50AARefund or remission of duty where Crown lease surrendered

#### 50AA Refund or remission of duty where Crown lease surrendered (1) Where: (a) an amount of duty has been paid on an instrument, being a Crown lease; (b) the lease is surrendered or determined; and (c) the whole or a part (which whole or part is in this subsection referred to as the lease refund) of the amount (in this subsection referred to as the lease consideration) paid for or in respect of the grant of the lease is refunded under section 37A of the City Area Leases Ordinance 1936 of the Australian Capital Territory; the Commissioner shall refund to the person by whom the amount of duty was paid an amount calculated in accordance with the formula where: > A is the amount of duty; > B is the amount that would have been the amount of the lease refund if no deduction had been made for administrative expenses; and > C is the amount of the lease consideration. (2) A person is not entitled to a refund under subsection (1) unless the person gives to the Commissioner, within 12 months after the lease refund referred to in subsection (1) is made, an application in accordance with an approved form, together with such information as the Commissioner requires to enable the Commissioner to determine the amount of the refund. (3) Duty that is payable by a person on an instrument but has not been paid shall be remitted in the same circumstances as those in which it would be refunded under this section if it had been paid.