(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.