Cancelled Transaction (before 1 March 2011)
The following information applies to transactions made between 1 July 2008 and 28 February 2011
The Duties Act 2008 came into effect from 1 July 2008, however, if your document was signed or your transaction was entered into prior to 1 July 2008, you will require information relating to Stamp Duty and the Stamp Act 1921.
A transaction that is cancelled is exempt from transfer duty unless it has been cancelled to enable a replacement or subsale transaction to be entered into.
If a general conditional agreement condition is not met within 12 months it is considered cancelled. It is exempt from duty and is not required to be lodged with the Office of State Revenue.
For all other transactions that may be cancelled prior to lodgment with the Office of State Revenue, the transaction record needs to be lodged with OSR, together with a completed Cancelled Transaction form.
For any agreement that is cancelled after being lodged with OSR a Cancelled Transaction form needs to be lodged.
If duty has already been paid and the transaction has subsequently been cancelled, the original duty endorsed transaction record must accompany Cancelled Transaction form. The Commissioner will refund the duty paid.
For further information please refer to the Cancelled Transactions Fact Sheet.