(1) If an agreement
for the transfer of dutiable property is duty endorsed and any part of the
consideration under the agreement was dependent on the happening of a future
event (the contingent consideration ) and —
(a) the
contingent consideration has not been paid; and
(b) the
event did not happen, or did not happen within the time specified for the
happening of the event, in an instrument effecting or evidencing the
agreement; and
(c)
either —
(i)
the event cannot happen in the future; or
(ii)
the time specified for the happening of the event in an
instrument effecting or evidencing the agreement has passed or expired;
and
(d) the
taxpayer makes an application for a reassessment under this section in the
approved form,
the Commissioner is to
reassess the liability to duty of the agreement in accordance with the
consideration not including the contingent consideration.
(2) For the purposes
of this section, the Taxation Administration Act section 17 applies as if the
original assessment had been made when liability to duty on the agreement
arose.
(3) In this section, a
reference to the happening of an event includes a reference to an event not
happening.