New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 49

49 Interim payment of duty

(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.