Termination on relevant grounds (section 88A)
An application for termination on relevant grounds can be self-assessed if:
- the contract is terminated within 12 months after date of execution and
- a certain condition of the agreement is not fulfilled.
Example
John terminates his General Conditional Agreement (Contract for Sale) four weeks after execution because finance was declined on the purchase of the property. As this meets the criteria above, the application for termination can be self-assessed.
Cancelled transactions (section 107)
An application for a cancelled transaction can be self-assessed if the transaction has not been, and will not be, carried into effect.
The transaction is not a cancelled transaction if:
- it results in a replacement or subsale transaction
- there is an ongoing (legal) dispute in relation to the performance of the transaction or
- the contract is a terms contract.
If any of these apply, lodge the transaction with the Commissioner for assessment.
Example
Mike executes a contract for sale that is subject to the issue of titles with duty payable in 3 years. Mike applies to cancel the duty assessment on the contract for sale because finance was declined on the purchase of the property. As the transaction had not yet been carried into effect, the transaction can be self-assessed.
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