(1) This section
applies if —
(a)
under section 118, nominal duty is chargeable on a subsequent transfer and an
endorsed transaction referred to in that section; and
(b) the
subsequent transfer is required to be lodged for registration under —
(i)
the Transfer of Land Act 1893 ; or
(ii)
the Registration of Deeds Act 1856 ; or
(iii)
the Mining Act 1978 ;
and
(c) the
liability to duty of the subsequent transfer is assessed in accordance with
section 118(1) on the basis that nominal duty is chargeable; and
(d) the
liability to duty of the endorsed transaction is reassessed in accordance with
section 118(3) on the basis that nominal duty is chargeable; and
(e) the
subsequent transfer is not lodged for registration under the
Transfer of Land Act 1893 , the Registration of Deeds Act 1856 or the
Mining Act 1978 (whichever is relevant) within 60 days after it is duty
endorsed.
(2) Despite
section 118(1) and (3), nominal duty is not chargeable on the subsequent
transfer or the endorsed transaction.
(3) The Commissioner
must make any reassessment necessary as a result of the operation of
subsection (2).
(4) The limitations as
to time in the Taxation Administration Act section 17 do not apply in respect
of a reassessment under subsection (3).
[Section 118A inserted: No. 12 of 2019 s. 45.]