or sister of the person or remoter lineal descendant of a brother or sister of the person; (d) an aunt or uncle of the person; (e) the spouse, former spouse, de facto partner or former de facto partner of the person; (f) a family member referred to in paragraph (a), (b), (c) or (d) of a person referred to in paragraph (e); or (g) the spouse or de facto partner of a person referred to in paragraph (a), (b), (c) or (d). [Section 7 inserted: No. 12 of 2004 s. 15; amended: No. 11 of 2005 s. 6.] 8. Meaning of "general conditional contract" (1) A general conditional contract is an eligible conditional contract, completion of which is conditional on the happening of one or more of the following events, as specified in the contract — (a) the obtaining by the purchaser of a satisfactory private taxation ruling by the Commissioner of Taxation of the Commonwealth as to the consequences of the contract with respect to taxation under a law of the Commonwealth; (b) the obtaining to the satisfaction of a purchaser under the contract of funds or of approval to obtain funds to finance the purchase; (c) the obtaining by the purchaser of a satisfactory building inspection, geotechnical or environmental report from a third party in relation to the property to be sold or conveyed under the contract; (d) the obtaining by a vendor of the consent of the Minister responsible for administering the Land Administration Act 1997 to transfer a lease of leasehold land to a purchaser; (e) the authorisation of the payment to the purchaser of a first home owner grant under the First Home Owner Grant Act 2000; (f) the obtaining by the purchaser of a licence to trade or the grant of a franchise; (g) the obtaining by the vendor of a commercial property of the renewal of an existing lease of the property; (h) the obtaining from the landlord of a leasehold business by the vendor of the business of a new lease, or of an assignment of the lease to a purchaser; (i) the sale of another property by the purchaser; (j) the obtaining by the vendor of the registration of a plan of subdivision, or of a strata plan or survey strata plan; (k) the obtaining by the purchaser of approval from a regulatory body; (l) the results of the making of due diligence inquiries by the purchaser where the results are to be measured against objective criteria set out in the contract; (m) the issue of a certificate of title (however described) for the property that is the subject of the contract; (n) a prescribed event. (2) Except in section 20 and for the purposes of the definitions in sections 9, 10, 11 and 12, a reference in this Act to a general conditional contract is to be read as excluding a reference to a farming land conditional contract, an off‑the‑plan conditional contract, a mining tenement conditional contract or a subdivision conditional contract. [Section 8 inserted: No. 12 of 2004 s. 15; amended: No. 29 of 2012 s. 38.] 9. Meaning of "farming land conditional contract" (1) A farming land conditional contract is — (a) a general conditional contract that is solely or principally for the sale of farming land as defined in section 75D(1); or (b) a primary produce contract. (2) A contract is a primary produce contract if — (a) it is solely or principally for the sale of farming land as defined in section 75D(1); and (b) completion of the contract is affected by or subject to an activity that constitutes primary production as defined in section 75D(1). [Section 9 inserted: No. 12 of 2004 s. 15.] 10. Meaning of "off‑the‑plan conditional contract" An off‑the‑plan conditional contract is a general conditional contract that includes provision for — (a) the sale of a strata lot; and (b) the construction on the strata lot, after the contract is executed, of a building for commercial, residential or mixed‑use purposes. [Section 10 inserted: No. 12 of 2004 s. 15.] 11. Meaning of "mining tenement conditional contract" A mining tenement conditional contract is a general conditional contract for the sale of — (a) a mining tenement held under the Mining Act 1978, being a mining tenement within the meaning of that Act or the Mining Act 1904 2; (b) a right unde