153When must duty be paid?

153 When must duty be paid?

153 When must duty be paid?

(1) A tax default does not occur for the purposes of the Taxation Administration Act 1996 if duty is paid within 3 months after the liability to pay the duty arises.

(2) However, in the case of a relevant acquisition resulting from the application of section 161 (1) and (2AA) to an agreement to purchase or issue a share in a landholder, a tax default does not occur for the purposes of the Taxation Administration Act 1996 if duty is paid within 3 months after the agreement is completed.

s 153: Ins 2009 No 51, Sch 1.2 [2]. Am 2017 No 11, Sch 1 [25].