Duties Act 2001

This section applies if—

AFAD is not imposed on the agreement only because the agent is not a foreign person and the principal is not a foreign person; and

the dutiable property has not been transferred to the principal by the original transferor or the agent.

The commissioner must make a reassessment under subsection (3) if any of the following events happen—

the agent was a corporation and within 3 years after the time the liability for transfer duty on the agreement arose the agent becomes a foreign corporation;

the agent acted in the agent’s capacity as trustee and within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust;

the principal was a corporation and within 3 years after the time the liability for transfer duty on the agreement arose the principal becomes a foreign corporation;

the principal acted in the principal’s capacity as trustee and within 3 years after the time the liability for transfer duty on the agreement arose the trust becomes a foreign trust.

The commissioner must make a reassessment to impose AFAD on the agreement as if, at the time the liability for transfer duty on the agreement arose—

for a reassessment because an event mentioned in subsection (2)(a) or (b) happens—the acquirer was a foreign person; or

otherwise—the agent was not a foreign person but the principal was a foreign person.

Within 28 days after an event mentioned in subsection (2)(a) to (d) happens, the corporation or trustee of the trust must—

give notice in the approved form to the commissioner; and

ensure the instruments required for the assessment of duty on the agreement are lodged for a reassessment of duty on the agreement.