Australian Capital Territory Numbered Acts

DUTIES ACT 1999 (NO. 7 OF 1999) - SECT 57

(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 for no consideration; 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 $20.

(2)     If duty of $20 has been paid on a transfer under subsection (1), the initial transfer to the trustee is also chargeable with duty of $20 and the Commissioner shall reassess the initial transfer and refund any duty paid in excess of $20 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—