18G

Beneficial organisation determinations—effect

Current

(1)

If the commissioner makes a beneficial organisation determination for an organisation, the determination takes effect on the day the organisation applied for the determination.

(2)

A beneficial organisation determination for an organisation applies to the organisation in relation to any liability to pay—

(a)

duty for any of the following dutiable transactions registered with the registrar-general under the Land Titles Act 1925 while the determination is in effect:

(i)

an agreement for the transfer of dutiable property;

(ii)

a grant of a Crown lease;

(iii)

a grant of a declared land sublease;

(iv)

a transaction prescribed by regulation for the Land Titles Act 1925, section 178B (1); and

(b)

duty for any other dutiable transaction entered into while the determination is in effect; and

(c)

payroll tax and rates for a financial year in which the determination is in effect.

(3)

The commissioner—

(a)

must reassess an organisation’s liability to duty, payroll tax or rates for the period beginning on the day the beneficial organisation determination takes effect; but

(b)

must not make a reassessment more than 5 years after the determination is made.

(4)

In this section:

dutiable transaction—see the Duties Act 1999, section 7 (2).

payroll tax—see the Payroll Tax Act 2011, dictionary.

rates—see the Rates Act 2004, dictionary.

Regulations

This provision refers to the regulations (prescribed by regulation). Made under this Act:

Taxation Administration Regulation 2004 · under s 140

This Act’s bill:Explanatory statement Second reading speech

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