DUTIES ACT 2001 - SECT 417 Commissioner to extend start date and duration period

DUTIES ACT 2001 - SECT 417

417 Commissioner to extend start date and duration period

(1) This section applies if, after an assessment made on the basis of an exemption under division 1 , the commissioner is satisfied the property acquired, insured or held—

(a) has not been used solely or almost solely for a qualifying exempt purpose; but

(b) will be used solely or almost solely for a qualifying exempt purpose by a later date (the
"new start date" ), and for the period, fixed by the commissioner (the
"new duration period" ) by notice given to the institution.

(2) The commissioner must not make a reassessment merely because the property has not been used solely or almost solely for a qualifying exempt purpose if the property starts to be so used by the new start date.