Waiver for charitable land
41 Waiver for charitable land
S. 41(1) amended by No. 38/2023 s. 23.
The Commissioner must waive windfall gains tax and any interest payable under Part 4 in respect of charitable land if the land, or relevant part of the land, has remained as charitable land continuously for 15 years after the occurrence of the WGT event that gave rise to the liability for the tax.
If part only of land has remained as charitable land continuously for 15 years after the occurrence of the WGT event, the waiver under this section applies only to that part.
The Commissioner may make a reassessment of windfall gains tax under section 9 of the Taxation Administration Act 1997 for the purposes of this section more than 5 years after the initial assessment.
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