245R

Notice of particular circumstances applying to land—concession under s 245G

In force

(1)

This section applies if—

(a)

the concession is applied under section 245G; and

(b)

any of the circumstances mentioned in section 245N apply in relation to the land.

(2)

Within 1 month after the circumstance starts to apply in relation to the land, the acquirer must—

(a)

give the commissioner notice in the approved form of the application of the circumstance; and

(b)

ensure the instruments required for the assessment of duty for the relevant transaction are lodged for a reassessment of duty on the transaction.

Note—Under the Administration Act, the requirement under this section is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.

This Act’s bill:Explanatory memorandum

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