sec.115Exemption—cancelled agreements

### sec.115 Exemption—cancelled agreements Transfer duty is not imposed on a dutiable transaction that is an agreement for the transfer of dutiable property (the cancelled agreement ) if— the agreement is ended because of a breach of it by a party to it; or the agreement is ended because of non-fulfilment of a condition of it; or the agreement is brought to an end by frustration; or the agreement is ended with the consent of the parties to it and there is no resale agreement. For subsection (1) (d) , an agreement is a resale agreement if— under the agreement, any of the dutiable property the subject of the cancelled agreement is or will be transferred or is agreed to be transferred; and the transferee under the cancelled agreement or a related person of the transferee receives, or will receive, directly or indirectly a financial benefit other than— the release of the transferee from the transferee’s obligation under the cancelled agreement; or an interest in the dutiable property to the extent that the unencumbered value of the interest does not represent a profit for the transferee because of the resale agreement. If, on an assessment, transfer duty has been paid on an agreement that is not liable to transfer duty because of this section, the commissioner must make a reassessment if an application is made within 6 months after the agreement is ended or within the longer period the commissioner allows. The applicant must lodge the cancelled agreement with the application. s 115 amd 2011 No. 8 s 29 (sec.115-ssec.1) Transfer duty is not imposed on a dutiable transaction that is an agreement for the transfer of dutiable property (the cancelled agreement ) if— the agreement is ended because of a breach of it by a party to it; or the agreement is ended because of non-fulfilment of a condition of it; or the agreement is brought to an end by frustration; or the agreement is ended with the consent of the parties to it and there is no resale agreement. (sec.115-ssec.2) For subsection (1) (d) , an agreement is a resale agreement if— under the agreement, any of the dutiable property the subject of the cancelled agreement is or will be transferred or is agreed to be transferred; and the transferee under the cancelled agreement or a related person of the transferee receives, or will receive, directly or indirectly a financial benefit other than— the release of the transferee from the transferee’s obligation under the cancelled agreement; or an interest in the dutiable property to the extent that the unencumbered value of the interest does not represent a profit for the transferee because of the resale agreement. (sec.115-ssec.3) If, on an assessment, transfer duty has been paid on an agreement that is not liable to transfer duty because of this section, the commissioner must make a reassessment if an application is made within 6 months after the agreement is ended or within the longer period the commissioner allows. (sec.115-ssec.4) The applicant must lodge the cancelled agreement with the application. - (a) the agreement is ended because of a breach of it by a party to it; or - (b) the agreement is ended because of non-fulfilment of a condition of it; or - (c) the agreement is brought to an end by frustration; or - (d) the agreement is ended with the consent of the parties to it and there is no resale agreement. - (a) under the agreement, any of the dutiable property the subject of the cancelled agreement is or will be transferred or is agreed to be transferred; and - (b) the transferee under the cancelled agreement or a related person of the transferee receives, or will receive, directly or indirectly a financial benefit other than— (i) the release of the transferee from the transferee’s obligation under the cancelled agreement; or (ii) an interest in the dutiable property to the extent that the unencumbered value of the interest does not represent a profit for the transferee because of the resale agreement. - (i) the release of the transferee from the transferee’s obligation under the cancelled agreement; or - (ii) an interest in the dutiable property to the extent that the unencumbered value of the interest does not represent a profit for the transferee because of the resale agreement. - (i) the release of the transferee from the transferee’s obligation under the cancelled agreement; or - (ii) an interest in the dutiable property to the extent that the unencumbered value of the interest does not represent a profit for the transferee because of the resale agreement.