115LRevocation of exemption

115L Revocation of exemption (1) The commissioner may revoke an exemption granted under this division if— (a) the interposed trust is not a listed trust, widely held trust or landholder when the scheme is completed; or (b) the interposed trust ceases to be a listed trust, widely held trust or landholder within 12 months after the day the scheme is completed; or (c) the commissioner is no longer satisfied of a matter mentioned in section 115J (2) (a) or (c); or (d) the decision to grant the exemption was based on false or misleading information in a material particular given to the commissioner in relation to the application; or (e) a condition of the exemption is not met. (2) If the commissioner revokes an exemption granted under this division— (a) duty is payable under this chapter on the relevant acquisition as if the exemption had never been granted; and (b) the exchanging member who made the relevant acquisition must lodge an acquisition statement with the commissioner not later than 28 days after the day the exemption is revoked; and (c) the commissioner must make an assessment of duty payable under this chapter on the relevant acquisition; and (d) a tax default happens for the Taxation Administration Act if the whole of any duty assessed under paragraph (c) is not paid to the commissioner within 90 days after the assessment.

Mortgages Chapter 7