Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 4) 1986 No. 154 of 1986 - SECT 11

11. After section 50A of the Principal Act the following section is inserted:
Refund or remission of duty where Crown lease surrendered

"50AA. (1) Where-

   (a)  an amount of duty has been paid on an instrument, being a Crown lease;

   (b)  the lease is surrendered or determined; and

   (c)  the whole or a part (which whole or part is in this sub-section
        referred to as the 'lease refund') of the amount (in this sub-section
        referred to as the 'lease consideration') paid for or in respect of
        the grant of the lease is refunded under section 37A of the City Area
        Leases Ordinance 1936 of the Australian Capital Territory, the
        Commissioner shall refund to the person by whom the amount of duty was
        paid an amount calculated in accordance with the formula AB, where-
        ---
C
A is the amount of duty;
B is the amount that would have been the amount of the lease refund if no
deduction had been made for administrative expenses; and
C is the amount of the lease consideration.

"(2) A person is not entitled to a refund under sub-section (1) unless the
person gives to the Commissioner, within 12 months after the lease refund
referred to in sub-section (1) is made, an application in accordance with an
approved form, together with such information as the Commissioner requires to
enable the Commissioner to determine the amount of the refund.

"(3) Duty that is payable by a person on an instrument but has not been paid
shall be remitted in the same circumstances as those in which it would be
refunded under this section if it had been paid.".