sec.23When credit to be allowed for duty paid

### sec.23 When credit to be allowed for duty paid If section 14 (1) (c) is applied to determine the value of land because of a lease or occupancy right, in assessing the transfer duty payable for the dutiable transaction that is the transfer, or agreement for the transfer, of the land, a credit must be allowed for any lease duty paid under repealed chapter 4 for the lease or right. Subsection (3) applies if— transfer duty is paid on a dutiable transaction that is an option to acquire dutiable property (the first transaction ); and on the exercise of the option, transfer duty is payable on the dutiable transaction for the acquisition of the dutiable property (the later transaction ); and under the option, the consideration paid for the option is part of the consideration for the later transaction. In assessing the transfer duty on the later transaction, a credit must be allowed for the transfer duty paid for the first transaction. In this section— repealed chapter 4 means chapter 4 (Lease duty) as it was in force from time to time before its repeal by the Revenue Legislation Amendment Act 2005 . s 23 amd 2002 No. 65 ss 6 , 3 (2) sch ; 2005 No. 60 s 5 (sec.23-ssec.1) If section 14 (1) (c) is applied to determine the value of land because of a lease or occupancy right, in assessing the transfer duty payable for the dutiable transaction that is the transfer, or agreement for the transfer, of the land, a credit must be allowed for any lease duty paid under repealed chapter 4 for the lease or right. (sec.23-ssec.2) Subsection (3) applies if— transfer duty is paid on a dutiable transaction that is an option to acquire dutiable property (the first transaction ); and on the exercise of the option, transfer duty is payable on the dutiable transaction for the acquisition of the dutiable property (the later transaction ); and under the option, the consideration paid for the option is part of the consideration for the later transaction. (sec.23-ssec.3) In assessing the transfer duty on the later transaction, a credit must be allowed for the transfer duty paid for the first transaction. (sec.23-ssec.4) In this section— repealed chapter 4 means chapter 4 (Lease duty) as it was in force from time to time before its repeal by the Revenue Legislation Amendment Act 2005 . - (a) transfer duty is paid on a dutiable transaction that is an option to acquire dutiable property (the first transaction ); and - (b) on the exercise of the option, transfer duty is payable on the dutiable transaction for the acquisition of the dutiable property (the later transaction ); and - (c) under the option, the consideration paid for the option is part of the consideration for the later transaction.