Dutiable property, for the purposes of the Duties Act 2008 (‘Duties Act’), includes a Western Australian business asset.
The definition of business asset is contained in section 79 of the Duties Act.
The purpose of this ruling is to clarify the status of the deposit accounts of an authorised deposit-taking institution where such accounts are the subject of a transaction.
An authorised deposit-taking institution is defined in the Banking Act 1959 (Cth).
Ruling
For the purposes of section 79 of the Duties Act, a deposit account of an authorised deposit-taking institution is not considered to be a business asset and is therefore not considered to be dutiable property.
