DUTIES ACT 2001 - SECT 425 Reassessment on application

DUTIES ACT 2001 - SECT 425

425 Reassessment on application

(1) This section applies if—

(a) duty has been paid on a transaction to the extent that it gives effect to an instrument for the transfer, or agreement for the transfer, of—

(i) matrimonial property from 1 party to a marriage to the other party; or

(ii) de facto relationship property from 1 de facto partner to the other; and

(b) duty was paid on the basis that the instrument was not a matrimonial instrument or de facto relationship instrument; and

(c) either of the following applies—

(i) when the duty was paid, the instrument was a matrimonial instrument or de facto relationship instrument for the property;

(ii) after the duty was paid, the instrument becomes a matrimonial instrument or de facto relationship instrument for the property.

(2) On application made by a party to the marriage or 1 of the de facto partners, the commissioner must make a reassessment of duty for the transfer as if it were exempt from duty under section 424 .

(3) The application must be made within 6 months after—

(a) if subsection (1) (c) (i) applies—the instrument is made; or

(b) if subsection (1) (c) (ii) applies—the instrument becomes a matrimonial instrument or de facto relationship instrument for the property.

(4) The applicant must lodge the matrimonial instrument or de facto relationship instrument for the property with the application.