DUTIES ACT 2000 - SECT 43C Liability for duty if residence requirement for section 43 exemption not complied with

DUTIES ACT 2000 - SECT 43C

    (1)     If the period of residence required by section 43A for an exemption under section 43 is not complied with—

        (a)     the transfer is chargeable with duty at the rate set out in section 28(1), subject to any other exemption or concession; and

        (b)     the Commissioner may reassess duty on the transfer accordingly.

    (2)     A liability for duty imposed because of subsection (1) on the transfer arises when the required period of residence for the transfer is not complied with.

Note

Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises.

    (3)     A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made.

Note

Section 9(3)(c) of the Taxation Administration Act 1997 allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law.

    (4)     If the period of residence required by section 43A for an exemption under section 43 is not complied with, the person who received the exemption is not entitled to an exemption under that section in respect of any other transfer until the person has paid duty for which the person is liable because of this section.

S. 43D inserted by No. 28/2017 s. 41.