(1)  For the purposes of this Chapter, the transferor and the transferee under an uncompleted agreement for the sale or transfer of land or of goods, or of both land and goods, are taken to be separately entitled to the whole of that land or those goods, or of that land and those goods.

(2)  If duty is charged on an acquisition that relates to a land holding, or a land holding and goods, to which subsection (1) applies, the Commissioner may defer all or part of the payment of duty under section 59 of the Taxation Administration Act 1997 .

(3)  If –

(a) at the time of acquisition of an interest by a person in a landholder that necessitates the lodgement of an acquisition statement under this Chapter, the landholder was the transferor under an uncompleted agreement for the sale or transfer of land or of goods, or of both land and goods; and

(b) the person acquiring that interest in the landholder, or an associated person of that person, is not also the transferee of the sale or transfer of land or of goods, or of both land and goods, under that agreement; and

(c) that agreement is subsequently completed –

the Commissioner is to assess or reassess the statement as though the land or goods, or land and goods, which are the subject of the agreement were not, at the time of the acquisition concerned, a land holding or goods, or a land holding and goods, of the landholder.

(4)  If the statement is reassessed under subsection (3) , any amount paid in excess of the amount reassessed is to be refunded.

(5)  If –

(a) at the time of acquisition of an interest by any person in a landholder that necessitates the lodgement of an acquisition statement under this Chapter, the landholder was the transferee under an uncompleted agreement for the sale or transfer of land or of goods, or of both land and goods; and

(b) the agreement is subsequently rescinded, annulled or otherwise terminated without completion –

the Commissioner is to assess or reassess the statement as though the land or goods, or land and goods, which are the subject of the agreement were not, at the time of the acquisition concerned, a land holding or goods, or a land holding and goods, of the landholder.

(6)  If the statement is reassessed under subsection (5) , any amount paid in excess of the amount reassessed is to be refunded.

(7)  In this section, a reference to a landholder includes a reference to a linked entity of the landholder.