CONFISCATION ACT 1997 - SECT 40N What must be included in a declaration by an owner of property?
CONFISCATION ACT 1997 - SECT 40N
What must be included in a declaration by an owner of property?(1) Subject to subsection (2), a person who has been given a notice under section 40M must provide a written declaration of property interests that states the following information—
(a) particulars of any sources of income of the person, including bequests;
(b) any bank or building society accounts held by the person, whether solely or jointly;
(c) any real property in which the person holds an interest;
(d) any unit trusts, ledgers, shares or debentures in which the person holds an interest;
(e) the amount of any cash held by the person, including cash held as virtual currency, and the source of the cash;
(f) any motor vehicles, boats, works of art, livestock or jewellery owned by the person that have an individual value of $5000 or more;
(g) any safe deposit boxes held by the person;
(h) any charge and credit cards held by the person;
(i) any accounts held by the person for the purposes of gambling;
(j) any trusts in which the person has a beneficial interest;
(k) any transfers of property made by the person to another person in the previous 6 years if the total value of those transfers is $50 000 or more;
(l) any transfers of property to the person made by another person in the previous 6 years if the total value of those transfers is $50 000 or more.
(2) In addition, if a notice under section 40M is given to a person in place of a notice under section 40K, the declaration must include any statement required under section 40L.
Note
Section 40M(3)(a) provides that a notice under section 40M may be given to a person in place of a notice under section 40K.
S. 40O inserted by No. 79/2014 s. 16.