DUTIES ACT 2001 - SECT 156B Reassessment on application

DUTIES ACT 2001 - SECT 156B

156B Reassessment on application

(1) This section applies if—

(a) under an assessment, duty is imposed on a dutiable transaction because the commissioner is not satisfied of a matter under section 151A (2) (d) or (e) for land; and

(b) on application by the transferee or acquirer concerned, the commissioner is satisfied, under section 151A (2) (d) and (e) , that the land has been used for an eligible use from the start date and for the duration period for the land (the
"relevant requirements" ).

(2) The commissioner must make a reassessment of duty for the transaction on the basis of compliance with section 151A (2) (d) and (e) .

(3) Subsection (2) applies to the reassessment despite the Administration Act , section 21 .

(4) However, if the application is made by the transferee or acquirer after the limitation period for reassessments under the Administration Act has expired, the application must be made within 6 months after the relevant requirements are satisfied.

Note—

See the Administration Act , part 3 (Assessments of tax), division 3 (Reassessments).