Duties Act 2001

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.