50ACancelled transfer of dutiable property

50A Cancelled transfer of dutiable property (1) Duty under this chapter is not payable in relation to a transfer of dutiable property by instrument if the commissioner is satisfied that— (a) the transfer instrument is cancelled and the dutiable property is not transferred to the transferee; and (b) the transfer was not cancelled to give effect to a subsale. (2) The commissioner must reassess and refund duty paid on a transfer of dutiable property if— (a) duty under this chapter is not payable in relation to the transfer because of this section; and (b) an application for a refund is made within 5 years after the initial assessment. (3) The transfer instrument must be surrendered to the commissioner unless the commissioner dispenses with that requirement.