50ACancelled transfers of dutiable property

50A Cancelled transfers of dutiable property

50A Cancelled transfers of dutiable property

(1) A transfer of dutiable property that is effected by an instrument is not liable to duty under this Chapter if the Chief Commissioner is satisfied that—

(a) the transfer instrument has been cancelled and the dutiable property has not been transferred to the transferee, and

(b) the transfer was not cancelled to give effect to a subsale.

(c) (Repealed)

(2) If duty has been paid on a transfer of dutiable property 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 5 years of the initial assessment.

(3) The transfer instrument in respect of which the application is made must be surrendered to the Chief Commissioner unless the Chief Commissioner dispenses with that requirement.

(4) In this section, cancelled includes abandoned.

s 50A: Ins 2002 No 108, Sch 1 [5]. Am 2006 No 51, Sch 1 [2]; 2017 No 11, Sch 1 [11].