Time to putt out peg (5)

I believe the answer is:

thole

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'peg' is the definition.
(I know that peg can be written as thole)

'time to putt out' is the wordplay.
'time' becomes 't' (abbreviation).
'to putt out' becomes 'hole' (I can't justify this - if you can you should give a lot more credence to this answer).
't'+'hole'='THOLE'

Can you help me to learn more?

(Other definitions for thole that I've seen before include "Pin to hold an oar in place, in hotel?" , "something pivotal" , "Oar's fulcrum" .)

I've seen this clue in the Sydney Morning Herald.

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