Commissioner to extend start date and duration period
417 Commissioner to extend start date and duration period
This section applies if, after an assessment made on the basis of an exemption under division 1, the commissioner is satisfied the property acquired, insured or held—
has not been used solely or almost solely for a qualifying exempt purpose; but
will be used solely or almost solely for a qualifying exempt purpose by a later date (the new start date), and for the period, fixed by the commissioner (the new duration period) by notice given to the institution.
The commissioner must not make a reassessment merely because the property has not been used solely or almost solely for a qualifying exempt purpose if the property starts to be so used by the new start date.
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