DUTIES ACT 2000 - SECT 57M Liability for duty if residence requirement not complied with

DUTIES ACT 2000 - SECT 57M

    (1)     If the residence requirement for a PPR transfer is not complied with—

S. 57M(1)(a) amended by No. 28/2011 s. 10, substituted by No. 28/2017 s. 14(1).

        (a)     the PPR transfer is chargeable with duty—

              (i)     at the rate set out in section 28(1) without any exemption or concession from duty under section 57JA, subject to any other exemption or concession; and

              (ii)     without any adjustment of consideration under section 21(3) or (4) or 32V(3) or (4); and

        (b)     the Commissioner may reassess duty on the PPR transfer accordingly (giving an allowance for any duty already paid on the PPR transfer).

    (2)     A liability for duty imposed because of subsection (1) on a PPR transfer arises when the residency requirement for that transfer is not complied with.

Note to s. 57M(2) amended by No. 69/2011 s. 9.

    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.

S. 57M(3) amended by No. 26/2007 s. 110(a).

    (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 to

S. 57M(3) amended by No. 26/2007 s. 110(a).

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.

S. 57M(4) substituted by No. 28/2017 s. 14(2).

    (4)     If the residence requirement for a PPR transfer is not complied with, the transferee is not entitled to any of the following in respect of any other PPR transfer until the transferee has paid duty for which the transferee is liable because of this section—

        (a)     a PPR concessional rate;

        (b)     an exemption or concession from duty under section 57JA;

        (c)     an adjustment of consideration under section 21(3) or (4) or 32V(3) or (4).

S. 57N inserted by No. 86/2006 s. 3.