Victorian Current Acts

DUTIES ACT 2000 - SECT 69AL

    (1)     If the period of residence required by section 69AJ(c) for an exemption under section 69AJ is not complied with—

        (a)     the dutiable transaction is chargeable with additional duty at the rate set out in section 28A(2); and

        (b)     the Commissioner may reassess duty on the transfer accordingly.

    (2)     A liability for additional duty imposed because of subsection (1) on the dutiable transaction arises when the required period of residence is not complied with.

Note

Section 16 provides that a tax default does not occur if the duty is paid within 30 days after the liability for the duty arises.

    (3)     A reassessment referred to in subsection (1)(b) is authorised if more than 5 years have passed since the initial assessment was made.

Note

Section 9(3)(c) of the Taxation Administration Act 1997 allows a reassessment to be made more than 5 years after the initial assessment if this is authorised by a taxation law.

    (4)     If the period of residence required by section 69AJ(c) for an exemption under section 69AJ is not complied with, the foreign purchaser is not entitled to an exemption under that section in respect of any other dutiable transaction of a kind referred to in that section until the foreign purchaser has paid additional duty for which the person is liable because of this section.

S. 69AM inserted by No. 22/2018 s. 5.