Northern Territory Numbered Acts

REVENUE LAW REFORM (STAMP DUTY) ACT 2007 (NO 27 OF 2007) - SECT 42

Section 56BC(7)

omit , substitute

    (7)     If the option property is conveyed to a third person, the reduction of ad valorem duty available to the first person under subsection (6) will only extend to the third person if the Commissioner is satisfied:

    (a)     that:

        (i)     the first person was, at the time of the transfer of the call option, acting as agent of the third person; or

        (ii)     the third person is a corporation or the trustee of a trust that the first person was, at the time of the transfer of the call option, in the process of incorporating, establishing or acquiring; and

    (b)     that there has been no sub-sale or other dutiable dealing with the option property between the time of the transfer of the call option and the conveyance to the third person.