New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[Help]
DUTIES ACT 1997 - SECT 56
Transfers back from a nominee
56 Transfers back from a nominee
(1) If-- (a) dutiable property (other than marketable securities) that was
transferred to a person to be held by that person as trustee for the
transferor is transferred back to the transferor by the trustee, and
(b) no
person other than the transferor has had a beneficial interest in the
dutiable property (other than the trustee's right of indemnity) between its
transfer to the trustee and its transfer back to the transferor,
the duty
chargeable on the transfer of the dutiable property back to the transferor is
$100.
(2) If duty of $100 has been paid on a transfer under subsection (1),
the initial transfer to the trustee is also chargeable with duty of $100. The
Chief Commissioner must reassess the initial transfer and refund any duty paid
in excess of $100 if an application for a refund is made within-- (a) 5 years
after the initial assessment, or
(b) 12 months after the transfer back to the
original transferor,
whichever is the later.
(3) In this section,
"trustee" includes a trustee appointed in substitution for a trustee or a
trustee appointed in addition to a trustee or trustees.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback