Australian Capital Territory Consolidated Acts

DUTIES ACT 1999 - SECT 50

    (1)     An agreement for the sale or transfer of dutiable property that is cancelled is not liable to duty under this chapter if the commissioner is satisfied—

        (a)     that the agreement was not cancelled to give effect to a subsale; or

        (b)     that the purchaser or transferee under the agreement is a promoter of a named company proposed to be incorporated and that the company is the purchaser or transferee of the dutiable property under a subsequent agreement; or

        (c)     that the purchaser or transferee under the agreement and the purchaser or transferee under a subsequent agreement relating to the same dutiable property were related people when the agreement that is cancelled was entered into.

    (2)     The commissioner must reassess and refund duty paid on an agreement if—

        (a)     the agreement is not liable to duty under this chapter because of this section; and

        (b)     an application for a refund is made within the later of—

              (i)     5 years after the initial assessment; or

              (ii)     1 year after the agreement is cancelled.

    (3)     In this section:

"cancelled" means rescinded, annulled or otherwise terminated without completion.