Northern Territory Numbered Acts

REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2010 (NO 21 OF 2010) - SECT 15

(1)     Section 89(1)(i)

omit, substitute

        (i)     the conveyee or conveyees will occupy a home on the land or to be built on the land as their principal place of residence for the prescribed period commencing within the period for occupancy; and

(2)     Section 89(1)(j)(ii)

omit

$385 000.

substitute

$385 000; and

(3)     After section 89(1)(j)

insert

    (k)     the conveyee or conveyees become entitled to possession of the land within:

        (i)     12 months after settlement of the conveyance; or

        (ii)     the longer period approved by the Commissioner under subsection (11)(c).

(4)     After section 89(3)

insert

    (3A)     The Commissioner may reassess duty on the conveyance even though the time limit for reassessment under the Taxation Administration Act has passed if the conveyee or conveyees would otherwise receive the concession if the time limit had not passed.

(5)     Section 89(11)(b)

omit

period.

substitute

period; or

(6)     After section 89(11)(b)

insert

    (c)     approve an extension of the period in which the conveyee or conveyees are required under subsection (1)(k) to become entitled to possession of the land.