(1) If the
Commissioner is required to reassess the liability to transfer duty of a
foreign dutiable transaction that is not liable to foreign transfer duty
because of section 205Y —
(a) the
Commissioner, on the application of a taxpayer, must reassess the liability to
foreign transfer duty of the transaction; and
(b) the
limitation as to time (if any) that applies in respect of the reassessment of
transfer duty applies in respect of the reassessment of foreign transfer duty;
and
(c) if
the reassessment of transfer duty is under section 107 — the application
for reassessment under this subsection must be made in the approved form.
(2) The Commissioner,
on the application of a taxpayer, must reassess the liability to foreign
transfer duty of a foreign dutiable transaction if the liability is affected
by section 205Z, 205ZA or 205ZB.
(3) The limitations as
to time in the Taxation Administration Act section 17 do not apply in respect
of a reassessment because of section 205ZA or 205ZB.
(4) An application for
reassessment under subsection (2) must be made in the approved form.
[Section 205ZC inserted: No. 24 of 2018 s. 8.]
[Heading inserted: No. 24 of 2018 s. 8.]
[Heading inserted: No. 24 of 2018 s. 8.]