Duties Act 1999

The conditions of a deferral arrangement include the following:

that payment, or the first instalment of payment, of the duty may be deferred for not more than 5 years after the day duty becomes payable in relation to the dutiable transaction;

that the duty, and any accrued interest, must be paid not later than 10 years after the day duty becomes payable in relation to the dutiable transaction;

that the amount of duty deferred must be at least—

$1 000; or

if a greater amount is declared under subsection (2) (b)—the amount declared;

any other condition determined under subsection (2).

The Minister may determine other conditions, consistent with subsection (1) (a) to (c), to which a deferral arrangement is subject, including conditions to fix—

the rate of interest charged on the amount payable under the arrangement; and

an amount for subsection (1) (c) (ii).

A determination is a disallowable instrument.

This section does not limit the Taxation Administration Act, section 52 but any arrangement under that section about deferred payment of duty under this division must not be inconsistent with conditions under subsection (1).