(1)  If –

(a) dutiable property 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.

(3)  The 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) 3 years after the initial assessment; or

(b) 12 months after the transfer back to the original transferor; or

(c) 3 years after the payment of duty pursuant to a special arrangement for the lodging of returns and payment of tax under Part 6 of the Taxation Administration Act 1997  –

whichever is the later.

(4)  In this section,

trustee includes a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees.