598
In forceReassessment—concessions for cooperatives
Chapter 17Repeal, savings and transitional provisions
Part 9Transitional provisions for the Revenue and Other Legislation Amendment Act 2008, part 2, division 2
Division 1Transitional provisions for abolition of mortgage duty
598 Reassessment—concessions for cooperatives
(1)
This section applies if—
(a)
before 1 July 2008, a mortgage was given to secure an advance to a cooperative registered under the Cooperatives Act 1997; and
(b)
mortgage duty was not imposed on the mortgage; and
(c)
on or after 1 July 2008, the advance or part of it was used for a noncomplying use within the meaning of section 292(1).
(2)
Section 292(2) to (4) applies to enable the commissioner to make a reassessment to impose mortgage duty on the mortgage at the rate applicable at the time that, but for the exemption, the liability for mortgage duty would have arisen.
This Act’s bill:Explanatory memorandum
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