sec.156AReassessment of duty for cancelled transfer of dutiable property

### sec.156A Reassessment of duty for cancelled transfer of dutiable property This section applies if— transfer duty has been assessed on a transfer of dutiable property effected or evidenced by an instrument or ELN transaction document; and the instrument or ELN transaction document is cancelled by the parties before it has legal effect; and the dutiable property has not been transferred to the transferee or a related person of the transferee; and the instrument or ELN transaction document was not cancelled— to give effect to a resale agreement; or as part of an arrangement under which any of the dutiable property is or will be transferred, or is agreed to be transferred, to the transferee or a related person of the transferee. For this section, an instrument or ELN transaction document has legal effect if— for an instrument or ELN transaction document that, when recorded in a register, will effect the transfer of dutiable property—the instrument or ELN transaction document is lodged for recording in the register; or a right has been exercised, or an obligation fulfilled, under the instrument or ELN transaction document; or the instrument or ELN transaction document has been relied on in any other way. For subsection (1) (d) (i) , an agreement is a resale agreement if— under the agreement, any of the dutiable property is or will be transferred or is agreed to be transferred; and the transferee, 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 transaction mentioned in subsection (1) (a) . The person may lodge an application for a reassessment in the approved form within 6 months after the instrument or ELN transaction document is cancelled. The person must lodge the instrument, ELN transaction document or a copy of the ELN transaction document with the application, unless the commissioner decides lodgement is unnecessary. The commissioner must make a reassessment of transfer duty for the transaction on the basis that transfer duty is not imposed on the transaction. s 156A ins 2010 No. 11 s 33 amd 2011 No. 8 s 38 ; 2015 No. 4 s 18 ; 2018 No. 27 s 12 (sec.156A-ssec.1) This section applies if— transfer duty has been assessed on a transfer of dutiable property effected or evidenced by an instrument or ELN transaction document; and the instrument or ELN transaction document is cancelled by the parties before it has legal effect; and the dutiable property has not been transferred to the transferee or a related person of the transferee; and the instrument or ELN transaction document was not cancelled— to give effect to a resale agreement; or as part of an arrangement under which any of the dutiable property is or will be transferred, or is agreed to be transferred, to the transferee or a related person of the transferee. (sec.156A-ssec.2) For this section, an instrument or ELN transaction document has legal effect if— for an instrument or ELN transaction document that, when recorded in a register, will effect the transfer of dutiable property—the instrument or ELN transaction document is lodged for recording in the register; or a right has been exercised, or an obligation fulfilled, under the instrument or ELN transaction document; or the instrument or ELN transaction document has been relied on in any other way. (sec.156A-ssec.3) For subsection (1) (d) (i) , an agreement is a resale agreement if— under the agreement, any of the dutiable property is or will be transferred or is agreed to be transferred; and the transferee, 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 transaction mentioned in subsection (1) (a) . (sec.156A-ssec.4) The person may lodge an application for a reassessment in the approved form within 6 months after the instrument or ELN transaction document is cancelled. (sec.156A-ssec.5) The person must lodge the instrument, ELN transaction document or a copy of the ELN transaction document with the application, unless the commissioner decides lodgement is unnecessary. (sec.156A-ssec.6) The commissioner must make a reassessment of transfer duty for the transaction on the basis that transfer duty is not imposed on the transaction. - (a) transfer duty has been assessed on a transfer of dutiable property effected or evidenced by an instrument or ELN transaction document; and - (b) the instrument or ELN transaction document is cancelled by the parties before it has legal effect; and - (c) the dutiable property has not been transferred to the transferee or a related person of the transferee; and - (d) the instrument or ELN transaction document was not cancelled— (i) to give effect to a resale agreement; or (ii) as part of an arrangement under which any of the dutiable property is or will be transferred, or is agreed to be transferred, to the transferee or a related person of the transferee. - (i) to give effect to a resale agreement; or - (ii) as part of an arrangement under which any of the dutiable property is or will be transferred, or is agreed to be transferred, to the transferee or a related person of the transferee. - (i) to give effect to a resale agreement; or - (ii) as part of an arrangement under which any of the dutiable property is or will be transferred, or is agreed to be transferred, to the transferee or a related person of the transferee. - (a) for an instrument or ELN transaction document that, when recorded in a register, will effect the transfer of dutiable property—the instrument or ELN transaction document is lodged for recording in the register; or - (b) a right has been exercised, or an obligation fulfilled, under the instrument or ELN transaction document; or - (c) the instrument or ELN transaction document has been relied on in any other way. - (a) under the agreement, any of the dutiable property is or will be transferred or is agreed to be transferred; and - (b) the transferee, 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 transaction mentioned in subsection (1) (a) .