DUTIES ACT 2001 - SECT 156C
Reassessment—noncompliance with particular requirements
DUTIES ACT 2001 - SECT 156C
Reassessment—noncompliance with particular requirements
156C Reassessment—noncompliance with particular requirements
(1) This section applies if— (a) duty is assessed on a dutiable transaction
on the basis of an exemption under section 151A ; and
(b) after the
assessment, the land transferred or acquired— (i) is not used for an
eligible use before the start date, or new start date, for the land under
section 151A (2) (d) or (3) (b) (i) ; or
(ii) is not used for an eligible use
for the duration period, or new duration period, for the land under
section 151 (2) (e) or (3) (b) (ii) .
(2) Within 28 days after the event
mentioned in subsection (1) (b) happens, the transferee or acquirer must—
(a) give notice of the event in the approved form to the commissioner; and
(b) ensure the instruments required for the assessment of duty are lodged for
a reassessment of duty on the dutiable transaction.
Note— Failure to give
the notice is an offence under the Administration Act , section 120 .
(3)
The commissioner must make a reassessment of duty on the transaction as if the
exemption had never applied. Note— Unpaid tax interest and penalty tax may
be payable under the Administration Act , part 5 .
(4) The reassessment
must be made within the later of the following— (a) the limitation period
for the reassessment under the Administration Act ;
(b) 12 months after the
event mentioned in subsection (1) (b) happens.
(5) Subsection (4) (b) applies
despite the Administration Act , section 22 .