Duties Act 2001

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.