(1) If —
(a)
after a dutiable transaction that —
(i)
confers on a person the right of an option to acquire
dutiable property; and
(ii)
provides for the renewal of that right on one, or more
than one, occasion specified in an instrument effecting or evidencing the
transaction,
is duty endorsed based
on the consideration for the transaction which includes the sum of the amounts
paid by way of consideration for the right of the option and the amount or
amounts, as the case may be, payable for the renewal or renewals of the
option; and
(b) the
person on whom the right of the option was conferred under the transaction,
before the occurrence of the final occasion specified in an instrument
effecting or evidencing the transaction —
(i)
exercised the option; or
(ii)
failed to renew the right of option,
the Commissioner, on
the application of the taxpayer, is to reassess the liability to duty of the
transaction as if the consideration was an amount equal to the amount paid or
payable in respect of any occasion or occasions specified in an instrument
effecting or evidencing the transaction that have occurred before the person
exercised the option, or failed to renew the right of option.
(2) For the purposes
of this section, the Taxation Administration Act section 17 applies as if the
original assessment had been made when the person exercised the option, or
failed to renew the right of option.