59ABRemittal or refund of levy—title wholly ceases to be in force during year

59AB Remittal or refund of levy—title wholly ceases to be in force during year

Remittal of levy (1) For the purposes of subsection 695M(3) of the OPGGS Act, the Titles Administrator must remit an amount of levy, worked out under subsection (3), if: (a) the levy is imposed on a title for a year; and (b) the title wholly ceases to be in force at a particular time during the year, other than in the circumstances mentioned in subsection (4); and (c) the levy has not been paid by that time. Refund of levy (2) For the purposes of subsection 695M(3) of the OPGGS Act, the Titles Administrator must refund an amount of levy, worked out under subsection (3), if: (a) the levy is imposed on a title for a year; and (b) the title wholly ceases to be in force at a particular time during the year, other than in the circumstances mentioned in subsection (4); and (c) the levy has been paid by that time. Amount to be remitted or refunded (3) The amount to be remitted under subsection (1), or refunded under subsection (2), is worked out in accordance with the formula: Start formula start fraction The number of days in the year that the title is not in force over 365 end fraction times The amount of annual titles administration levy imposed on the title for the year end formula Circumstances in which remittal or refund is not applicable under this section (4) For the purposes of paragraphs (1)(b) and (2)(b), the circumstances are that: (a) the title is wholly cancelled under section 275 or 447 of the OPGGS Act during the year; or (b) the title is wholly surrendered under section 271 or 443 of the OPGGS Act during the year.

Note: For paragraph (4)(b), see section 59AD for the remittal or refund of levy in the circumstance that a title is wholly surrendered during the year and the application for consent to surrender the title is made before the beginning of that year.