Australian Capital Territory Current Acts

DUTIES ACT 1999 - SECT 50A

    (1)     Duty under this chapter is not payable in relation to a transfer of dutiable property by instrument if the commissioner is satisfied that—

        (a)     the transfer instrument is cancelled and the dutiable property is not transferred to the transferee; and

        (b)     the transfer was not cancelled to give effect to a subsale.

    (2)     The commissioner must reassess and refund duty paid on a transfer of dutiable property if—

        (a)     duty under this chapter is not payable in relation to the transfer because of this section; and

        (b)     an application for a refund is made within 5 years after the initial assessment.

    (3)     The transfer instrument must be surrendered to the commissioner unless the commissioner dispenses with that requirement.