DUTIES ACT 1997 - SECT 56
Transfers back from a nominee
DUTIES ACT 1997 - SECT 56
Transfers back from a nominee
56 Transfers back from a nominee
(1) If-- (a) dutiable property (other than marketable securities) that was
transferred to a person to be held by that person as trustee for the
transferor is transferred back to the transferor by the trustee , and (b) no
person other than the transferor has had a beneficial interest in the
dutiable property (other than the trustee 's right of indemnity) between its
transfer to the trustee and its transfer back to the transferor , the duty
chargeable on the transfer of the dutiable property back to the transferor is
$100. (2) If duty of $100 has been paid on a transfer under subsection (1),
the initial transfer to the trustee is also chargeable with duty of $100. The
Chief Commissioner must reassess the initial transfer and refund any duty paid
in excess of $100 if an application for a refund is made within-- (a) 5 years
after the initial assessment, or (b) 12 months after the transfer back to the
original transferor , whichever is the later. (3) In this section,
"trustee" includes a trustee appointed in substitution for a trustee or a
trustee appointed in addition to a trustee or trustees .
http://www.austlii.edu.au/au/legis/nsw/consol_act/da199793/s56.html