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DUTIES ACT 2001 - SECT 413 When parties must give notice for reassessment

DUTIES ACT 2001 - SECT 413

When parties must give notice for reassessment

413 When parties must give notice for reassessment

(1) This section applies if an event mentioned in section 412 (1) (b) happens within 3 years after a dutiable transaction or relevant acquisition to which an exemption under this part was applied.
(2) Within 28 days after the event happens, a party to the dutiable transaction or person making the relevant acquisition must—
(a) give notice in the approved form to the commissioner; and
(b) ensure the instruments required for the assessment for the dutiable transaction or relevant acquisition are lodged for a reassessment of duty on the transaction or acquisition.
Note—
Failure to give the notice is an offence under the Administration Act, section 120 .