(1) If, in relation to
an assignment of a call option taken to be an agreement for the transfer of
the option property under section 49 —
(a) the
call option and the put option of the simultaneous put and call option —
(i)
both expire without being exercised; or
(ii)
are rescinded or cancelled by agreement, or either is
rescinded or cancelled and the other expires without being exercised;
and
(b) the
call option has not been further assigned as referred to in section 49,
this Division does not
apply and the Commissioner, on the application of the taxpayer, is to assess
or reassess the liability to duty of the assignment of the call option.
(2) For the purposes
of this section, the Taxation Administration Act section 17 applies as if the
original assessment had been when the call option and the put option had both
expired or were rescinded or cancelled.