115BDeclaration required if business transferred

115B Declaration required if business transferred (1) This section applies to the voluntary transfer of business if the transfer of the assets of the business would be dutiable under this Act. Note The effect of the FS (TR) Act, s 22 is that a voluntary transfer of business, in itself, is not dutiable under this Act. (2) The receiving body must, within 14 days after the voluntary transfer, give the commissioner a declaration about the transfer. Note For how documents may be given to the commissioner, see the Taxation Administration Act, s 127. (3) The declaration must state— (a) the names, addresses and capacities of the parties to the transfer; and (b) the reason for the transfer; and

Voluntary transfers under Financial Sector (Transfer and Restructure) Part 3.6 (c) a description of the dutiable property transferred; and (d) the market value of the property (including the unencumbered value of any land transferred) on the date when the applicable certificate under the FS (TR) Act, section 18 comes into force under that section. (4) The commissioner may require a receiving body that gives a declaration under subsection (2), or that the commissioner believes is liable to give a declaration under that subsection, to give to the commissioner, within 14 days or any longer period allowed by the commissioner, a statement giving specified information about the Note It is an offence to give false or misleading information to the commissioner, or to fail to give a declaration or statement required under this section (see Taxation Administration Act, s 66 and s 67).