(1) The parties to a dutiable transaction or acquirer under a relevant
acquisition may apply to the commissioner for an exemption from duty under
division 3 .
(2) The application must—
(a) be in the approved form; and
(b) be supported by enough information to enable the commissioner to make an
assessment.
(3) On the application, the commissioner must make an assessment
of nil duty for the dutiable transaction or relevant acquisition if—
(a) the
commissioner is satisfied the transaction or acquisition is exempt from duty
under division 3 ; or
(b) the commissioner has, on an application for a
ruling, decided the transaction or acquisition would be exempt from duty under
division 3 .
(4) However, subsection (3) (b) does not apply if—
(a) the
instruments submitted with the application for exemption differ in a material
particular to drafts of instruments lodged with the application for the
ruling; or
(b) the circumstances existing in relation to the transaction or
acquisition at the time of the application for exemption are materially
different from the circumstances existing at the time of the application for
the ruling; or
(c) the information given with the application for the ruling
was false or misleading in a material particular; or
(d) each of the
following applies—
(i) after the ruling is made but before the application
for the exemption is decided, a legislative change takes effect, a judgment of
a court is given or a decision is made by QCAT;
(ii) the change, judgment or
decision would, if it had taken effect or been given before the ruling was
made, have materially affected the ruling made by the commissioner.
