12When gift deemed to be made

##### 12 When gift deemed to be made (1) A disposition of property made or taking effect in pursuance of or in performance or satisfaction, whether wholly or in part, of a contract or agreement entered into (whether before or after the commencement of this Act and whether with or without an instrument in writing) without adequate consideration in money or money’s worth, shall, for the purposes of this Act, be deemed to be a gift so soon and so far as the disposition has affected the property or any of the property to which the contract or agreement relates. (2) For the purposes of this Act, a gift shall be deemed to be made after the commencement of this Act when the disposition of property comprised in the gift is made or takes effect after the commencement of this Act, notwithstanding that a contract or agreement or instrument of title which relates to the property or any part thereof was made or executed before the commencement of this Act. (3) When any gift is made in respect of property comprised in any instrument of gift requiring registration under any law (whether in Australia or elsewhere) and the instrument is not lodged for registration until after the commencement of this Act, the gift shall, for the purposes of this Act, be deemed to have been made after the commencement of this Act notwithstanding that the instrument may have been stamped in accordance with any law relating to stamp duties prior to the commencement of this Act. Provided that this subsection shall not operate to make subject to gift duty any gift of property where the Commissioner is satisfied that the donor had, prior to the commencement of this Act, done everything which it was necessary and possible for him to do to divest himself of the property. (4) Nothing in the foregoing provisions of this section shall be construed as limiting the meaning of the expression gift which is made after the commencement of this Act, or any other like expression, in any case where the gift is in fact made after the commencement of this Act.