293Reassessments—failed instruments

293 Reassessments—failed instruments

293 Reassessments—failed instruments

(1) An instrument that fails in its intended operation and becomes useless is not chargeable with duty under this Act.

(2) The Chief Commissioner must make a reassessment of duty in respect of such an instrument if an application for a reassessment is made within—

(a) 5 years after the initial assessment, or

(b) 12 months after the instrument has failed,

whichever is the later.

(3) The instrument in respect of which the application is made must be produced to the Chief Commissioner unless the Chief Commissioner dispenses with its production.

(4) This section does not apply in respect of an instrument that effects a transfer of dutiable property.

Note.

See Part 5 of Chapter 2 for refunds of duty under Chapter 2 on failed instruments. See Part 3 of Chapter 2A for refunds of surcharge purchaser duty on failed instruments.

s 293: Am 2002 No 108, Sch 1 [33]; 2004 No 33, Sch 4 [5]; 2008 No 67, Sch 1 [52]; 2016 No 32, Sch 1 [38].