Stamp Duties Act 1923

If—

an exemption from duty, or a reduction in the rate of duty, has been provided in respect of a conveyance or transfer under section 71DD; and

—

the Commissioner ceases to be satisfied that the conveyance or transfer qualifies for relief under that section; or

a purchaser under the conveyance or transfer fails to comply with a requirement under section 71DD(4), section 71DD will cease to apply to the conveyance or transfer and duty will be payable on the conveyance or transfer as if no exemption or reduction in duty applied.

If section 71DD ceases to apply to a conveyance or transfer under subsection (1), the following provisions apply:

the Commissioner must advise the purchasers in writing that relief from duty is no longer available under section 71DD;

duty will be payable in relation to the conveyance or transfer from the date on which the conveyance or transfer occurred;

the liability of the purchasers to pay duty is to be assessed in relation to the circumstances applying at the date of the conveyance or transfer as if the conveyance or transfer had not been exempted from duty or as if no reduction in duty had applied;

the duty chargeable on a conveyance or transfer is to be calculated according to the rates in force as at the date on which the conveyance or transfer occurred;

for the purposes of section 20, the duty is to be regarded as having become chargeable on the conveyance or transfer in consequence of section 71DD having ceased to apply to the conveyance or transfer;

the purchasers may, at the discretion of the Commissioner, be liable to pay interest and penalty tax as if the failure to pay duty, or to pay full duty, at the date of the conveyance or transfer were a tax default under the Taxation Administration