153
In forceWhen must duty be paid?
Chapter 4Acquisition of interests in landholders
Part 2Charging of duty on acquisitions of interests in landholders
Division 1Charging of duty
153 When must duty be paid?
(1)
A tax default does not occur for the purposes of the Taxation Administration Act 1996 if duty is paid within 3 months after the liability to pay the duty arises.
(2)
However, in the case of a relevant acquisition resulting from the application of section 161 (1) and (2AA) to an agreement to purchase or issue a share in a landholder, a tax default does not occur for the purposes of the Taxation Administration Act 1996 if duty is paid within 3 months after the agreement is completed.
This Act’s bill:Explanatory memorandumSecond reading speech
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