63D

What is a land tax windfall

Current

A land tax windfall, in relation to taxable land on which invalid land tax is purportedly imposed for a financial year, is an amount equal to the total of the following—

(a)

the invalid land tax;

(b)

any assessed interest and penalty tax for the invalid land tax;

(c)

any amount paid for late payment interest in relation to the invalid land tax.

This Act’s bill:Explanatory memorandum Second reading speech

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