New South Wales Consolidated Acts
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DUTIES ACT 1997 - SECT 76A
Approval of application in advance of satisfaction of residence requirement
76A Approval of application in advance of satisfaction of residence
(1) The Chief Commissioner may approve an application in anticipation of
compliance with the residence requirement under section 76 if the Chief
Commissioner is satisfied that each applicant required to comply with
the residence requirement intends to occupy the home as his or her principal
place of residence for a continuous period of at least 6 months, with that
occupation starting within 12 months after completion of the agreement or
transfer or within a longer period approved by the Chief Commissioner.
an application is approved in anticipation of compliance with
the residence requirement, the approval is given on condition that, if
the residence requirement is not complied with, the applicant must within 14
days after the end of the period allowed for compliance--
(a) give written
notice of that fact to the Chief Commissioner, and
(b) pay the relevant duty
to the Chief Commissioner.
"relevant duty" is the difference between the total amount of duty that would
have been payable on the transactions and instruments the subject of the
application, if they had not been eligible under the scheme, and the total
amount of duty (if any) paid in respect of those transactions and instruments.
(4) A person who fails to comply with the condition prescribed by this section
is guilty of an offence.
: Maximum penalty--50 penalty units.
(5) A failure
to comply with the condition prescribed by this section is a tax default for
the purposes of the Taxation Administration Act 1996 .
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