Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 23

23 When credit to be allowed for duty paid

(1) If section 14 (1) (c) is applied to determine the value of land because of a lease or occupancy right, in assessing the transfer duty payable for the dutiable transaction that is the transfer, or agreement for the transfer, of the land, a credit must be allowed for any lease duty paid under repealed chapter 4 for the lease or right.

(2) Subsection (3) applies if—

(a) transfer duty is paid on a dutiable transaction that is an option to acquire dutiable property (the
"first transaction" ); and

(b) on the exercise of the option, transfer duty is payable on the dutiable transaction for the acquisition of the dutiable property (the
"later transaction" ); and

(c) under the option, the consideration paid for the option is part of the consideration for the later transaction.

(3) In assessing the transfer duty on the later transaction, a credit must be allowed for the transfer duty paid for the first transaction.

(4) In this section—

"repealed chapter 4" means chapter 4 (Lease duty) as it was in force from time to time before its repeal by the Revenue Legislation Amendment Act 2005 .