Duties Act 2001

This section applies if AFAD is not imposed on a relevant transaction only because an acquirer under the transaction is not a foreign person.

The commissioner must make a reassessment under subsection (3) if—

within 3 years after the time the liability for transfer duty, landholder duty or corporate trustee duty on the transaction arose, a corporation that was an acquirer under the transaction becomes a foreign corporation; or

both of the following apply—

a person was an acquirer under the transaction in the person’s capacity as trustee;

within 3 years after the time the liability for transfer duty, landholder duty or corporate trustee duty on the transaction arose, the trust becomes a foreign trust.

The commissioner must make a reassessment to impose AFAD on the transaction as if, at the time the liability for transfer duty, landholder duty or corporate trustee duty on the transaction arose, the acquirer was a foreign person.

Within 28 days after an event mentioned in subsection (2)(a) or (b)(ii) happens, the corporation or trustee of the trust must—

give notice in the approved form to the commissioner; and

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

Note—Failure to give the notice is an offence under the Administration Act, section 120.

The commissioner is not required to make a reassessment under subsection (3) if the commissioner is required to make a reassessment under section 246AC.