DUTIES ACT 2001 - SECT 152A Exemption—previous dutiable transaction for a section 152 exempt transaction if clerical error is a misdescription of property

DUTIES ACT 2001 - SECT 152A

152A Exemption—previous dutiable transaction for a section 152 exempt transaction if clerical error is a misdescription of property

(1) Transfer duty is not imposed on a dutiable transaction that is the previous dutiable transaction for a section 152 exempt transaction if—

(a) the previous dutiable transaction is the transfer, or agreement for the transfer, of dutiable property; and

(b) the clerical error in the previous dutiable transaction is a misdescription of the property; and

(c) in addition to the section 152 exempt transaction, there is another transfer, or agreement for the transfer, of dutiable property (the
"third dutiable transaction" ) that, other than for the error, would have been the subject of the previous dutiable transaction; and

(d) the sole purpose of the third dutiable transaction is to correct the error; and

(e) no consideration is paid or payable for any dutiable transaction entered into to correct the error, other than the consideration already paid or payable for the previous dutiable transaction; and

(f) the beneficial interests in the property the subject of the previous dutiable transaction and third dutiable transaction change only to the extent necessary to correct the error.

(2) If, under an assessment, transfer duty is imposed on a previous dutiable transaction to which subsection (1) applies, on application in the approved form by a party to the previous dutiable transaction the commissioner must make a reassessment of transfer duty on the basis that transfer duty is not imposed on the previous dutiable transaction.

(3) In this section—


"previous dutiable transaction" means a previous dutiable transaction mentioned in section 152 (1) in relation to a section 152 exempt transaction.