DUTIES ACT 2000 - SECT 69AH Liability for duty if primary production requirement not complied with

DUTIES ACT 2000 - SECT 69AH

    (1)     If a young farmer or young farmer business entity has received an exemption or concession from duty under this Division and the primary production requirement is not complied with—

        (a)     the transfer is chargeable with duty at the rate set out in section 28(1) as if section 69AD does not apply, subject to any exemption or concession other than in this Division; and

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

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

Note to s. 69AH(2) amended by No. 69/2011 s. 10.

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.

S. 69AI inserted by No. 28/2011 s. 19.