Person may elect to defer payment of GAIC
201SM Person may elect to defer payment of GAIC
S. 201SM(1) substituted by No. 31/2011 s. 10(1).
Subject to subsection (2), a person who is liable to pay a growth areas infrastructure contribution imposed in respect of a dutiable transaction relating to land may elect to defer the payment of up to 100% of that contribution.
S. 201SM(2) amended by No. 31/2011 s. 10(2).
A person who is liable to pay a growth areas infrastructure contribution under section 201SMAA may elect to defer the payment of the whole of that contribution.
An election must be made to the Commissioner—
in a form approved by the Commissioner; and
before the day on which the contribution is payable.
An election to defer the payment of the whole or part of a growth areas infrastructure contribution under subsection (1) takes effect from the time that the liability to pay the contribution arises.
S. 201SM(5) amended by Nos 31/2011 s. 10(3), 11/2017 s. 78.
An election to defer the payment of a growth areas infrastructure contribution under subsection (2) takes effect from the time the liability to pay the contribution arises in accordance with section 201SMAA(5).
A person who has deferred the payment of part of a growth areas infrastructure contribution under this section must pay the part of the contribution that has not been deferred in accordance with section 201SL.
If a part of a growth areas infrastructure contribution that has not been deferred under this section is not paid in accordance with section 201SL, the whole of the contribution becomes immediately payable as if the election of the deferral had never been made.
Note
If the non-deferred part of a growth areas infrastructure contribution is not paid within the period for payment under section 201SL, a tax default within the meaning of the Taxation Administration Act 1997 will occur in respect of payment of the whole of the contribution that the person would have had to pay if the person had not deferred part of the contribution. Under Part 5 of that Act, the person will then be liable to pay interest and penalty tax from what would have been the last day for payment of the whole of the contribution under section 201SL.
S. 201SMAA inserted by No. 23/2010 s. 9.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.