New South Wales Consolidated Acts

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DUTIES ACT 1997 - SECT 56

Transfers back from a nominee

56 Transfers back from a nominee

(1) If--
(a) dutiable property (other than marketable securities) that was transferred to a person to be held by that person as trustee for the transferor is transferred back to the transferor by the trustee, and
(b) no person other than the transferor has had a beneficial interest in the dutiable property (other than the trustee's right of indemnity) between its transfer to the trustee and its transfer back to the transferor,
the duty chargeable on the transfer of the dutiable property back to the transferor is $50.
(2) If duty of $50 has been paid on a transfer under subsection (1), the initial transfer to the trustee is also chargeable with duty of $50. The Chief Commissioner must reassess the initial transfer and refund any duty paid in excess of $50 if an application for a refund is made within--
(a) 5 years after the initial assessment, or
(b) 12 months after the transfer back to the original transferor,
whichever is the later.
(3) In this section,
"trustee" includes a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees.



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