Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 419

419 Reassessment—noncompliance with use requirements

(1) This section applies if—

(a) duty is assessed on an instrument or transaction on the basis of an exemption under division 1 ; and

(b) after the assessment, the property acquired, insured or held—

(i) is used for a purpose other than a qualifying exempt purpose; or

(ii) is not used for a qualifying exempt purpose by the start date or new start date; or

(iii) is not used for a qualifying exempt purpose for the duration period or new duration period.

(2) Within 28 days after the event mentioned in subsection (1) (b) happens, the charitable institution must—

(a) give notice in the approved form to the commissioner; and

(b) ensure the instruments required for the assessment of duty are lodged for a reassessment of duty on the instrument or transaction.

Note—

Failure to give the notice is an offence under the Administration Act , section 120 .

(3) The commissioner must make a reassessment to impose duty on the instrument or transaction as if the exemption had never applied.

Note—

Unpaid tax interest and penalty tax may be payable under the Administration Act , part 5 .