Australian Capital Territory Consolidated Acts

DUTIES ACT 1999 - SECT 50A

    (1)     A transfer of dutiable property by instrument is not liable to duty under this chapter if the commissioner is satisfied that—

        (a)     the transfer instrument is cancelled and the dutiable property is not transferred to the transferee; and

        (b)     the transfer was not cancelled to give effect to a subsale.

    (2)     The commissioner must reassess and refund duty paid on a transfer of dutiable property if—

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

        (b)     an application for a refund is made within 5 years after the initial assessment.

    (3)     The transfer instrument must be surrendered to the commissioner unless the commissioner dispenses with that requirement.

    (4)     In this section:

"cancelled"—

        (a)     means rescinded, annulled or otherwise terminated without completion; and

        (b)     includes abandoned.