Northern Territory Consolidated Acts

STAMP DUTY ACT - SECT 56BD

(1) This section applies if:

(a) both the call option and the put option expire without being exercised;

(b) the failure to exercise either option is not a tax avoidance scheme or part of a tax avoidance scheme; and

(c) the option property has not been conveyed to a third person referred to in section 56BC(1)(a) (whether as a result of the exercise of the call option or the put option or otherwise).

(2) Duty is payable on the last conveyance of the call option as an option to purchase the dutiable property the subject of the call option.

(3) The duty imposed is payable by the last conveyee of the call option.

(4) However, the conveyee liable to pay duty under subsection (3) is entitled to a remission or refund of an amount equal to the difference between:

(a) the amount of duty paid or payable on the call option by the conveyee under section 56BC(2); and

(b) the amount of duty paid or payable on the call option by the conveyee under subsection (3).

(5) A refund or remission of duty may only be made or granted under the Taxation Administration Act on an application:

(a) made within 90 days (or a longer period allowed by the Commissioner) after the expiry of the put or call option (whichever is last to expire); and

(b) supported by all documents relevant to the application and such other evidence as the Commissioner may require.