DUTIES ACT 2001 - SECT 292 Reassessment—noncomplying use by co-operatives

DUTIES ACT 2001 - SECT 292

292 Reassessment—noncomplying use by co-operatives

(1) This section applies if—

(a) under section 285 (a) , mortgage duty is not imposed on a mortgage given to secure an advance to a co-operative under the Co-operatives National Law (Queensland) ; and

(b) the advance or part of it is not used for a purpose mentioned in the section (the
"noncomplying use" ).

(2) Within 28 days after starting to use the advance or part of it for the noncomplying use, the co-operative must—

(a) give notice in the approved form to the commissioner; and

(b) ensure the mortgage is lodged for a reassessment of mortgage duty on the mortgage.

Note—

Failure to give the notice is an offence under the Administration Act , section 120 .

(3) The commissioner must make a reassessment to impose mortgage duty on the mortgage as if the exemption from duty had never applied.

Note—

Unpaid tax interest and penalty tax may be payable under the Administration Act , part 5 .

(4) Subsection (3) applies to the reassessment despite the limitation period under the Administration Act for reassessments.

Note—

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