56Transfers back from a nominee

#### 56 Transfers back from a nominee 56 Transfers back from a nominee > > (1) If— > > > > > (a) dutiable property (other than marketable securities) that was transferred to a person to be held by that person as trustee for the transferor is transferred back to the transferor by the trustee, and > > > > > (b) no person other than the transferor has had a beneficial interest in the dutiable property (other than the trustee’s right of indemnity) between its transfer to the trustee and its transfer back to the transferor, > > > > the duty chargeable on the transfer of the dutiable property back to the transferor is $100. > > > (2) If duty of $100 has been paid on a transfer under subsection (1), the initial transfer to the trustee is also chargeable with duty of $100. The Chief Commissioner must reassess the initial transfer and refund any duty paid in excess of $100 if an application for a refund is made within— > > > > > (a) 5 years after the initial assessment, or > > > > > (b) 12 months after the transfer back to the original transferor, > > > > whichever is the later. > > > (3) In this section, trustee includes a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees. > > **s 56:** Am 1998 No 54, Sch 2.10 \[2\]; 2008 No 122, Sch 1.2 \[5\]; 2023 No 26, Sch 1\[1\].