DUTIES ACT 2001 - SECT 156N
Making of payment commitment for relevant transfer agreement to transfer dutiable property
DUTIES ACT 2001 - SECT 156N
Making of payment commitment for relevant transfer agreement to transfer dutiable property
(1) A
"payment commitment" for an agreement for the transfer of dutiable property
that is a relevant transfer agreement is made by the parties to the agreement
if— (a) the ELN workspace for an ELN transfer of the dutiable property to
the transferee under the agreement is locked; and (b) the amount (the
"commitment amount" ) of transfer duty , assessed interest and penalty tax
imposed on the agreement — (i) is included in the ELN workspace as an amount
to be paid; and Example— The settlement schedule in the ELN workspace
includes the amount of transfer duty , assessed interest and penalty tax
imposed on the agreement . (ii) is outstanding when the ELN workspace
becomes locked. (2) For subsection (1) (b) , an amount is
"outstanding" if it has not been— (a) if the relevant self assessor is
registered under chapter 12 , part 2 —paid to the commissioner; or (b) if
the relevant self assessor is registered under chapter 12 , part 3 —paid to
the commissioner or received by the relevant self assessor . (3) A
payment commitment made for an agreement for the transfer of dutiable property
that is a relevant transfer agreement has effect until the earlier of the
following— (a) the commissioner is paid all of the commitment amount ; (b)
the ELN workspace for an ELN transfer of the dutiable property to the
transferee under the agreement is unlocked. (4) In this section—
"relevant self assessor" means a self assessor registered under chapter 12 ,
part 2 or 3 who, for the purposes of endorsing an ELN transaction document
under section 455A — (a) assigns a transaction number to the ELN transaction
document; or (b) is notified of a transaction number assigned to the ELN
transaction document under a system administered by the commissioner.
http://www.austlii.edu.au/au/legis/qld/consol_act/da200193/s156n.html