Duties Act 2001

This section applies to a relevant acquisition in a landholder or corporate trustee for which liability for duty arose during the retrospectivity period, if—

but for this division, the following would have been required to be assessed without having regard to an exploration authority—

for a relevant acquisition in a public landholder—the amount of duty imposed on the relevant acquisition;

otherwise—the dutiable value of the relevant acquisition; and

because of this division, the dutiable value of, or the amount of duty imposed on, the relevant acquisition is required to be assessed having regard to—

for landholder duty—land-holdings that are an exploration authority; or

for corporate trustee duty—dutiable property, or an indirect interest in dutiable property, that is an exploration authority; and

before the commencement day, an assessment of the acquirer’s liability for landholder duty or corporate trustee duty on the relevant acquisition has been made by the commissioner.

Note—A reference in this subsection to a relevant acquisition includes a reference to a relevant acquisition that should have been assessed under section 180 or 233 together with 1 or more other relevant acquisitions that, but for this division, would not have been relevant acquisitions.

Landholder duty or corporate trustee duty for the relevant acquisition must be reassessed.

Within 30 days after the commencement day, the acquirer must—

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

lodge the landholder duty statement or corporate trustee duty statement for the relevant acquisition.

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

Subsection (6) applies to unpaid tax interest that is payable on unpaid primary tax for the relevant acquisition, to the extent the tax is attributable to a land-holding or 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 acquirer 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.