Duties Act 2001

A liable party to the instrument or transaction must, not later than the date mentioned in subsection (2)—

ensure that the self assessor is given all instruments and other documents relating to the instrument or transaction to which a relevant lodgement requirement for the instrument or transaction would apply if section 471D did not apply; and

for a return self assessment—pay to the self assessor the amount of the duty, assessed interest and penalty tax on the instrument or transaction.

Maximum penalty—100 penalty units.

For subsection (1), the date is—

for a return self assessment—the return date for lodgement by the self assessor of a return, and any document required to accompany the return, for the instrument or transaction; or

for a standard self assessment—the date that is 30 days after the date liability for duty for the instrument or transaction arises.

The liable party complies with subsection (1)(a) only if—

all instruments or documents required to be given to the self assessor under the subsection have been given as required under section 471F; and

for a document required under the subsection to be given as an approved form—the form contains enough information for the purpose for which it is given.

To remove doubt, it is declared that compliance with subsection (1)(b) does not limit the party’s liability to pay unpaid tax interest on the duty payable on the instrument or transaction.