sec.246ABReassessment if principal not foreign person at time of transfer

### sec.246AB Reassessment if principal not foreign person at time of transfer This section applies if— the commissioner is satisfied transfer duty imposed on the agreement is paid; and AFAD is imposed on the agreement, including on a reassessment under section 246AC , because the agent is a foreign person; and the dutiable property is later transferred to the principal by the original transferor or the agent; and at the time of the later transfer of the dutiable property, the principal is not a foreign person. The principal may lodge an application for a reassessment in the approved form within 6 months after the dutiable property is later transferred to the principal. The principal must lodge the agreement with the application. The commissioner must make a reassessment of transfer duty on the agreement as if, at the time the liability for transfer duty arose, the acquirer was not a foreign person. s 246AB ins 2017 No. 20 s 14 (sec.246AB-ssec.1) This section applies if— the commissioner is satisfied transfer duty imposed on the agreement is paid; and AFAD is imposed on the agreement, including on a reassessment under section 246AC , because the agent is a foreign person; and the dutiable property is later transferred to the principal by the original transferor or the agent; and at the time of the later transfer of the dutiable property, the principal is not a foreign person. (sec.246AB-ssec.2) The principal may lodge an application for a reassessment in the approved form within 6 months after the dutiable property is later transferred to the principal. (sec.246AB-ssec.3) The principal must lodge the agreement with the application. (sec.246AB-ssec.4) The commissioner must make a reassessment of transfer duty on the agreement as if, at the time the liability for transfer duty arose, the acquirer was not a foreign person. - (a) the commissioner is satisfied transfer duty imposed on the agreement is paid; and - (b) AFAD is imposed on the agreement, including on a reassessment under section 246AC , because the agent is a foreign person; and - (c) the dutiable property is later transferred to the principal by the original transferor or the agent; and - (d) at the time of the later transfer of the dutiable property, the principal is not a foreign person.