58ZB

Notice about use of land used for eligible BTR development during final period of ownership

Current

(1)

This section applies if a person—

(a)

is required to give the commissioner notice under section 78(2) because the person has ceased to be the owner of land used for an eligible BTR development for a financial year; or

(b)

would, but for section 78(3), be required to give the commissioner notice as mentioned in paragraph (a).

(2)

The person must, within 1 month after ceasing to be the owner of the land, give the commissioner notice in the approved form stating how the land has been used during the period—

(a)

starting on 1 July in the financial year during which the person ceases to be the owner of the land; and

(b)

ending on the day the person ceases to be the owner of the land.

Note—

Under the Administration Act, the requirement under this section is a lodgement requirement for which a failure to comply is an offence under section 121 of that Act.

This Act’s bill:Explanatory memorandum Second reading speech

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