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 \[38\].