58ADCredits in respect of non‑Territory stamp duty paid in respect of transfers

#### 58AD Credits in respect of non‑Territory stamp duty paid in respect of transfers (1) Subject to this section, where tax is, or but for this subsection, would be, payable by a company on the registration of a transfer of a marketable security, the company is entitled to a credit of tax in respect of the tax payable on the registration of an amount equal to the amount of stamp duty or any similar tax paid or payable on, or in respect of, the transfer under a law of the place in which was kept the register in which the marketable security was registered immediately before the date on which the instrument of transfer was executed. (2) Where a credit of tax is allowable in respect of the tax payable on the registration of a transfer of a marketable security, that credit shall not exceed the amount of tax that, before the allowance of that credit, is payable on the registration. (3) A credit under this section is not allowable to a company in respect of the registration of a transfer of a marketable security unless the company gives to the Commissioner, within 12 months after the time when the tax in respect of which the credit is claimed became due and payable, 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 credit. (4) Where a credit is allowable to a company under this section in respect of the registration of a transfer of a marketable security: (a) if the whole or any part of the tax payable on the registration is unpaid—the Commissioner shall apply the credit against that tax; (b) if the company is subject to any other liability to the Commonwealth, being a liability arising under, or by virtue of, an Act of which the Commissioner has the general administration—the Commissioner may apply so much of the credit as has not been applied under paragraph (a) against that liability; and (c) the Commissioner shall refund so much (if any) of the credit as has not been applied under paragraph (a) or (b).