Northern Territory Consolidated Acts Northern Territory Consolidated Acts56K. When statement to be lodged
(1) Where, by a relevant acquisition, a person acquires an interest in a land-holding corporation, that person shall prepare and lodge with the Commissioner a statement in respect of that acquisition.
(2) If a relevant acquisition occurs through the aggregation of the interests of related persons, the requirement imposed by subsection (1) extends to each related person, but compliance by one of them is to be regarded as compliance by all.
(3) The statement under subsection (1) must be lodged within 60 days after the occurrence of the relevant acquisition.
(4) The statement must include:
(a) the name and address of the person who has made the relevant acquisition (including the names and addresses of any related persons to whom subsection (2) applies); and
(b) the date of the relevant acquisition; and
(c) particulars of the interest acquired and of all interests previously acquired by the person or a related person and the date on which each of those interests was acquired; and
(d) the person's estimate of the unencumbered value of all land to which the corporation is entitled as at the date of the relevant acquisition and as at the date of each acquisition of an interest in the corporation by the person or a related person during the relevant period; and
(e) details of any duty paid under this Division in respect of any such acquisition within the relevant period.
(5) A statement under subsection (1) shall be deemed, for the purposes of this Act, to be an instrument executed on the day on which the relevant acquisition occurred.
(5A) Subsection (5B) applies if:
(a) an amount is deducted from duty chargeable on a statement prepared and lodged under subsection (1) for a relevant acquisition of an interest by a person in a land-holding corporation because of section 56M(2)(c)(i); and
(b) the interposed trust becomes an unlisted unit trust scheme at any time within 3 years after the scheme is completed.
(5B) Despite section 56M(3), the person must, within 60 days after the interposed trust becomes an unlisted unit trust scheme:
(a) relodge the statement; and
(b) pay duty (including interest and penalty tax) on it as if the deduction had never applied.
(6) A person who fails to comply with subsection (1), (2), (3) or (5B) commits an offence.
Maximum penalty: 100 penalty units.