Liability for duty if residence requirement not complied with
57U Liability for duty if residence requirement not complied with
If the residence requirement for a transfer referred to in section 57P is not complied with—
the transfer is chargeable with duty at the rate set out in section 28(1) without any exemption from duty under section 57P, subject to any other exemption or concession; and
the Commissioner may reassess duty on the transfer accordingly.
A liability for duty imposed because of subsection (1) on a transfer arises when the residence requirement for that transfer is not complied with.
Note
Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises.
A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made.
Note
Section 9(3)(c) of the Taxation Administration Act 1997 allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law.
If the residence requirement for a transfer referred to in section 57P is not complied with, subsection (5) applies until the transferee has paid duty for which the transferee is liable because of this section.
For the purposes of subsection (4)—
section 38A does not apply to any other transfer of dutiable property to a trustee of a special disability trust, or a declaration of a special disability trust, of which the transferee is the principal beneficiary; and
section 57P does not apply to any other transfer of dutiable property to the transferee.
S. 57U(6) repealed by No. 50/2024 s. 23.
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S. 57V inserted by No. 18/2023 s. 9.
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