Duties Act 2001

This section applies to a dutiable transaction for which liability for transfer duty arose during the retrospectivity period, if—

but for this division, the dutiable value of the transaction would have been required to be assessed without having regard to an exploration authority; and

because of this division, the dutiable value of the transaction is required to be assessed having regard to dutiable property that is an exploration authority; and

before the commencement day, an assessment has been made, or taken to have been made, of a party’s liability for transfer duty on the dutiable transaction.

Note—A reference in this subsection to a dutiable transaction includes a reference to a dutiable transaction that should have been assessed under section 30 together with 1 or more other dutiable transactions that, but for this division, would not have been dutiable transactions.

Transfer duty for the dutiable transaction must be reassessed.

Within 30 days after the commencement day, a party liable for transfer duty on the dutiable transaction must—

give notice in the approved form to the commissioner that the reassessment is required; and

lodge the instrument that effects or evidences the transaction or the transfer duty statement for the transaction.

Note—Under the Administration Act, failure to give the commissioner notice about a matter under a tax law is an offence under section 120 of that Act. Also, under the Administration Act, the requirement under paragraph (b) is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.

If a party complies with subsection (3) for the dutiable transaction, the party is not liable for penalty tax under the Administration Act, section 58(2)(c) to the extent the difference between the transfer duty assessed on the original assessment, and on the reassessment, is attributable to dutiable property that is an exploration authority.

Subsection (6) applies to unpaid tax interest that is payable on unpaid primary tax for the dutiable transaction, to the extent the tax is attributable to dutiable property that is an exploration authority.

For the Administration Act, section 54(2) and (2A), the start date is—

the due date for the reassessment under this section; or

if the party has not complied with subsection (3)—the date that is the same number of days before the due date for the reassessment as the number of days in the periods of noncompliance with the subsection.