50Cancelled agreements

#### 50 Cancelled agreements 50 Cancelled agreements > > (1) An agreement for the sale or transfer of dutiable property that is cancelled is not liable to duty under this Chapter if the Chief Commissioner is satisfied— > > > > > (a) that the agreement was not cancelled to give effect to a subsale, or > > > > > (b) that the purchaser or transferee under the agreement is a promoter of a named company proposed to be incorporated and that the company is the purchaser or transferee of the dutiable property under a subsequent agreement, or > > > > > (c) that the purchaser or transferee under the agreement and the purchaser or transferee under a subsequent agreement relating to the same dutiable property were related persons when the agreement that is cancelled was entered into. > > > (2) If duty has been paid on an agreement that is not liable to duty under this Chapter because of this section, the Chief Commissioner must reassess and refund the duty if an application for a refund is made within— > > > > > (a) 5 years of the initial assessment, or > > > > > (b) 12 months after the agreement is cancelled, > > > > whichever is the later. > > > (3) In this section, cancelled means rescinded, annulled or otherwise terminated without completion. > > **s 50:** Am 2003 No 80, Sch 1 \[8\] \[9\].