(1) If the full dutiable value of dutiable property subject to an agreement for sale or transfer cannot, in the Chief Commissioner’s opinion, be immediately ascertained, the Chief Commissioner may make an assessment by way of estimate under section 11 (2) of the Taxation Administration Act 1996.(2) A written instrument effecting or evidencing the sale or transfer may be stamped “interim stamp only”.(3) The Chief Commissioner must, when the full dutiable value of the dutiable property has been ascertained, reassess the duty payable in respect of the instrument.(4) If no further duty is payable, the interim stamp is to be cancelled and any amount paid in excess of the amount assessed is to be refunded.(5) If further duty is payable, liability for the further duty arises when a notice of assessment is issued, despite any other provision of this Act.(6) On payment of the balance of the duty (and any interest or penalty tax), the instrument is to be stamped with the amount of the balance and marked to indicate that duty has been duly paid.
(1) Liability for duty on an off the plan purchase agreement arises:(a) on completion of the agreement, or(b) on the assignment of the whole or any part of the purchaser’s interest under the agreement, or(c) on the expiration of 12 months after the date of the agreement,whichever first occurs.(2) This section applies despite section 12.(3) Nothing in this section prevents the Chief Commissioner from accepting payment of duty and stamping an off the plan purchase agreement at any time after the agreement has been executed.(4) In this section:
off the plan purchase agreement means an agreement for the sale or transfer of dutiable property, being land on which a residence is to be erected or developed before completion of the sale or transfer.
(1) An agreement for the sale or transfer of dutiable property that is cancelled is not liable to duty under this Chapter if the Chief Commissioner is satisfied:(a) that the agreement was not cancelled to give effect to a subsale, or(b) that the purchaser or transferee under the agreement is a promoter of a named company proposed to be incorporated and that the company is the purchaser or transferee of the dutiable property under a subsequent agreement, or(c) that the purchaser or transferee under the agreement and the purchaser or transferee under a subsequent agreement relating to the same dutiable property were related persons when the agreement that is cancelled was entered into.(2) If duty has been paid on an agreement that is not liable to duty under this Chapter because of this section, the Chief Commissioner must reassess and refund the duty if an application for a refund is made within:(a) 5 years of the initial assessment, or(b) 12 months after the agreement is cancelled,whichever is the later.(3) In this section, cancelled means rescinded, annulled or otherwise terminated without completion.
(1) A transfer of dutiable property that is effected by a written instrument is not liable to duty under this Chapter if the Chief Commissioner is satisfied that:(a) the transfer instrument has been cancelled and the dutiable property has not been transferred to the transferee, and(b) the transfer was not cancelled to give effect to a subsale.(c) (Repealed)(2) If duty has been paid on a transfer of dutiable property that is not liable to duty under this Chapter because of this section, the Chief Commissioner must reassess and refund the duty if an application for a refund is made within 5 years of the initial assessment.(3) The transfer instrument in respect of which the application is made must be surrendered to the Chief Commissioner unless the Chief Commissioner dispenses with that requirement.(4) In this section, cancelled includes abandoned.
51 Transfers arising from mortgages of land under Real Property Act 1900
(1) The mortgagor and the mortgagee are jointly and severally liable to pay the duty chargeable on a transfer by way of mortgage of dutiable property that is land under the Real Property Act 1900.(2) If the Chief Commissioner is satisfied that:(a) duty has been paid in accordance with this section on a transfer of dutiable property to which this section applies, and(b) the dutiable property has been re-transferred to the mortgagor (or a person to whom the land has been transmitted by death or bankruptcy) and the mortgagor (or person) is the registered proprietor of the land,the Chief Commissioner must refund the ad valorem duty paid on the transfer less the amount of duty that would have been payable on the mortgage under Chapter 7 (Mortgages).
(1) A possessory application under the Real Property Act 1900 is chargeable with the same duty as a transfer of the land the subject of the application as if the dutiable value of the land were the land value of the land within the meaning of the Valuation of Land Act 1916.(2) The person liable to pay the duty is the applicant.
53 Applications to bring land under Real Property Act 1900
(1) An application to bring land under the Real Property Act 1900 is chargeable with:(a) the same duty as on a possessory application under that Act if:(i) the application contains an application based on possessory title, and(ii) the applicant has not paid ad valorem duty on a transfer of the land, or(b) the same duty as on a transfer of the land if the applicant nominates another person as the person for whose estate or interest a folio of the Register is to be created, or(c) duty of $50 in any other case.(2) The person liable to pay the duty is:(a) the applicant, if subsection (1) (a) or (c) applies, or(b) the nominee, if subsection (1) (b) applies.
In the case of property transferred by way of a lease for which a premium is paid or payable, duty is not chargeable under this Chapter on:(a) so much of the premium of a residential lease as relates to premises used, or intended to be used, exclusively as a residence, or(b) so much of the premium of a lease as relates to a moveable dwelling site used, or intended to be used, as the principal place of residence of the lessee.