Cancelled agreements exemption

If an agreement (or contract) previously assessed for transfer duty is cancelled, an exemption may apply.

The exemption applies if you paid transfer duty on the agreement and it ends because:

• a party has breached it
• a condition was not fulfilled
• of frustration (circumstances beyond the parties’ control)
• the parties consent to end the agreement and there is no resale agreement.

How to claim

To claim an exemption, you need to apply for a reassessment of transfer duty.

You will need to provide:

• the original stamped documents
• statutory declaration from each party to the transaction
• a completed dutiable transaction statement (Form D2.2) indicating that you are claiming an s.115 exemption.

Read about common reasons for reassessment to find out more about claiming this exemption with a reassessment and what specific documents you may need to provide.

If the exemption applies, you will receive a refund of the duty paid (unless you have other liabilities to pay).

See how to lodge documents for assessment.

Also consider…

• Read section 115 of the Duties Act 2001
• See the public ruling on transfer duty—cancelled agreements (DA115.1).